Tax Credit

What Does Tax Credit Mean?
A dollar-for-dollar reduction in the tax payment required from a person.

Investopedia explains Tax Credit
Deductions and exemptions only reduce the amount of your income that is taxable. Tax credits reduce the actual amount of tax owed.

Related Terms

Credit
Deduction
Deferred Tax Asset
Exempt Income
Exemption
Miscellaneous Tax Credits
Non-Refundable Tax Credit
Saver's Tax Credit
Section 1341 Credit
Tax Attribute
More Related Terms

Related Links

Clearing Up Tax Confusion For College Savings Accounts - Put your kids through school without being hounded by the tax man.
Paying Uncle Sam: From Tobacco To $1 Trillion - The services we rely on, like education, law and security, were built on taxes.
Give Your Taxes Some Credit - A few tax credits can greatly increase the amount of money you get back on your return.
Become The Tax Man - With these three lucrative careers, dread the taxes - not the man.
The Saver's Tax Credit: An Added Incentive to Fund Your Plan - Here's another reason to put money toward your retirement nest egg.
Tax Credit For Plan Expenses Incurred By Small Businesses - Determine whether your business is eligible to claim a tax credit for establishing a retirement plan.
How can I use a child tax credit?
How can I tell if I'm eligible for an EITC?
How do I get credit for my retirement plan contributions?
Are there special benefits for U.S. armed forces personnel?
AECF.org - A site advocating further tax credits for low-income families.

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