Tax deductions, such as mortgage interest and charitable donations, reduce taxable income, while tax credits, such as energy-efficiency credits, directly reduce the total tax amount owed.

Authors

• Person: Not available Organization: William & Mary Online
  Personal Finance: Wealth, Retirement and Tax Strategies

Sources

• Personal Finance: Wealth, Retirement and Tax Strategies online.mason.wm.edu William & Mary Online via serper

Referenced by nodes (1)

• tax deduction concept