Real estate blog entries tagged with pennsylvania tax credit by Liberty One Realty

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Home : Blogs : Dave Mason : GetPrequalified.com Blog : Tag "pennsylvania tax credit"

pennsylvania tax credit: What is the Difference Between A Tax Deduction And A Housing Tax Credit? - 05/01/09 11:51 AM

Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. The Obama $8000 tax credit is dollar for dollar off of your income taxes.
A tax deduction will reduce the amount of your income that is taxable by the IRS or the state. It is not dollar for dollar like a tax credit.

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Pennsylvania Tax Credit
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