As Tax Day draws closer, many are looking for documentation and trying to figure out whether they are taking a deduction or credit for each item that they hope will bring a tax advantage.
Understanding the difference between a tax deduction and a tax credit is important — especially when you stop to consider that one is more valuable than the other.
Is That a Deduction or a Credit?
The difference between a tax deduction and a tax credit can be expressed by the way it affects your taxes.
[Read more…] about Which is More Valuable: Tax Deduction or Tax Credit?