As of 2015, the fees for preschool are not tax deductible, but parents who work or go to school may be eligible for the child care credit on their taxes. The child care credit covers any fees for child care, including day care, preschool, before- and after-school programs for older kids, nannies and babysitters.
In order to take the credit, parents must be working or a full-time student. The total credit depends on family income, and the percentages are subject to change by the IRS. Families earning less than $15,000 per year can get up to 35 percent of eligible expenses. The percentage decreases based on income, but the low end is 20 percent for families earning $43,000 or more.Learn More
The IRS indicates that taxes are vital to support the infrastructure that citizens rely on at the local, state and federal levels. Taxes support national defense programs, roadway construction, social service programs, public health and education. Without taxpayer support, many of these programs cannot exist.Full Answer >
Tax exempt refers to a person or company that is not required to pay taxes, such as income taxes, property taxes or sales tax on specific items. Eligible individuals and organizations have a tax exempt ID number to prove that they are not required to pay certain taxes.Full Answer >
Obama's stimulus check was a tax benefit paid in 2009; no taxpayers were eligible for this payment after that time. At the time it was paid, only Social Security recipients and veterans were eligible for this payment.Full Answer >
Federal income tax returns are usually due on April 15 each year. It may be extended to the next business day if April 15 is a weekend. Payment of any balance owed to the IRS is also due at this time unless a payment arrangement has been put in place.Full Answer >