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There are significant tax savings when children work holding summer jobs. Especially if you have the opportunity to employ your child for your small business. Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19. Also …
Get Those Kids A Summer Job: The Tax Savings When Children WorkRead More
Considering filing married filing separate instead of a joint tax return? While married taxpayers generally have the option to file a joint tax return or separate returns, there is also a filing status commonly referred to as married filing separate (MFS). If you are married and you and your spouse are filing separate returns, read …
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017. One of these changes is about how children are taxed on income – known as the Kiddie Tax. This article is one of …
