Tax Deductions and Credits: Key Differences Explained

Do tax credits and deductions confuse you? Do you ever wonder why some are more beneficial than others?

In this video, we breakdown some of the most common tax deductions and credits. Learn the key differences between tax deductions and tax credits.

We cover medical expenses, charitable donations, mortgage interest, retirement accounts, educator expenses, and more.

See examples to understand how to use deductions and credits. As always, consult a tax professional for advice specific to your situation.

This content was written by Spencer S. Hall CFP®, RLP ®, CKA ®, MBA, MDiv

Spencer is a Certified Financial Planner™ with 14 years in the field of retirement and financial planning. As a second-generation financial advisor at Retirement Planning Services, Spencer brings a wealth of experience and passion to help clients align their wealth with their core values.

Advisory services offered through Retirement Planning Services, LLC.

The information in this article is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.