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Daily Archives: July 19, 2018

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

Blog, TaxBy Editorial TeamJuly 19, 2018

Tax deductions and credits are terms often used together when talking about taxes. While you probably know that they can lower your tax liability, you might wonder about the difference between the two. A tax deduction reduces your taxable income, so when you calculate your tax liability, you’re doing so against a lower amount. Essentially,…

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