If/Then Functions with formula in Excel.

I have a spreadsheet that I use to track basic income and expenses for my wife's real estate business. Essentially I use the income and multiply by various tax rates for New York City, New York State, Federal, and Social/Medicare taxes. I use it to keep running tabs on how much tax money is owed to each (pre-deductions). I have made the formula and it works, however here is my question...

I have a column called debit/credits. If its her paycheck, she selects "Debit" from the drop down. If its an expense, she selects "Credit" from the drop down. If its her paycheck, I want it to run the formula to show taxes on that check. If it is an expense however, I do NOT want that formula to run. I know I can do =IF(C4=Debit,"True","False"). Pretty much if C4 in the example is Debit I want it to run the equation and if its blank or Credit I want the cell to be blank.

Ignore all you may know about taxes and deductions here, and just hang with me on the equation. I have other tabs and formulas that figure out deductions and the rest, so this is just a ball park idea for informational purposes! Thank you.

Ok. So when I use a number it works but a word it does not. For example, if I said this...

=IF(C4=1,equation,FALSE)

...Then the equation runs when 1 is in C4 and it says FALSE if anything else is in C4.

If I change the equation to this...

=IF(C4=1,equation,FALSE)

...Then the equation won't run. I tried changing the format of the cell to no avail. Any ideas?

Thanks again.

Nevermind, I figured it out. Thank you again.