Business and Finance
Source: (remove) : CNET
RSS • JSON • XML • CSV
Business and Finance
Source: (remove) : CNET
RSS • JSON • XML • CSV
Mon, March 31, 2025
[ Yesterday Afternoon ] - CNET
Tax Credits vs. Deductions: How They're Different and What They'll Do for You
Thu, March 27, 2025
[ Last Thursday ] - CNET
Tariffs Explained: What They'll Mean for Your Costs With a Week to Go
Wed, March 26, 2025
[ Last Wednesday ] - CNET
Student Loan Forgiveness May Wither in the Courts, Says This Expert. What You Can Do Now
[ Last Wednesday ] - CNET
A Tax Return and Tax Refund Are Not the Same. Here's the Key Differences
Mon, March 24, 2025
[ Mon, Mar 24th ] - CNET
What Happens to the FAFSA and Student Loans if the Department of Education Shuts Down?
Sat, March 22, 2025
[ Sat, Mar 22nd ] - CNET
What's the Future of FAFSA and Financial Aid if the Department of Education Closes?
Thu, March 20, 2025
[ Thu, Mar 20th ] - CNET
Tariffs Explained: What They Mean for You Amid Rising Cost Fears
Wed, March 19, 2025
[ Wed, Mar 19th ] - CNET
Fed Pauses Interest Rate Cuts. Where Do Mortgage Rates Go From Here?
Mon, March 17, 2025
[ Mon, Mar 17th ] - CNET
Tariffs Explained: What They Mean for You and Your Everyday Costs
Wed, March 12, 2025
[ Wed, Mar 12th ] - CNET
Own a Home? Here's How the Mortgage Interest Deduction Will Lower Our Tax Bill
[ Wed, Mar 12th ] - CNET
Southwest Airlines Just Axed This Travel Perk, but There Are Still Ways to Get It for Free
[ Wed, Mar 12th ] - CNET
PSA: Procrastinating Your Taxes Can Make Filing More Expensive. Here's Why
[ Wed, Mar 12th ] - CNET
CNET Survey: 44% of Filers Have Tax Anxiety -- Led by Gen Z and Millennials
Tue, March 11, 2025
[ Tue, Mar 11th ] - CNET
Tariffs Explained: What They Mean for You as New Canada Duties Announced
Sun, March 9, 2025
[ Sun, Mar 09th ] - CNET
When You Should (and Shouldn't) Pay Your Taxes With a Credit Card
[ Sun, Mar 09th ] - CNET
PSA: The Longer You Wait To File Your Taxes Online, The More You'll Pay
Sat, March 8, 2025
[ Sat, Mar 08th ] - CNET
Skip the Spring Break Airport Security Lines With Free TSA PreCheck
Fri, March 7, 2025
[ Fri, Mar 07th ] - CNET
NordVPN NordProtect Identity Theft Protection Review: VPN Plus Basic ID Theft Features
Thu, March 6, 2025
[ Thu, Mar 06th ] - CNET
A Tax Editor's Advice: File Your Taxes Now or Risk Paying More Later
[ Thu, Mar 06th ] - CNET
I Work Remotely. Do I Qualify for the Home Office Tax Deduction?
[ Thu, Mar 06th ] - CNET
A Tax Expert's Warning: Don't Make This Costly Mistake if You Receive a 1099-K
Wed, March 5, 2025
[ Wed, Mar 05th ] - CNET
Did You Receive a 1099-K? Make Sure You Don't Make This Costly Mistake
Tue, March 4, 2025
[ Tue, Mar 04th ] - CNET
Tariffs Explained: What They Mean for You as Canada-Mexico Duties Take Effect
[ Tue, Mar 04th ] - CNET
Tariffs Explained: What They Mean for You as Canada-Mexico Duties Start Tomorrow
Sat, March 1, 2025
[ Sat, Mar 01st ] - CNET
Are You Getting Unclaimed Stimulus Money? Sorry, but It's Probably a Scam
[ Sat, Mar 01st ] - CNET
Tariffs Explained: What They Mean for You as Canada-Mexico Duties Start Next Week
[ Sat, Mar 01st ] - CNET
Yes, You Can Claim Pet Expenses on Your Tax Return in These 4 Situations
Mon, February 17, 2025
[ Mon, Feb 17th ] - CNET
I Hate Accounting Software. Here's How I Manage My Freelance and Business Taxes Instead
[ Mon, Feb 17th ] - CNET
How to Use Your New Credit Card Before It's Even Delivered
Fri, February 14, 2025
[ Fri, Feb 14th ] - CNET
Get More Than a Good Meal With Credit Cards That Reward You for Dining Out
Wed, February 12, 2025
[ Wed, Feb 12th ] - CNET
How to Track a Paper Tax Refund Check That's Coming in the Mail
Mon, February 10, 2025
[ Mon, Feb 10th ] - CNET
Homeowners, Tax Credits and Deductions for Your House Can Give Your Tax Refund a Big Boost
Fri, February 7, 2025
[ Fri, Feb 07th ] - CNET
Was Your Personal Data Exposed in the Grubhub Data Breach? Here's How to Protect Yourself
[ Fri, Feb 07th ] - CNET
Your Social Security Number May Already Be Exposed. And It Has Nothing to Do With DOGE
Thu, February 6, 2025
[ Thu, Feb 06th ] - CNET
Work Remotely? You Might Not Qualify for a Home Office Tax Deduction
Wed, February 5, 2025
[ Wed, Feb 05th ] - CNET
Homeowners, Don't File Your Taxes Till You Check All These Tax Breaks for Your House
[ Wed, Feb 05th ] - CNET
Worried About Data Breaches? Here's How to Freeze Your Credit Right Now
Tue, February 4, 2025
[ Tue, Feb 04th ] - CNET
Will You Owe Taxes With the New IRS Rule for Venmo, PayPal and Cash App Payments?
Wed, January 29, 2025
[ Wed, Jan 29th ] - CNET
Will the New IRS Rule for Venmo, PayPal and CashApp Payments Impact Your Tax Return?
[ Wed, Jan 29th ] - CNET
Create an IRS Account This Tax Season to Save Yourself Time and Trouble
[ Wed, Jan 29th ] - CNET
Fact Check: Trump Doesn't Have the Power to Force Lower Interest Rates
Fri, January 24, 2025
[ Fri, Jan 24th ] - CNET
Attention Business Travelers: These Chase Business Credit Cards Could Help You Save
[ Fri, Jan 24th ] - CNET
Work for Yourself? Here's How a Business Credit Card Could Help
Fri, January 17, 2025
[ Fri, Jan 17th ] - CNET
Wildfire Scams: Who They're Targeting and How to Spot Them
Thu, January 16, 2025
[ Thu, Jan 16th ] - CNET
ExpressVPN Identity Defender Review: Great VPN, Basic ID Theft Protection
Mon, January 13, 2025
[ Mon, Jan 13th ] - CNET
Rocket Money Review 2025
[ Mon, Jan 13th ] - CNET
IRS 1099-K Update: Venmo, PayPal and Cash App Users Should Know About This New Tax Rule
Thu, January 9, 2025
[ Thu, Jan 09th ] - CNET
Traveling This Winter? Here's How to Get TSA PreCheck for Free
Wed, January 8, 2025
[ Wed, Jan 08th ] - CNET
Yes, You Can Get Up to $4,000 Now With a Tax Refund Advance -- but It's Risky
Tue, January 7, 2025
[ Tue, Jan 07th ] - CNET
I Teach People Tips to Travel for Free. Here's How They Earn 50% More in Points and Miles
Sat, January 4, 2025
[ Sat, Jan 04th ] - CNET
Here's the Easiest Way to Track a Paper Tax Refund Check
Wed, January 1, 2025
[ Wed, Jan 01st ] - CNET
If You Made Money via PayPal, Venmo or Cash App in 2024, Get Ready for This IRS Tax Change
[ Wed, Jan 01st ] - CNET
This Charlotte Tilbury Privacy Class-Action Settlement Closes Tomorrow: Are You Eligible?
Thu, December 26, 2024
[ Thu, Dec 26th 2024 ] - CNET
BNPL Can Complicate Your Returns. What Experts Want You to Know
Tue, December 24, 2024
[ Tue, Dec 24th 2024 ] - CNET
3 Age-Defying Exercises to Do for a Better You

Tax Credits vs. Deductions: How They're Different and What They'll Do for You


Published on 2025-03-31 12:44:00 - CNET
  Print publication without navigation

  • There are about two weeks left in the 2025 tax season, so you might want to get a move on. Even if you've only dipped a toe into the filing process, you might already be considering which credits and deductions you qualify for.

The article from MSN Money discusses the differences between tax credits and tax deductions, explaining how each can benefit taxpayers differently. Tax credits directly reduce the amount of tax you owe, dollar for dollar, making them generally more valuable than deductions. For example, a $1,000 tax credit reduces your tax bill by $1,000. On the other hand, tax deductions lower your taxable income, which indirectly reduces your tax liability by the percentage of your highest tax bracket. For instance, if you're in the 22% tax bracket, a $1,000 deduction would save you $220 in taxes. The article highlights various types of credits like the Child Tax Credit, Earned Income Tax Credit, and education credits, which can significantly decrease tax liability or even result in refunds. Deductions include common ones like mortgage interest, charitable contributions, and medical expenses, which might not be as immediately impactful but still offer savings. Understanding these can help taxpayers maximize their returns or minimize their tax payments.

Read the Full CNET Article at:
[ https://www.msn.com/en-us/money/taxes/tax-credits-vs-deductions-how-they-re-different-and-what-they-ll-do-for-you/ar-AA1BZWba ]