Duncan Kelm, Arrow Point Tax – Strategic Tax Planning & Tax Mitigation Strategies | #393
The Meb Faber Show - Better Investing
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Tax Credits Versus Deductions
i traded in my car, picked up a tesla, and it was zero contact. It was such a strange experience, but like most, i love it. A credit is a reduction, dollar for dollar, of your tax bill to credit. Say you make a hundred dollars, a deduction of 20 dollars means that you still have 80 dollars of exposed taxabile income. You owe tax on that eight. So if you had a 50 % tax, you'd owe forty dollars.
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