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Tip of the Day Save Money on Tax Credits

Save Money on Tax Credits - Because our world moves at an extremely high rate of speed these days with many changes taking place quickly it is hard to know...

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Tax Credit

Definition: Tax credits are credits that reduce a person's tax liability by an amount equal to the tax credit.

Advice: Tax credits are great because they reduce your tax liability by an amount equal to the tax credit.  This differs from a tax deduction, which just reduces your taxable income.  Here's an example:

Tax deduction = $1000
Tax credit = $1000

Tax Deduction = $1,000 * 25% = $250 in tax savings
Tax credit = $1,000 = $1,000 in tax savings

 

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Tax credits are great because they reduce your tax liability by an amount equal to the tax credit.

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Definition of the Day Hang Seng Index

Hang Seng Index - Hang Seng Index is a market-weighted index of thirty-three stock certificates. This weighted index makes up approximately seventy percent of the stock market value. All the stock certificates traded are on the Stock Exchange of Hong Kong. Hang Seng Index Services ...

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