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Click here to go backHOW CREDITS AND DEDUCTIONS WORK
Tax credits and deductions can change the amount of tax you owe so you pay less.
Credits can reduce the amount of tax you owe.
Deductions can reduce the amount of your income before you calculate the tax you owe.
Claim Federal Tax Credits and Deductions
Claim certain credits and deductions on your tax return and you may be able to get a larger refund, while others may give you a refund even if you don't owe any tax.
If you have any questions regarding Essential Business Accounting, Domestic Taxation, International Taxation, IRS Representation, U.S. Tax Implications of Real Estate Transactions or Financial Statements, please give us a call at 305-274-5811.
Source: IRS