Keep everything you need close to hand when making the phone call â your UCAS Track number; a handy list of your grades, including your GCSEs; your personal statement; and the universityâs UCAS number, plus also its clearing code. Make notes as you go along.
A tax credit reduces the income tax you pay, while a deduction reduces the amount of your income that is subject to income tax.rom a practical perspective, both tax credits and deductions reduce your tax. The difference between credits and tax deductions centers around their process, not their effect.
Tax deductions are one of the few tax topics that generate some excitement. While nobody likes to pay taxes, everybody loves to use deductions to lower their taxes. To put it plainly, a tax deduction lowers your taxable income, which therefore lowers your tax liability. Some people mistakenly think a tax deduction is a direct reduction of taxes owed. That is actually a tax credit, which does directly reduce the amount of taxes owed instead of simply reducing your taxable income. Tax deductions come in two major flavors: the standard deduction and itemized deductions. The standard deduction is just thatâa standard dollar amount set by the IRS each year. This is the easiest deduction to take because there are no calculations to make, no receipts to gather, and no additional tax forms to prepare.