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How and what you spend your money on affects the tax deductions and credits that you’re eligible for. Visit the IRS website to see descriptions of the various tax credits and tax deductions currently offered.

If you could propose a tax credit or a deduction for an expense that isn’t currently on the list, what would it be? Would you propose it as a credit or a deduction? Why you think individuals should receive a credit or deduction for this expense?

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Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. ... Deductions lower your taxable income by the percentage of your highest federal income tax bracket. So if you fall into the 22% tax bracket, a $1,000 deduction saves you $220

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