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1. : reliance on the truth or reality of something. gave credit to everything he said. Give no credit to idle rumors. 2. a. : the balance in a person's favor in an account. b. : an amount or sum placed at a person's disposal by a bank.
You can use credits and deductions to help lower your tax bill or increase your refund. Credits can reduce the amount of tax due. Deductions can reduce the amount of taxable income.
Credit is defined as an arrangement that allows you to borrow money now and repay it later, plus interest and fees. Credit also refers to your borrowing history, or how you've handled paying...
noun. commendation or honor given for some action, quality, etc.: The charity deserves credit for helping many poor families make ends meet during the recession. a source of pride or honor: You are a credit to your school. the ascription or acknowledgment of something as due or properly attributable to a person, institution, etc.:
Aug 14, 2024 · A credit is an amount you subtract from the tax you owe. This can lower your tax payment or increase your refund. Some credits are refundable — they can give you money back even if you don't owe any tax. To claim credits, answer questions in your tax filing software.
