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Simple English definitions for legal terms

child- and dependent-care tax credit

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A quick definition of child- and dependent-care tax credit:

The child- and dependent-care tax credit is a way to get money back from the government if you have a job and take care of a child or a disabled family member. It's not like a deduction, where you just lower the amount of money you have to pay taxes on. Instead, it's like getting free money from the government that you can use to pay your taxes. There are also other types of tax credits, like the earned-income credit for low-income workers with kids, the foreign tax credit for people who earn money in other countries, and the investment tax credit for businesses that buy new equipment. Finally, there's the unified estate-and-gift tax credit, which is a credit that helps people who want to give away their money or property to their family without having to pay a lot of taxes.

A more thorough explanation:

The child- and dependent-care tax credit is a type of tax credit that is subtracted directly from one's total tax liability, dollar for dollar, as opposed to a deduction from gross income. This tax credit is available to a person who is employed full-time and who maintains a household for a dependent child or a disabled spouse or dependent.

  • Earned-income credit: A refundable federal tax credit on the earned income of a low-income worker with dependent children. The credit is paid to the taxpayer even if it exceeds the total tax liability.
  • Foreign tax credit: A tax credit against U.S. income taxes for a taxpayer who earns income overseas and has paid foreign taxes on that income.
  • Investment tax credit: A tax credit intended to stimulate business investment in capital goods by allowing a percentage of the purchase price as a credit against the taxpayer's income taxes.
  • Unified estate-and-gift tax credit: A tax credit applied against the federal unified transfer tax.

These examples illustrate different types of tax credits that are available to taxpayers under certain circumstances. For example, the earned-income credit is available to low-income workers with dependent children, while the foreign tax credit is available to taxpayers who earn income overseas and pay foreign taxes on that income. The investment tax credit is intended to stimulate business investment, while the unified estate-and-gift tax credit is applied against the federal unified transfer tax.

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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