Some states allow LLC members to transfer real property to an LLC to receive a tax exemption. A new LLC can purchase real property and use the real estate portfolio to bolster its financial profile and add to its value.
The child and dependent care tax credit is a percentage of your day care expenses up to $3,000 for one dependent or $6,000 for two or more dependents. That's not the amount of your credit. It's the amount of day care expenses you can apply the percentage to.
Similarly, payments from a state or county for foster care are considered support provided by the state or county. Child Tax Credit. The child tax credit allows you to claim a credit of $1,000 for each qualifying child. Thus, for example, a taxpayer with four qualifying children will be entitled to a credit of $4,000.