Are tax credits better than deductions? Advice for top tax questions

The video discusses the increasing costs and time associated with tax preparation, highlighting the average time and cost spent by Americans. Ted Jenkin, a personal finance expert, provides insights on whether individuals on disability or Social Security need to file taxes. He explains the difference between tax credits and deductions, emphasizing the benefits of credits. The video also covers the conditions for deducting student loan interest and the potential for a first-time home buyer tax credit. Viewers are encouraged to submit their tax questions via social media or a hotline.

What is the average amount Americans spent on tax preparation last year?

Should someone on Social Security disability file their taxes?

What is the difference between a tax credit and a tax deduction?

Can you deduct student loan interest on your tax return?

Is there a first-time home buyer tax credit available this year?