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Tax credits are an important way to offset a taxpayers total tax liability dollar for dollar. Within the Internal Revenue Code (IRC), many tax credits

Tax credits are an important way to offset a taxpayers total tax liability dollar for dollar. Within the Internal Revenue Code (IRC), many tax credits are included to help reduce taxpayers taxes and to provide incentives for taxpayers to help the economy. Think about a tax credit that you have used on previous income tax returns. Briefly explain the credit you used and how it helped to reduce your income tax liability.

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