31 tax credits and deductions that could save you thousands

While some of the best credits and deductions required taxpayers to take action before Dec. 31, there are others that can be used right up to the filing deadline in April. Whenever possible, though, seek out credits rather than deductions: Each dollar in tax credits is one less dollar in taxes paid, while deductions that reduce taxable income offsets taxes by only 10 to 39.6 cents for every dollar deducted, depending on the tax bracket. With help from Melinda Kibler, a certified financial planner and enrolled agent with Palisades Hudson Financial Group in Fort Lauderdale, Florida, we found a host of 2018 deductions and credits to choose from.