When handling your taxes, it can be tricky to decide whether to opt for a tax deduction, tax credit, or both if you’re eligible. While both offer tax relief, they do so in different ways. Understanding the difference is essential since deductions and credits can be limited by your income.

The Child Tax Credit (CTC) is a crucial financial benefit for families in the United States, designed to reduce tax liability and potentially offer refunds.

It’s called the Earned Income Tax Credit. According to the IRS, one in five eligible taxpayers in North Carolina do not claim this credit worth up to $7,830 dollars. This is a tax break aimed at helping working Americans with a low-to-moderate income.