Tax Credits Vs Deductions
Answer the questions based off of what you learned via the training video
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What is the main difference between a tax credit and a tax deduction?
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A tax credit reduces the amount of income subject to tax
A tax deduction directly reduces the amount of tax owed
A tax credit directly reduces the amount of tax owed, while a deduction reduces taxable income
They are exactly the same
Which of the following is an example of a tax credit?
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Child Tax Credit
Mortgage Interest Deduction
Charitable Contributions
State and Local Tax Deduction
True or False: Tax deductions reduce your taxable income, which may lower the amount of tax you pay.
True
False
Why are tax credits generally considered more valuable than deductions?
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Because they increase taxable income
Because they reduce tax liability dollar-for-dollar
Because they only apply to businesses
Because they are easier to calculate
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