Home : Blogs : Dave Mason : GetPrequalified.com Blog

What is the Difference Between A Tax Deduction And A Housing Tax Credit?

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.

Pennsylvania Tax Credit

Posted by Dave Mason on 05/01/2009 11:51 AM

Comments (0)

Housing Tax Credits in the Home Buying Channel

pennsylvania tax credit, pennsylvania housing tax credit, tax credit, 8000 tax credit, tax deduction, housing tax credit

This post has been included in Pennsylvania Information
Post is included in group: Mortgages

0 Comments on What is the Difference Between A Tax Deduction And A Housing Tax Credit?

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?