Legal Definitions

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Category: Tax Law (page 2 of 5)

What are Charitable and Political Contributions?

Home » Tax Law » Tax Deductions & Credits » Charitable and Political Contributions

Charitable deductions are only deductible as itemized deductions (thus, you are not eligible if you take

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What is Royalty Income?

Home » Tax Law » Reporting Income » Royalty Income

Royalties must be reported as income. Royalties are payments for the use of patents, copyrights, author’s royalties, royalties for works

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What are the Child and Dependent Care Credits?

Home » Tax Law » Tax Deductions & Credits » Child and Dependent Care Credit

If you hire someone to take care of your child or dependent while you are

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What are Taxes on Sale of Home?

Home » Tax Law » Reporting Income » Taxes on Sale of Home

You may qualify to exclude from your income all or part of any gain from the sale

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What is the Child Tax Credit?

Home » Tax Law » Tax Deductions & Credits » Child Tax Credit

You can claim a $1,000 child tax credit for every qualifying child under the age of 17.

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What are Taxes on Unemployment and Workers Comp Benefits?

Home » Tax Law » Reporting Income » Taxes on Unemployment and Workers Comp Benefits

Unemployment benefits are counted as income on your return. You should report the payments on

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What is the Earned Income Credit?

Home » Tax Law » Tax Deductions & Credits » Earned Income Credit

The earned income credit can be claimed by workers with qualifying children who meet certain income requirements.

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Are Self Employment Health Insurance Costs Deductible?

Home » Tax Law » Self Employment Taxes » Are Self Employment Health Insurance Costs Deductible?

Self Employment Health insurance premiums for self-employed individuals is 100 percent deductible.


Related Self

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What is the Health Coverage Tax Credit?

Home » Tax Law » Tax Deductions & Credits » Health Coverage Tax Credit

The Health Coverage Tax Credit (HCTC) is a program that can help pay for nearly two-thirds

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What are Self Employment Business Deductions?

Home » Tax Law » Self Employment Taxes » Self Employment Business Deductions

You can deduct certain business expenses on Schedule C (or Schedule C-EZ if you have business expenses

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