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13 January, 11:56

A tax credit is a dollar for dollar reduction in your tax?

a) true

b) false

+2
Answers (1)
  1. 13 January, 14:09
    0
    Tax credits directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability. A tax credit valued at $1,000, for instance, lowers your tax bill by the corresponding $1,000. Tax deductions, on the other hand, reduce how much of your income is subject to taxes.
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