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Tax Credit

A direct reduction in the amount of income tax a person or business owes, dollar-for-dollar. Unlike a tax deduction, which reduces taxable income, a credit directly reduces the tax bill.

Internal Revenue Code of 1986

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

Eligible Small Business

A business that meets specific criteria to qualify for a particular program or benefit, in this case, having less than $5 million in annual gross receipts or fewer than 100 full-time equivalent employees.

Taxable Year

The annual accounting period for which income tax returns are filed, usually a calendar year (January 1 to December 31) for individuals, but can be a fiscal year for businesses.

Gross Receipts

The total amount of money a business takes in from all its activities before any expenses or costs are deducted.

Full-Time Equivalent Employees

A way to count employees that combines part-time workers into an equivalent number of full-time workers. For example, two half-time employees might equal one full-time equivalent employee.

Family Bathroom Requirement