/Tag: Kiddie tax

Estate Planning: Lifetime Gifts

By |2017-05-24T13:42:15+00:00September 9th, 2015|Categories: Estate & Trusts|Tags: , , , |

Giving away assets during your lifetime with the goal of reducing your taxable estate can be an important planning strategy. But with recent increases in gift and estate tax exemptions, many are feeling less pressure to make these gifts. The exemption amount is now “permanent” and set to increase with inflation instead of requiring Congress to approve increases. For 2015, that exemption amount is $5,430,000.

Does your child need to file a tax return?

By |2017-05-24T13:42:17+00:00March 25th, 2015|Categories: Articles, Tax Planning|Tags: , , , , |

If your child has been socking away those gift checks and trading stocks along with the E-Trade baby, you could have some reporting to do.  Special rules apply to anyone who can be claimed as a dependent on another return.  These rules apply regardless of whether you actually claim your child as a dependent; the [...]

Should You Hire Your Child?

By |2017-05-24T13:42:33+00:00May 30th, 2013|Categories: Articles, Tax Planning|Tags: , , , , , , , , |

If you own your own business, consider the advantages of hiring your own child.  This can be a great way to reduce the overall family tax bill by shifting income to children.  If your child is doing a valid job and the pay is reasonable for the work performed, the business can claim a normal [...]

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