Exceptions to the Preexisting Duty Rule Include Unforeseen Difficulties

question 12

True/False

Exceptions to the preexisting duty rule include unforeseen difficulties.

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Definitions:

Child and Dependent Care Credit

A tax credit in the U.S. for qualified expenses paid for the care of children under 13 or disabled dependents, enabling the taxpayer to work or look for work.

Qualified Day Care

A childcare facility meeting specific regulatory standards and qualifications, which expenses for may be deductible or eligible for specific tax credits.

Retirement Savings Contributions Credit

A tax credit also known as the "Saver's Credit," aimed at encouraging low- and moderate-income individuals to make retirement contributions.

Head of Household

A filing status for individual US taxpayers who are unmarried and pay more than half the cost of keeping up a home for themselves and a qualifying person.