Kiddie Tax

Kiddie Tax

Kiddie Tax “Kiddie tax” is the term used for the tax on certain unearned income of children. Children typically are in a lower tax bracket than their parents and the kiddie tax was developed to prevent parents from lowering their tax liability by shifting investment...
Taxable Social Security Benefits

Taxable Social Security Benefits

Taxable Social Security Benefits Some taxpayers have to pay federal income taxes on their Social Security benefits. This usually happens only if they have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must...
Itemized Deductions Homeowners

Itemized Deductions Homeowners

Itemized Deductions for Homeowners The IRS defines a home as any house, condominium,cooperative, mobile home, boat, or similar property that has sleeping space, toilet facilities, and cooking facilities.Some homeowners qualify for these deductions. Real Estate Taxes...
2019 Last-Minute Year-End Tax Deductions for Existing Vehicles

2019 Last-Minute Year-End Tax Deductions for Existing Vehicles

Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2019 taxes. But don’t wait. Get on this now! Take Your Child’s Car and Sell...