Do you know the difference between tax credits and tax deductions? And are you taking advantage of tax credits for actions you’re already taking? Similar to deductions, tax credits incentivize individuals and businesses to reduce their overall tax liabilities. However, tax credits differ in that they provide a “dollar for dollar” reduction in your tax liability (versus a deduction that reduces your taxable income and therefore only provides a percentage reduction). Ken Abney shares a few common tax credits for businesses and individual taxpayers to each be aware of and how they may benefit you.