Tax credits can help reduce your balance owed to the IRS, but the two types are quite different.
This video covers how tax credits work and outlines the difference between a non-refundable tax credit compared to a refundable tax credit, and how they can affect your balance owed.
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Tax Advice for Real People, by Tax Pros
We provide practical easy to understand tax advice, prepared by leading tax experts in the USA.
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Resources:
"Refundable Tax Credits vs. Non-Refundable Tax Credits" - IRS.com
[ Ссылка ]
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Contents of this Video:
00:00 - [ Intro ]
00:11 - [ How tax credits work ]
01:08 - [ Non-refundable vs. refundable tax credits ]
01:50 - [ Refundable tax credit example ]
02:20 - [ Non-refundable tax credit example ]
03:00 - [ Outro ]
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#taxes #taxadvice #taxcredits
