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Money and Finances
Reply to "Tax help-please educate me"
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[quote=Anonymous][quote=Anonymous]It's not a matter of technical terminology, pp. Yo make it sound like there's a negligible difference, when in fact there is a material one. If you have a $100 tax credit, you save $100 in taxes. If you have a $100 tax deduction, you save maybe $25 in taxes (or less, depending on your tax bracket). The distinction between a business write-off/deduction and a personal is also quite fundamental. This is not a semantics thing. The people pointing out the difference are not being snarky. On the contrary, they're genuinely trying to help people understand and avoid mistakes.[/quote] Yes, those differences can mean a lot when I'm actually filling out my tax return. But when someone is just asking generally whether she can get a tax benefit for some activity, it's disruptive to bicker over the details of where and how she will claim that tax benefit.[/quote]
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