The kiddie tax: Does it affect your family?

The kiddie tax: Does it affect your family?

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kiddie tax

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 higher tax bracket and place it in the lower tax brackets of your children.

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Interested in an EV? How to qualify for a powerful tax credit

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EV tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the time.

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How disability income benefits are taxed

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disability income tax

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends.

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Vehicle expenses: Can individual taxpayers deduct them?

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vehicle expenses

It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago.

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Five tax implications of divorce

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divorce tax

Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of getting a divorce.

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Your estate plan: Don’t forget about income tax planning

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Estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Social Security benefits: Do you have to pay tax on them?

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Social Security tax

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends.

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Is it a good time for a Roth conversion?

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Roth Conversion

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.

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The ins and outs of Series EE savings bond taxation

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Series EE bonds

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box.

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A Compensation Plan that Rewards Top Talent – NQDC

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NQDC