Tax Credits and Deductions
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5 Terms
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Child and Dependent Care Credit
A tax credit for expenses related to the care of children or other dependents.
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Earned Income Tax Credit (EITC)
A tax credit for low- to moderate-income working individuals and families, especially those with children.
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Non-refundable Credit
A tax credit that can reduce your tax liability to zero but cannot result in a refund.
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Refundable Credit
A tax credit that can result in a refund if it exceeds your tax liability.
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Qualified Business Income Deduction (QBI)
A deduction allowing eligible self-employed and small-business owners to deduct up to 20% of their qualified business income.