If you have to decide to claim a credit or deduction on your taxes which should you take?
Friday, March 24, 2023
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Question: If you have to decide to claim a credit or deduction on your taxes which should you take?
Whether to claim a credit or deduction on your taxes depends on your specific situation. In general, a tax credit is more valuable than a tax deduction because it directly reduces the amount of tax you owe, while a tax deduction reduces the amount of your income that is subject to tax. However, you should evaluate both options carefully and consult with a tax professional to determine which one will provide the greatest benefit for your individual circumstances.
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