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Tax Credit

An amount of money designated by the IRS as a benefit for particular situations. Every dollar of a tax credit is applied directly to the amount that you would otherwise owe in taxes. It is more valuable than a tax deduction, which is a deduction from your total income that is subject to tax.



Tax Deduction

An amount that is subtracted from your total income in determining the amount of your income that will be subject to income tax.




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