When tax season rolls around, you must have your personal and business taxes done. You may try to do them yourself, but the fact is that the tax code is very complex, and doing them yourself can make it a lot easier for you to miss something. Plus, it may make you want to rip out your hair, which can be even more stressful. You can hire a tax prep service to help save your stress levels and your hair.
As you plan to file your taxes this season, it's a good idea to know some of the most common terms you'll see when you're filing. Tax credits and tax deductions are two concepts you should know when you file.
So, what are the differences between these terms? Here's what you need to know when it's time to file.
What Are Tax Credits?
Tax credits are dollar-for-dollar reductions in the income taxes you owe.
