The “Kiddie Tax”
The government started it in 2006 as a way to give a break to families whose children have investments in their name. But, guess what…of course there was an ulterior motive. What is this crazy tax? Sounds made up doesn’t it? I made sure to do some checking because I couldn’t believe that this is the actual term used by the US government to qualify the capital and investment gains our children receive. I LOVE IT! Kiddie tax. Anyways, back to the point. This tax and it’s new rules has another function, to keep parents, especially those in the higher tax brackets, from...
read moreLast Minute Tax-Savers
Trying to save those last minute dollars on your tax return? With the end of the year rapidly approaching, most of you probably think there is little left you can do . Well guess what? You’re wrong! Here are a few last minute tips to help you save on tax day. Charity Thinking of giving money to a charity? By advancing next years charitable donations, or even increasing this year’s gifts, will save you a bundle on your tax return. 70 or older? Did you know that you can take up to $100,000 from your IRA without having to report that amount as gross income? Sweet! Credit card...
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