How are tax credits and tax deductions similar

Reference no: EM13906037

1. How are tax credits and tax deductions similar? How are they dissimilar?

2. What are the three types of tax credits, and explain why it is important to distinguish between the different types of tax credits.

3. Explain why there is such a large number and variety of tax credits.

4. What is the difference between a refundable and nonrefundable tax credit?

5. Is the child tax credit a refundable or nonrefundable credit? Explain.

Reference no: EM13906037

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