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.
Experts say credits are the better deal for taxpayers. Tax credits reduce your tax liability dollar for dollar, Lewis says. That compares to a tax deduction, which reduces your taxable income. You can deduct up to $4,000 on your tax return. This is more valuable for the person in graduate school who is working at the same time but doesn't qualify for the Lifetime Learning Credit because their income is too high, Flores says. To qualify, your income cannot be over $80,000 if single and $160,000 married filing jointly.