{"id":1226,"date":"2020-06-30T14:19:17","date_gmt":"2020-06-30T18:19:17","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=1226"},"modified":"2022-01-07T12:52:59","modified_gmt":"2022-01-07T17:52:59","slug":"how-to-make-the-tax-code-work-for-you","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/how-to-make-the-tax-code-work-for-you\/","title":{"rendered":"How to Make the Tax Code Work For You"},"content":{"rendered":"

<\/p>\"\"\n

By April 19, 2019, 137 million taxpayers had dutifully filed their federal income tax returns.1<\/sup>\u00a0And they all made decisions about deductions and credits \u2013 whether they realized it.<\/p>\n

When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to start is with two important tax concepts: credits and deductions.2<\/sup><\/p>\n

Credits<\/strong><\/p>\n

As tax credits are usually subtracted, dollar for dollar, from the actual tax liability, they potentially have greater leverage in reducing your tax burden than deductions. Tax credits typically have phase-out limits, so consider consulting a legal or tax professional for specific information regarding your individual situation.<\/p>\n

Here are a few tax credits that you may be eligible for:<\/p>\n