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MONEY MATTERS Understanding Credit1The BIG Idea What is credit, and why does it matter to me?AGENDA Approx. 45 minutes I. Warm Up: What Do You Know About Credit? (10 minutes) II. Credit: The Good,
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A tax credit is an amount of money that taxpayers can subtract directly from taxes owed to the government.
Taxpayers who meet the eligibility criteria for the specific credit are required to file for it.
Taxpayers can fill out the necessary forms provided by the IRS or their respective tax authority.
The purpose of a tax credit is to incentivize certain behaviors or investments by providing a financial benefit to taxpayers.
Taxpayers must report the specific details and qualifications that make them eligible for the tax credit.
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