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Child Tax Credit (CTC)

A tax benefit for eligible taxpayers with qualifying children, designed to help families offset the costs of raising children.

Earned Income Tax Credit (EITC)

A refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children, to boost their earnings and reduce their tax burden.

Internal Revenue Code of 1986

The main body of tax laws for the United States, which the Internal Revenue Service (IRS) enforces.

Social Security Number (SSN)

A unique nine-digit number issued to individuals by the Social Security Administration, primarily used for tracking earnings and benefits, and increasingly for identification purposes.

Qualifying Child

A child who meets specific IRS criteria regarding age, relationship, residency, and financial support, allowing a taxpayer to claim them for certain tax benefits.

Taxable Year

The accounting period for which a taxpayer calculates their income tax liability, typically a calendar year for most individuals.