The Two Types of Credit and Deduction

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
The Two Types of Credit and Deduction

Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to This is a one-minute moment.

Dr. Friday 0:12
We talk a lot about taxes. And one of the things I want to remind you, again, is that there are two types of credit and deduction and what they really mean. So if you have a deduction, it’s going to reduce your income by whatever that deduction is. One of the prime examples is the standard deduction, right? So if you make 50,000 And the standard deduction is 10. You’d get down to 40,000. Then they’re going to charge taxes. Then we have credits like a child tax credit, that is, dollar for dollar you owe the government 5000, you have a child tax credit for 1000, you’re now only going to owe 4000. Review that when you’re doing your taxes if you need help. Check us out on the web at

Announcer 0:51
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