Housing Tax credits are a decrease in the amount of Federal Income Tax that you owe that is based on your tax bracket. This tax credit is available for first time home buyers. A tax credit is a dollar for dollar decrease in the amount of tax that you owe. Obama's 8000 tax credit is dollar for dollar off of your personal income taxes.
A tax deduction will reduce the amount of your income that is taxable by the IRS or the state. It is not dollar for dollar like a tax credit.
Tax Credit Information
Pennsylvania Tax Credit
Showing posts with label obama tax credits. Show all posts
Showing posts with label obama tax credits. Show all posts
Friday, May 1, 2009
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