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Tax Guy: These tax credits can save you thousands of dollars

Ignoring tax credits is like tearing up a paycheck. Sadly, too many people do it. That’s unfortunate because each dollar of credit equals a dollar in tax savings. Deductions are much less exciting. Say you are in the 32% federal income tax bracket. Finding a buck’s worth of additional write-offs only saves you 32 cents.

Why do people miss the boat on tax credits? Mainly, because they get in a big hurry as the dreaded tax-filing deadline approaches. Credits fall through the cracks because they can involve making somewhat complicated calculations or filling out extra forms. But spending a few more minutes on your return could net you several hundred dollars.

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