Glossary

Child and Dependent Care Credit

What is the Child and Dependent Care Credit?

The Child and Dependent Care Credit is a federal tax credit that allows eligible taxpayers to claim a percentage of work-related expenses they paid for the care of a qualifying child or other dependent. This credit helps families manage the costs of care so they can work or actively look for work.

  1. Glossary Article

Recommended for You

Taxpayer Notification Requirements

Taxpayer Notification Requirements are crucial regulations that ensure taxpayers are informed of their tax liabilities and compliance obligations, helping maintain transparency and accountability between taxpayers and tax agencies.

Lien Subordination

Lien subordination involves changing the order in which creditors are paid back if a debtor defaults. It is typically achieved through a subordination agreement, which alters the priority of liens against a property.

Co-Owner Tax Lien Liability

Co-Owner Tax Lien Liability involves shared responsibility among property co-owners to address any tax liens imposed due to unpaid taxes, affecting all parties involved.

Risk Management Consulting Deduction

The Risk Management Consulting Deduction allows businesses to deduct expenses related to hiring consultants for risk management strategies, beneficial for tax compliance and financial planning.

CP521C Notice

The CP521C Notice is sent by the IRS to notify taxpayers about specific payment plan agreements, indicating amounts due and reminding them of their financial obligations.

IRS Online Agreement

The IRS Online Agreement allows taxpayers to manage and resolve their tax liabilities through structured digital plans, optimizing tax compliance.

CP10 Notice

A CP10 Notice from the IRS is a notification that informs you about a change to your tax account, usually relating to the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). It's essential to understand the notice and respond if necessary.

Expense Tracking Software Deduction

Expense tracking software deductions allow taxpayers to reduce their taxable income by accounting for costs incurred on eligible software used for business-related financial management and record-keeping.

Redemption Interest Rate

The Redemption Interest Rate is a financial term related to the interest calculated on bonds or securities redeemed before maturity, impacting tax obligations.