Let's talk about tax credits – what they are, how they differ from deductions, and which can benefit your small business. What are tax credits? A tax credit is a dollar-for-dollar reduction of one's tax liability, reducing the amount of tax owed. So, a tax credit of $300 lowers your bill by $300. Tax deductions work differently. Let's see how tax credits and tax deductions differ. How do tax credits differ from tax deductions? Unlike tax credits, which are dollar-for-dollar reductions in taxes, … [Read more...] about 7 Tax Credits for Your Small Business