What is the new income tax child care deduction law?

Answer Children are a bonus when you file personal income taxes. They have always qualified as dependents, but for 2009 and 2010, they also provide extra tax credits for you. The new income tax child care... Read More »

Top Q&A For: What is the new income tax child care deduction...

What is an income tax deduction?

The U.S. tax code says that you should not have to pay taxes on income that you have to spend on certain things. These expenses are called income tax deductions.ProcessWhen you do your taxes, you s... Read More »

Child Care Programs for Low Income Families?

Over the past 20 years, federal funding for childcare services has risen to $8 billion, according to the University of Maryland's School of Public Policy. Childcare funding is administered through ... Read More »

What Is My Income Tax Deduction Based On?

Your income tax deduction is based on either your filing status, if you choose to take the standard deduction, or based upon the individual deductions that you can claim, if you choose to itemize y... Read More »

Do you have to be licensed to claim child care income?

According to the IRS, individuals must report any amount of money they receive from running a business or from self-employment on their taxes because it is considered taxable income. As a result, i... Read More »