tax individual discussion 1

W4 Discussion “Tax Credits”

Tax – Individual

Tax Credits

Please respond to BOTH questions below.

Question A

What is a refundable credit? Give examples. What is a nonrefundable credit? Give examples.

Question B

Tax credits are offset against the tax liability in a prescribed order. Explain why the order in which credits are utilized is important.

Each threaded discussion question should be answered in no less than 250 words and two external sources cited.

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