Kiddie Tax

Tips to Minimize the Kiddie Tax

October 29th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

The "kiddie tax" prevents parents from shifting income-producing assets to children to take advantage of their lower tax rate. It was introduced as part of the Tax Reform Act of [...]

The Kiddie Tax Could Affect Your Children Until They’re Young Adults

January 23rd, 2024|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tx accountant, Kiddie Tax, Services, Tax, Tax Advisor, Tax Deductions, The Burns Firm|Tags: , , , , , , , |

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually [...]

Cutting the Kiddie Tax Down to Size

July 13th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Estate Planning, Kiddie Tax, Services, Tax, tax accountant, Tax Advisor, Tax Planning, Tax Preparation, Tax Return, The Burns Firm|Tags: , , , , , , , , |

Despite its name, the "kiddie tax" is anything but child's play. If you're not careful, this provision of the tax code can result in children having to pay significant extra [...]

Your 2022 Tax Bill May Ring in Higher

February 21st, 2023|Categories: Accountant, Burns Firm, Charitable Donations, Child Tax Credit, CPA, CPA Dallas, Dallas CPA, Dependent Care credits, Kiddie Tax, Tax, Tax Advisor, Tax Credits, Tax Deductions, The Burns Firm|Tags: , , , , , , , , , , , |

It's that time of year again: tax season. Temporary tax relief measures that were provided during the pandemic have expired, so the changes to the tax rules for 2022 are [...]

Child Tax Credit: The Rules Keep Changing But It’s Still Valuable

February 16th, 2023|Categories: Accountant, Accounting, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA near me, CTC, Kiddie Tax, Services, Tax, Tax Advisor, Tax Credits, The Burns Firm|Tags: , , , , , , , |

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six [...]

Adopting a Child? Bring Home a Tax Break Too

November 22nd, 2022|Categories: Accountant, Accounting, Adoption, Burns Firm, Child Tax Credit, CPA, CPA Dallas, CPA75248, CPADallas, Dallas CPA, Kiddie Tax, Tax, Tax Advisor, Tax Deductions, Tax Preparation, The Burns Firm|Tags: , , , , , , |

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for [...]

The kiddie tax: Does it affect your family?

July 26th, 2022|Categories: Accountant, accountant near me, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Dallas tax return preparer, Dallas tx accountant, Kiddie Tax, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Credits, Tax Deductions, Tax Planning, Tax Return, The Burns Firm|Tags: , , , , , , , , , , |

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your [...]

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