$15,000 Tax Credits
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Accounting for Equine Businesses: Tax credit vs Tax deduction ...
Carol Gordon, CPA, equineaccounting.blogspot.com 2012-05-12 22:45:00 What's a tax credit ? What's a tax deduction ? Which is "better"? Simply, a tax deduction reduces your taxable income. A tax credit reduces your tax liability. Let's use a simple example to see the effect of each. In our example, your total income for the year is $8000. That includes, but isn't limited to, income ... your itemized deductions were $15000 ? In that case, $8000 - $15000 - $3700 (exemption) = $61300 taxable income and at 20%, your tax would now be $12260. Mississippi Gov. Phil Bryant signs bills he calls business-friendly ...
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