4 Tax Credits You're Missing

Cutting your tax liability is an art. It requires creativity, commitment, and a long-term vision.

Here's a quick story to show you what I mean. Near the turn of the 20th century, a French postman named Ferdinand Cheval started collecting stones along his delivery route. Over the next 33 years, he used those stones to build a fantastically ornate miniature palace standing some 30 feet high in places.

What does that have to do with taxes? Well, within the IRS' labyrinthine tax code, there are countless tax credits that, taken individually, have only a small impact. But stack them up as Cheval stacked his stones, and eventually a palace emerges.

Remember, a tax "credit", like the ones listed here, is different from a "deduction". 
A tax credit directly reduces the total tax amount owed. A deduction, however, only reduces the amount of income on which you must pay tax. Therefore, tax credits are often more valuable. Consider putting these broadly applicable tax credits to work for you.

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