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 reduce the total pool of income that is subject to tax. For example, if you made $40,000 last year and you had $5,000 in tax deductions, only $35,000 would be subject to income taxes. According to the IRS, married couples filing joint returns have a standard deduction of $11,900 for 2012 returns. Joint filers will be better off taking the standard deduction unless itemized deductions exceed that amount. Standard Deduction for Separate Filers. Married people sometimes choose to file separate tax returns. The IRS states that the standard deduction for married couples filing separate returns is $5,950 for 2012 returns, which is the same as the deduction for single filers and half that of joint filers. If both partners earn a similar amount of income, there may be little difference between filing joint and separate returns in terms of total taxes owed. Other Tax Deductions. Aside from the standard deduction, marriage can impact a variety of other tax deductions and credits.