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What Tax Credits Can I Qualify For This Year? A Guide

Source: nerdwallet.com - Jan 29, 2020

Tax credits are the gold nuggets of the tax world. Qualifying for one feels better than finding $100 in your pants pocket. Here’s a brief look at how some of the most common ones work — maybe you’ll find some cash here, too.
First, a word about the lingo

Be sure you know the difference between a tax deduction and a tax credit.

A tax credit is a dollar-for-dollar reduction in your actual tax bill. A few credits are even refundable, which means that if you owe $250 in taxes but qualify for a $1,000 credit, you’ll get a check for $750. (Most tax credits, however, aren’t refundable.)

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Category: General Business