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Tax Deductions Guide and 20 Popular Breaks for 2020 and 2021

Source: nerdwallet.com - Jan 8, 2021

Tax deductions and tax credits can be huge money-savers — if you know what they are, how they work and how to pursue them. Here's a cheat sheet.
What is a tax deduction?

A tax deduction lowers your taxable income and thus reduces your tax liability. You subtract the amount of the tax deduction from your income, making your taxable income lower. The lower your taxable income, the lower your tax bill.

What is a tax credit?

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Category: General Business