The Kiddie Tax, a set of tax rules designed to prevent parents from shifting income to their children for tax purposes, has undergone several changes in recent years. The rules aim...
Posted by Pat Raskob on 11/17/2023
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
While there are many ways you can save for college, these various strategies are not equal. You get some particular tax advantages with the best savings channel, provided you use the...
Posted by Taxes Made EZ Inc on 06/11/2021
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...
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...
On December 20, 2019, President Trump enacted the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The main objective of the new law is to expand the possibilities...
Posted by Don Bell Law on 06/11/2020
Prepared or not, tax return reporting was amended once more for the 2020 tax year. The IRS considerably fused the Form 1040 in 2018 which results in a total reconstruction of the old...
Posted by Freddie Cook, CPA on 04/03/2020
Some of the time, at least one of your children should record their very own tax returns. This can be genuine although they are as yet your wards for tax purposes. For the most part,...
Posted by Flynn Financial Group Inc on 09/25/2019
DefinitionThe Kiddie Tax is a term referring to a special tax law implemented in 1986 involving investment and unearned income tax for individuals below 17 years of age.What is unearned...
Posted by CONTINENTAL TAX AND ACCOUNTING SERVICES on 08/30/2018