By April 19, 2019, 137million taxpayers had dutifully filed their federal income tax returns. 1 And they all made decisions about deductions and credits – whether they realized it. When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to start is with two important tax concepts: credits and deductions. 2 Credits As tax credits are usually subtracted, dollar for dollar, from the actual tax liability, they potentially have greater leverage in reducing your tax burden than deductions. Tax credits typically have phase-out limits, so consider consulting a legal or tax professional for specific information regarding your individual situation. Here are a few tax credits that you may be eligible for: The Child Tax Credit is a federal tax credit for families with dependent children under age 17. The maximum credit is $2,000 per qualifying child, depending on your income level. 1 The American Opportunity Credit...