Parents May Claim a Child and Dependent Care Credit for Expenses

question 65

True/False

Parents may claim a child and dependent care credit for expenses incurred in providing for their dependents while the parents work as long as the children are over age 14 and under age 20 at year-end.

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Definitions:

Accounts Payable

Liabilities or amounts owed by a business to its suppliers or vendors for goods and services received.

Adjustment

Modifications made to book records in order to align them with the actual financial status or to reflect changes.

Current Asset

A category of assets that are likely to be converted into cash, sold, or consumed within one business cycle or one year.

Office Equipment

Tangible property (like desks, chairs, and computers) used in an office setting to perform work or operations.