Tax credits reduce taxable income dollar for dollar.Tax credits directly reduce taxes payable.
Correct Answer:
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Q3: From AGI deductions are commonly referred to
Q5: The standard deduction amount varies by filing
Q11: Taxpayers are allowed to deduct more for
Q12: A personal automobile is a capital asset.
Q14: Certain types of income are taxed at
Q14: Taxpayers need not include an income item
Q21: For purposes of the qualifying child residence
Q22: An individual receiving $5,000 of tax exempt
Q30: An individual may be considered as a
Q38: A child who is her parents' qualifying
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