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
Investing in a child's future is a gift that keeps on giving. One way to help secure their financial well-being is by making tax-free investments on their behalf. These investments...
When it comes to filing your taxes, understanding the concept of Adjusted Gross Income (AGI) is crucial. AGI serves as the starting point for determining your taxable income, and it...
Posted by Taxes Made EZ Inc on 07/02/2023
You may have considered a custodial account if you want more flexibility regarding how your child's education funds are allocated. That way, the money doesn't have to be used...
Posted by Rosovich & Associates, Inc. on 11/28/2022
What is a foreign tax credit?A foreign tax credit is a United States tax credit that is used to offset income tax paid abroad. United States citizens and resident aliens who pay income...
Posted by Rosovich & Associates, Inc. on 05/31/2022
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
The legislative arm of the government, known as Congress, is in charge of formulating the Internal Revenue Code (IRC), also known as the tax code. This tax code guides tax collection,...
Your 1040sIf your income is over a specific amount, paying the federal income tax is mandatory. You might have to pay income tax in some states as well. The income tax rate is a matter...
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...