What's the difference?
The most beneficial tax break is a credit, which reduces the taxes owed dollar for dollar REGARDLESS of your tax bracket.
A tax deduction reduces your taxable income and its benefit is fully dependent upon your tax bracket.
What's the difference?
The most beneficial tax break is a credit, which reduces the taxes owed dollar for dollar REGARDLESS of your tax bracket.
A tax deduction reduces your taxable income and its benefit is fully dependent upon your tax bracket.