What is the difference between a tax deduction and tax credit? Tax deductions occur when you overpaid your taxes. It will be deducted from your income taxes. Tax credit refers to the money (tax) that you owe or have not paid.
RKD Income Tax and Accounting Services, Inc.
What is the difference between a tax deduction and tax credit? Tax deductions occur when you overpaid your taxes. It will be deducted from your income taxes. Tax credit refers to the money (tax) that you owe or have not paid.