Tax Breaks

Which of the following is NOT a savings on a taxpayer’s liability?

• Tax breaks

• Tax deductions

• Tax credits

• Tax brackets

Which of the following types of tax deduction allows the taxpayer to list out all of

his or her expenses for the year such as property tax, medical expenses, eligible

charity donations, unreimbursed business expense?

• Standard Deduction

• Itemized Deduction

• Medical Deduction

• Charity Deduction

Which of the following is an amount of money a taxpayer can subtract from taxes

owed to the government?

• Tax exemptions

• Tax deductions

• Tax credits

• Tax brackets

Which of the following types of tax credits are items directly deducted from the tax

liability until the it equals $0?

• Nonrefundable tax credits

• Refundable tax credits

• Partially refundable credits

• Total refundable credits

Which of the following are the most beneficial credits

• Nonrefundable tax credits

• Refundable tax credits

• Partially refundable credits

• Total refundable credits