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How does a tax credit differ from a tax deduction?

Lucas Jackson | 2023-06-13 09:06:53 | page views：1778
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Charlotte Hughes

Studied at the University of São Paulo, Lives in São Paulo, Brazil.
Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket.Aug 28, 2013
2023-06-23 09:06:53
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Julian Perez

QuesHub.com delivers expert answers and knowledge to you.
Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket.Aug 28, 2013
Tax credits vs. tax deductions | US Tax Center - IRS.com
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