Some states allow LLC members to transfer real property to an LLC to receive a tax exemption. A new LLC can purchase real property and use the real estate portfolio to bolster its financial profile and add to its value.
The child and dependent care tax credit is a percentage of your day care expenses up to $3,000 for one dependent or $6,000 for two or more dependents. That's not the amount of your credit. It's the amount of day care expenses you can apply the percentage to.
The IRS sets dollar limits on the child care expenses you can claim when calculating the amount of your credit. The maximum dollar amount if you have one child is $3,000. If you have two or more children, the limit is $6,000. The percentage of the expenses you claim that you can take as the credit depends on your adjusted gross income. In addition, the dollar limit is reduced by the amount of any child care assistance you receive from your employer.