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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which the IRS enforces.

Tax Credit

A direct reduction in the amount of tax owed. Unlike a deduction, which reduces taxable income, a credit directly subtracts from the tax bill.

In Vitro Fertilization (IVF)

A medical procedure used to help people conceive, where an egg is fertilized by sperm outside the body and then implanted into the uterus.

Inflation Adjustment

A change made to a dollar amount over time to account for increases in the cost of living, so that its purchasing power remains relatively constant.

Taxable Year

The annual accounting period for keeping records and reporting income and expenses. For most individual taxpayers, this is the calendar year (January 1 to December 31).

Special Needs Child (for adoption credit)

A child whom a state has determined cannot or should not be returned to their parents' home, and who has a specific factor or condition that makes them difficult to place for adoption, such as age, disability, or ethnic background.