Legal Definitions

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What is the Lifetime Learning Credit?

Home » Tax Law » Tax Deductions & Credits » Lifetime Learning Credit

For academic expenses paid, you can claim a lifetime learning credit of up to $2,000 for the

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What is the Hope Scholarship?

Home » Tax Law » Tax Deductions & Credits » Hope Scholarship

If you paid tuition and related expenses for a eligible student who, at the beginning of 2003, had

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What are Home Mortgage and Construction Loan Interest Deductions?

Home » Tax Law » Tax Deductions & Credits » Home Mortgage and Construction Loan Interest Deduction

Generally, you can deduct interest paid on home mortgages of up to two

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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 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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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 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 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 a Car Donation Deduction?

Home » Tax Law » Tax Deductions & Credits » Car Donation Deduction

The IRS advises that taxpayers contemplating car donations ask many questions and carefully consider just how much

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Are Moving Expenses Deductible?

Home » Tax Law » Tax Deductions & Credits » Are Moving Expenses Deductible?

If you moved because of a change in your job location or because you started a

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