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.
The $4,000 deduction would reduce the taxpayersâ taxable income to $46,000 and leave them still owing $5,591 â a net savings of just $600. But the American Opportunity Tax Credit is subtracted directly from that $6,191 tax bill, leaving the family with just $1,191 to pay in taxes.