Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Credits and Deductions - Important Tax Strategies with Atilio Calderon
In this episode, Bonnie Yam and Atio Calderon offer a comprehensive overview of tax deductions and credits, starting with a clear distinction between the two. The discussion covers refundable credits and compares standard versus itemized deductions, providing listeners with a better understanding of their options. The episode highlights popular tax credits applicable to all income levels, with a focused discussion on credits beneficial for low-income individuals and residential energy initiatives. As the conversation winds down, Bonnie and Atio provide a recap and offer final advice for maximizing tax benefits. The episode concludes with closing remarks.
Key Points
- Tax deductions lower your taxable income, which in turn reduces the amount of tax you owe. Tax credits directly reduce the amount of tax you owe, potentially increasing your refund. Refundable tax credits provide a refund even if you owe no taxes, making them particularly beneficial for low-income earners.
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Transcript
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