| Did you know? Interest on funds you have borrowed for personal purposes are not deductible, but it is possible that available cash you have used to repay loans for investment purposes may qualify. Have questions? Send us an email at [email protected]! |
Know the difference between a “tax credit” and a “tax deduction.” A deduction is an expense or exemption which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.
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