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.
DEFINITION of 'Child Tax Credit'. The Child Tax credit is a credit given to taxpayers for each dependent child who is under the age of 17 at the end of the tax year. The Child Tax credit is a nonrefundable credit that reduces the taxpayer's liability on a dollar-for-dollar basis. The Child Tax credit is intended to provide an extra measure of tax relief for taxpayers with qualifying dependents.