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Time for pop quiz. Do tax credits or deductions save you more money? And now, what is the difference between exemptions and exclusions? If you’re stumbling for an explanation, it’s understandable, given all the jargon tossed around during tax season.
As an IRS-enrolled agent, I know firsthand that understanding these terms can help you keep more of your hard-earned money. I’ll explain these commonly confused tax breaks, provide examples and share strategies for maximizing your tax savings.
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