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Top Eight Tax Credits

The Top Eight Tax Credits.

Article By : Patrick Mansfield | U.S. Gov Connect

top eight tax credits

How Tax Credits Work
Tax Credits for those that qualify can reduce the amount consumers may owe the IRS each year. One of the main benefits of Tax Credits is that it can boost your tax refund. Unlike a tax deduction, which reduces your taxable income, Tax Credits could directly put money in filers pockets at tax time. More importantly, a refundable Tax Credit not only reduces your tax liability but can exceed what you owe and put money directly in your pocket.
Example:
Taxpayer A owes $1000 in taxes, but qualifies for a $2000 refundable Tax Credit. Taxpayer A would receive $1000 from the IRS.


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