RISMedia » Tax credit

Tax credit

Posted By Freelance On December 16, 2007 @ 4:16 PM In Real Estate Words Glossary | Comments Disabled

An allowed deduction that can be subtracted from your income tax. If you are entitled to a $1,500 credit, and your income tax would otherwise be $10,000, the credit would reduce the tax due to $8,500.

Article printed from RISMedia: http://rismedia.com

URL to article: http://rismedia.com/2007-12-16/tax-credit/

Click here to print.