The kiddie tax law was enacted in 1986. It was created to treat issues relating to unearned income tax for 18 years or below people. The scheme was also made available for dependent...
Posted by Pat Raskob on 01/09/2022
Your wages may be subject to garnishment when you do not pay financial obligations. A garnishment order is not required for child support, unpaid income tax, or federal student loan...
Posted by Dennis Jao on 10/30/2021
Why is it important to know the taxpayer's source of income? This is important because the Foreign Tax Credit (FTC) can only offset U.S. taxes on foreign income. An American is...
Posted by Tiffany Gaskin on 08/15/2021
To avoid paying taxes on their earnings, some individuals allocate some of it to their children by listing it in their names.However, the IRS caught wind of this and created a law...
Posted by CORE PERFORMANCE on 10/30/2021
Before the Kiddie tax, parents could get tax savings by setting up an investment account using the kid's name. Parents could give various items like a stock to their kids in which...
Posted by Schneiderman and Friedman on 02/12/2021
You've buckled down for quite a long time, and now you need to make the most of your golden years. In case you want to have a pleasant way of life in retirement, you are likely...
Posted by Elliot Kravitz, ATP on 10/23/2019
The most rewarding job you can do for a family member is to serve as a caregiver. You have the opportunity to ensure she receives the best quality care possible while spending time...
Posted by John Pournaras Agency on 05/20/2019
12.3.1 U.S. Taxation of Outbound Royalty Payments 12.3.1[a] Definition of RoyaltiesThe Code generally defines the term “royalty” by enumerating the kinds of property...
Posted by The Accounting and Tax on 08/14/2018
In the United States, personal service incomes are classified under the incomes generated within the country or sources within the periphery of the United States. In general terms,...
Posted by Tax Solutions & Accounting Services on 05/22/2018
