Series 52: 6.1.2. Tax Deductions Vs. Credits

Taken from our Series 52 Online Guide

6.1.2. Tax Deductions vs. Credits

A tax deduction is an expense that taxpayers may subtract from their taxable income. Examples of a tax deduction are home mortgage payments, charitable gifts, and state and local taxes paid for the previous year. A tax credit is an amount of money that taxpayers can subtract directly off their tax bill. Tax credits are offered to relieve disadvantaged persons (e.g., for having dependent children) or to encourage certain activities (e.g., to promote home heating efficiency).

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