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The Child and Dependent Care Tax Credit can reduce your tax liability based on eligible care expenses for children or dependents. The idea behind the credit is that you and/or your spouse can ...
A single taxpayer who earned $30,000 and claims the standard deduction has an adjusted gross income of $16,150. If that person has tax deductions worth $500, the adjusted gross income drops to ...
If you pay state and local income taxes or state and local sales taxes — including real estate and property taxes — you may be able to deduct up to a combined total of $10,000, or $5,000 if ...
The credit is a percentage, based on the taxpayer’s adjusted gross income, of the amount of work-related child and dependent care expenses the taxpayer paid to a care provider. [10] A taxpayer can generally receive a credit anywhere from 20−35% of such costs against the taxpayer’s federal income tax liability. [11]
If you, your spouse, or your dependents' medical expenses during the year exceed 7.5% of your adjusted gross income, you can deduct the portion of those expenses in excess of 7.5%.
For dependents, the standard deduction is equal to earned income (that is, compensation for services, such as wages, salaries, or tips) plus a certain amount ($400 in 2023). A dependent's standard deduction cannot be more than the basic standard deduction for non-dependents, or less than a certain minimum ($1,250 in 2023).