For non-refundable tickets, you can make changes or cancel without a fee, but you will receive a travel credit instead of a refund. Lufthansa Airlines has a 24-hour cancellation policy.

Tax credits and deductions come in various forms: tax deductions reduce taxable income, lowering the amount of tax owed; non-refundable tax credits reduce tax liability only to the extent of taxes ...

The Foreign Tax Credit (FTC) is a non-refundable tax credit designed to alleviate this burden for U.S. citizens who earn income abroad by offsetting taxes paid to foreign governments and reducing ...

Up Next: 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth In some cases, these credits are also refundable, giving you some money back even with a zero tax liability. While a tax ...

For example, if your total tax bill is $5,000 and you claim a credit worth $2,500, you will only need to pay $2,500 in taxes. "They come in two flavors — refundable and non-refundable," says Rob ...