{"id":32829,"date":"2024-02-05T16:36:11","date_gmt":"2024-02-05T21:36:11","guid":{"rendered":"https:\/\/www.eztaxreturn.com\/blog\/?p=32829"},"modified":"2024-02-12T16:59:35","modified_gmt":"2024-02-12T21:59:35","slug":"tax-credits-vs-deductions-whats-the-difference","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/tax-credits-vs-deductions-whats-the-difference\/","title":{"rendered":"Tax Credits vs Deductions: What\u2019s the Difference?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>The information in this article is up to date for tax year 2023 (returns filed in 2024).<\/em><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Tax credits and tax deductions are arguably the best part of preparing your tax return. They reduce your tax bill and help determine how much your tax liability is\u2013either directly or indirectly.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So what exactly is the difference?&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax deductions:<\/strong> Tax deductions reduce how much of your income is subject to tax (i.e., your taxable income), indirectly lowering your tax bill.<\/li>\n\n\n\n<li><strong>Tax credits:<\/strong> Tax credits directly reduce your tax bill dollar for dollar.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Below we\u2019ll cover the main differences between <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/tax-basics-understanding-the-difference-between-standard-and-itemized-deductions\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">tax credits and deductions<\/a>. Plus, review some of the <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/the-best-money-saving-tax-credits-and-deductions\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">most common credits and deductions<\/a> available to taxpayers.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-tax-credit\"><strong>What is a Tax Credit?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A tax credit is a dollar-for-dollar reduction of your tax liability. This means a $1,000 tax credit would reduce a $5,000 tax bill to $4,000. <a href=\"https:\/\/staging.eztaxreturn.com\/blog\/what-tax-credits-can-i-qualify-for-this-year\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">Tax credits<\/a> are typically more valuable than tax deductions as they usually result in bigger tax savings\u2014especially for lower-income taxpayers.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are two types of tax credits: Refundable and non-refundable.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-refundable-tax-credits-nbsp\"><strong>Refundable Tax Credits&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a refundable credit, that means if the credit reduces your tax liability to zero and there\u2019s still credit left over, you can claim that money on your tax refund. For example, let\u2019s say your tax bill is $1,000, and you have a $1,500 refundable tax credit. The credit would zero out your tax liability and leave you with a $500 tax refund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Examples of refundable tax credits:<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Earned Income Tax Credit (EITC)&nbsp;<\/li>\n\n\n\n<li>Additional Child Tax Credit (ACTC)&nbsp;<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-non-refundable-tax-credits-nbsp\"><strong>Non-refundable Tax Credits&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a non-refundable tax credit, any money left over after applying the credit does not go to a refund. So, if you have that same $1,000 tax bill and a $1,500 non-refundable tax credit, your tax liability would be zero, but you would not receive the excess $500.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Examples of non-refundable tax credits:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Adoption Credit<\/li>\n\n\n\n<li>Lifetime Learning Credit<\/li>\n\n\n\n<li>Foreign Tax Credit<\/li>\n\n\n\n<li>Elderly and Disabled Credit<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-2023-tax-credits\"><strong>Common 2023 Tax Credits<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are the most common 2023 tax credits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/child-tax-credit-whats-new-faq\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Child Tax Credit<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc602\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dependent Care Credit<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/what-is-the-earned-income-tax-credit-eitc\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Earned Income Tax Credit<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/education-credits-that-can-lower-your-tax-bill\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>American Opportunity Credit<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/llc\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Lifetime Learning Credit<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/home-improvements-that-qualify-for-tax-deductions\/?utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Energy Efficient Home Improvement Credit<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-luminous-vivid-orange-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions&amp;gid=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">Get Started Now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-tax-deduction\"><strong>What is a Tax Deduction?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A tax deduction reduces your taxable income. So, for example, if your income for 2023 was $100,000 and you had a $30,000 deduction, you would only be taxed on $70,000 for the year.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unlike some tax credits, tax deductions are non-refundable. You can claim either the standard tax deduction or choose to itemize your deductions.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-standard-deduction-vs-itemized-deduction-nbsp\"><strong>Standard Deduction vs. Itemized Deduction&nbsp;<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The standard deduction is the total amount you can deduct from your adjusted gross income (AGI) for the year. Even if you don\u2019t qualify for any other credits or deductions, you can usually apply the standard deduction to your tax return. Claiming the standard deduction is easier since you don\u2019t have to track your expenses or do the extra calculations on an itemized deduction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>An <\/strong><a href=\"https:\/\/www.taxpolicycenter.org\/briefing-book\/what-standard-deduction\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>estimated 90% of taxpayers<\/strong><\/a><strong> claim the standard deduction.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, taxpayers with large expenses throughout the year (such as medical costs or business expenses) may be able to reduce their taxable income by a larger amount when itemizing.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions&amp;gid=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">ezTaxReturn<\/a> can help you determine if you should take the <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc501\" target=\"_blank\" rel=\"noreferrer noopener\">standard deduction or itemized deductions<\/a> to receive the biggest refund.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-2023-standard-tax-deduction\"><strong>What is the 2023 Standard Tax Deduction?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The standard deduction you can claim depends on your filing status. Here are the standard tax deductions for the tax year 2023:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Filing Status<\/strong><\/td><td><strong>2023 Standard Tax Deduction<\/strong><\/td><\/tr><tr><td>Single<\/td><td>$13,850<\/td><\/tr><tr><td>Married, filing separately&nbsp;<\/td><td>$13,850<\/td><\/tr><tr><td>Married, filing jointly<\/td><td>$27,700<\/td><\/tr><tr><td>Qualifying surviving spouse<\/td><td>$27,700<\/td><\/tr><tr><td>Head of household<\/td><td>$20,800<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">2023 Standard Deduction<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Note:<\/strong> If you are over age 65 and\/or blind, you can claim an additional $1,500 or more on your standard deduction, depending on your filing status.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-common-tax-deductions\"><strong>Common Tax Deductions<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Here are some common 2023 tax deductions:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc456#:~:text=Student%20loan%20interest%20is%20interest,actually%20paid%20during%20the%20year.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Student loan interest payments<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/help\/ita\/are-my-work-related-education-expenses-deductible\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Work-related education expenses<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-969\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Health savings account (HSA) and other health plans<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/retirement-plans\/ira-deduction-limits\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Retirement contributions<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc506\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Charitable giving deductions<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc503\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>State and local tax deductions<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/home-office-deduction-at-a-glance\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Home office deduction<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/help\/ita\/can-i-deduct-my-mortgage-related-expenses\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Mortgage interest deduction<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-lower-your-tax-bill-with-eztaxreturn\"><strong>Lower Your Tax Bill with ezTaxReturn<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With so many credits and deductions available, it can be hard to know what you qualify for. Make sure you\u2019re getting the biggest refund possible with <a href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions&amp;gid=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">ezTaxReturn<\/a>. We take the guesswork out of the filing process and identifies which credits and deductions you\u2019re eligible for.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Save time and money today with free tax filing for simple returns.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-luminous-vivid-orange-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=creditsvsdeductions&amp;gid=creditsvsdeductions\" target=\"_blank\" rel=\"noreferrer noopener\">Get Started Now<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The information in this article is up to date for tax year 2023 (returns filed in 2024). Tax credits and tax deductions are arguably the best part of preparing your tax return. They reduce your tax bill and help determine how much your tax liability is\u2013either directly or indirectly.&nbsp; So what exactly is the difference?&nbsp; [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":32832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-32829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax Credits vs Deductions: What\u2019s the Difference?<\/title>\n<meta name=\"description\" content=\"Learn the difference between tax credits vs deductions and how you can use them to lower your tax bill this year\" \/>\n<meta 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