How To Lower Your tax Bill Episode 16

Tax Deductions & Credits: What You Don’t Know Could Cost You

In this episode of How to Lower Your Tax Bill, host Terrence Hutchins is joined by T’mia Kelly to break down the difference between tax deductions and credits—and how understanding them can save you thousands. They dive into carry-forward tax benefits, the importance of reviewing last year’s tax return, and how historical tax changes (like the introduction of the standard deduction in 1944) continue to impact taxpayers today.

Key Topics Covered

• The difference between tax credits (dollar-for-dollar reductions) vs. tax deductions (which lower taxable income).
• Common carry-forward deductions that can lower your tax bill in future years, including:
  • Net Operating Losses (NOLs) for business owners.
  • Capital losses from ...