Kiddie Tax

Why the “kiddie tax” is more dangerous than ever

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax back in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax […]

Why the “kiddie tax” is more dangerous than ever Read More »

Putting your child on your business’s payroll for the summer may make more tax sense than ever

College children on The Payroll, Income Tax, Individual Income Tax, Kiddie Tax, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Working Parents / Douglas Freeman

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works. By shifting some

Putting your child on your business’s payroll for the summer may make more tax sense than ever Read More »