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What is the Difference Between a Tax Deduction and a Tax Credit

Posted by Kiana Adams

If you are disabled, you can qualify for credits and significant tax breaks in the form of income exclusions that help to lower the taxable income. You must meet the requirements for each individual provision. To claim the deductions, you must submit Form 1040 or 1040A (not 1040EZ).
For professional instructions visits http://www.octaxrelief.com to get the best tax Attorney to help you.

• Determine if you qualify for a deduction of higher standard . If you are over the age of 65 or are visually impaired, you should qualify for a deduction of higher standard . Check worksheet 1040 or 1040A to determine your deduction. Incase you are partially blind, a certificate from your doctor confirms you can not visualize more than 20/200 in one eye or that the field of a vision is 20 degrees or less.

• Determine how much of your income is exempt. This may include Veterans Administration (VA) Disability Benefits and Supplemental Security Income (SSI).

• Determine if one can actually take the IRS credits for the elderly and the disabled. She must have been over 65 or retired for permanent disability and got disability – the taxpayer who was to claim tax breaks.

• Determine if your medical expenses exceed 7.5 percent of your income. If so, you may be eligible for tax relief by deducting the excess medical costs. Medical expenses are expenses associated with your disability such as special accommodations in your home or car and medication or treatment for your condition.

• Determine if you qualify for earned income tax credit (EITC). They have no children and are between the ages of 25 to 64, their income must be less than $ 12,880 ($ 15,880 if married, filing together). If you have a child, the income limits are $ 33,995 if single; $ 36,995 if married, submit together. For two or more children, the income limits are $ 38,646 if individual; $ 41,646 if married, file together.
Tax relief
The Orange County Executive Council may grant tax relief to certain companies (newly founded or established businesses in Orange County and established companies with development projects) that play a major economic role for the Canton of Orange County. The duration of this relief may not exceed ten years.
Terms and conditions
Development strategy, ideally associated with an innovative or export-oriented project
Global financing and ability to support long-term guaranteed costs
Maintaining or creating jobs
Sustainable development of the company

Conditions of the project 

Novelty brought by the supported project (market, product, production, etc.)
National or international target markets; no distortion of competition in the canton of Orange County Interest for the Orange County economy
Investment projects, particularly in facilities (offices, IT, machinery, equipment, tools), research and development, start-up costs, marketing activities (eg for the exploration of international markets) and in the real estate (eg construction for the realization of an innovative project oriented to export)