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Every federal income tax credit can potentially lower your taxable income, but some credits can do more than that.
Tax credits can help you keep more of your hard-earned cash. But some credits are better than others. There are two main types of tax credits — nonrefundable and refundable — and it can pay to understand the difference. A nonrefundable credit lowers the size of your tax bill, which means it only benefits you if you owe taxes when you file a return. So, if you are among the millions of…
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