If you own real estate in different states, you may be leaving a mess of nightmarish proportions for your executor (the person who oversees and distributes your assets when you die). Here’s how to reduce the headache.
Tax credits are much more valuable than tax deductions. Deductions only reduce the amount you are taxed on. One dollar of deduction might only be worth 35 cents. In contrast, tax credits are a dollar-for-dollar reduction in your tax bill. And a refundable tax credit could mean the government will owe you money you never paid in the first place.