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19 November, 10:05

What is the difference between a tax credit and a tax deduction?

a.

A tax credit represents money owed to you, while a tax deduction represents money you owe.

b.

A tax credit reduces the amount of money you must pay, while a tax deduction reduces your taxable income.

c.

A tax credit is owed money that collects interest, while a tax deduction is money that you do not have to pay.

d.

A tax credit occurs if you underpaid during the year, and a tax deduction occurs if you overpaid.

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  1. 19 November, 10:19
    0
    Think the answer is b but im not sure
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