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A tax deduction reduces the amount of income taxpayers report said on page 1 of the (long) IRS Form 1040 BEFORE any tax is calculated. In comparison, a tax credit directly reduces tax liability dollar for dollar. The tax credit is much better than tax deductions. Most tax credits to reduce taxes to zero. Two tax credits listed below, Earned Income Credit and Child Tax Credit Further, however, are more valuable, which are reimbursable.
