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.
Child Tax Credit. : A credit that may reduce tax by as much as $1,000 for each qualifying child. Form 8332. : Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent.