The Child and Dependent Care Credit
Well, actually we have the Congress to thank since the IRS “merely” administers the law, but if you are a parent, you should be aware that if parents pay for childcare or daycare while they work, the costs may qualify for a federal tax credit that can lower their credit. The IRS likes to remind us of these credits (honest) around this time, and they point out facts you should know:
IRS Adopts “Taxpayer Bill of Rights” 10 Provisions to be Highlighted on IRS.gov, in Publication 1, was the headline of the June 10, 2014 IRS Newswire, an email newsletter published by the Internal Revenue Service. The article begins:
IR-2014-72 June 10, 2014
WASHINGTON ― The Internal Revenue Service today announced the adoption of a “Taxpayer Bill of Rights” that will become a cornerstone document to provide the nation’s taxpayers with a better understanding of their rights.
Publication 1, “Your Rights as a Taxpayer,” has been updated with the 10 rights and will be sent to millions of taxpayers this year when they receive IRS notices on issues ranging from audits to collection. The rights will also be publicly visible in all IRS facilities for taxpayers and employees to see.
Reading this article you would think that the Taxpayer Bill of Rights was a new idea created by the Internal Revenue Services and they were doing everybody a new and great service. The IRS is doing every taxpayer a great service when they abide by the Taxpayer Bill of Rights and they are doing a great service by publishing and educating taxpayers about their rights. However, it is always beneficial to know a little history.