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2. Tax Credits or Tax Deductions: Which Will Save You More? - AOL

   www.aol.com/tax-credits-tax-deductions-save...

   The primary difference between a tax credit versus a tax deduction is that a credit reduces the amount of tax you owe, and a deduction reduces your taxable income. How a Tax Credit Affects Your Refund

3. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

4. What Is a Tax Deduction and How Do Tax Deductions Work? - AOL

   www.aol.com/finance/tax-deduction-tax-deductions...

   Tax deductions lower your taxable income, which reduces the amount of income tax you’re required to pay. Most tax deductions are expenses that you pay either to generate income or provide a ...

5. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

   www.aol.com/finance/10-tax-deductions-know-2023...

   A tax credit, on the other hand, reduces the tax you owe — every $1 of tax credit reduces your tax bill by by $1. If you owe $10,000 in taxes and qualify for a $2,500 tax credit, your tax bill ...

6. Tax deductions and credits may boost your refund. Which ones ...

   www.aol.com/tax-deductions-credits-may-boost...

   The standard deduction: Most people take the standard deduction, the IRS explains, which allows you to subtract a set amount from your income based on your filing status: $14,600 for single filers ...

7. State and local tax deduction - Wikipedia

   en.wikipedia.org/wiki/State_and_local_tax_deduction

   The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state and local governments from their adjusted gross income. The SALT deduction is intended to avoid double taxation by allowing taxpayers to deduct state and local taxes from their federal ...