What Is a Tax Credit?

Subtract tax credits from the amount of tax you owe. There are two types of tax credits:

A nonrefundable tax credit means you get a refund only up to the amount you owe.

A refundable tax credit means you get a refund, even if it's more than what you owe.

What Is a Tax Deduction?

Subtract tax deductions from your income before you figure the amount of tax you owe.

Business Taxpayers

Find credits and deductions for businesses