| The IRS tax laws are under Title 26 the Internal | | | | the difference between a tax credit and a tax |
| Revenue Code. To help Americans better understand | | | | deduction. The tax credits that are a part of this |
| this complicated code, Cornell University Law School | | | | current tax code are more valuable on saving |
| published the code online. The latest update of this | | | | individuals money on their taxes because they reduce |
| website was on January 5, 2009. There have been | | | | the amount of tax that is owed, dollar for dollar. This is |
| changes to this code and the updates are also | | | | different from the tax deduction because only a |
| available. The process of updating this code occurs | | | | percentage of the deduction lowers the taxes paid by |
| almost immediately with any new legislation that | | | | each individual. |
| occurs. Only 20% of the funds that are needed to | | | | Most people concentrate on finding as many tax |
| keep this site running are from donations, so upon | | | | deductions as possible. What is needed, to save on |
| visiting this site, every visitor is asked for a donation. | | | | your tax bill, is to find and use tax credits. This is the |
| The current tax code is named the American | | | | most efficient way to follow the IRS tax laws and still |
| Recovery and Reinvestment Act of 2009. As part of | | | | reduce your tax burden. |
| this act, many of the tax incentives that were a part | | | | Of course, the above is not legal or accounting advice |
| of the Energy Policy Act of 2005 are included along | | | | -- it is for informational purposes only. Before making |
| with the amending of the Emergency Economic | | | | any decisions regarding legal or tax matters, it is vital |
| Stabilization Act of 2008. | | | | that you consult a licensed professional lawyer or tax |
| One of the points that all Americans need to know is | | | | accountant. |