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Speaking of taxes
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steve19438    Posted 02-09-2004 at 10:48:32       [Reply]  [Send Email]
would someone explain the difference between a tax "deduction" and a tax "credit"? thanks

Jokes    Posted 02-09-2004 at 11:12:16       [Reply]  [No Email]
They are both an hallucination, created to make you feel like the government really wants to help you out. Feds lower taxes..give ya more breaks, meanwhile, everything else under the sun..licenses, permits, fees, etc.(ALL ARE FORMS OF TAXES), goes sky high. "TAX BREAK".....what a joke!

walt    Posted 02-09-2004 at 11:03:35       [Reply]  [No Email]
Tax deduction: An amount that may be subtracted from income that is otherwise taxable.

Tax Credit: Credits
Reductions of tax liability that Congress has decided should be allowed for various purposes to taxpayers who meet the qualifications. Some credits are refundable; that is, the IRS will send the taxpayer a check for any amount in excess of the tax liability. Most credits are not refundable, but some credits may be carried to other tax years.

Big difference, Credits are normally dollar for dollar reducing your tax.
Deductions-off your taxable income.

Mebbe....    Posted 02-09-2004 at 10:50:28       [Reply]  [No Email]
you should call yer Congressman....don't expect the whole truth tho....specially if its from a Dimlycrat.... :^)

RB/CT    Posted 02-09-2004 at 13:55:37       [Reply]  [No Email]
Don't quote me but a tax deduction is that, if it is $3,000 dollars then it lowers your bill by 3 grand, which in essence if you are in the 15% tax bracket puts $450 in your pocket. A credit, as example, the Hope Education Credit, gives you the full amount, in this case $2,000. A child credit of $500 would give you $500. Taxes are complicated, I use an accountant. Try to lower my bill, even though I know millions on welfare depend on these tax dollars, along with the politicians.

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