The “kiddie tax” hurts families more than ever

/ Posts Tagged "Tax Cuts and Jobs Act" (Page 2)

The “kiddie tax” hurts families more than ever

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July 30, 2019 , , , ,

kiddie tax

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made changes to the kiddie tax by revising the tax rate structure.
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Stretch Your College Student’s Spending Money With The Dependent Tax Credit

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April 1, 2019 , , , ,

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as the child tax credit, but when you’re saving for college or paying tuition, every dollar counts!
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Vehicle-Expense Deduction Ins and Outs for Individual Taxpayers

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March 12, 2019 , , , , ,

vehicle expense deduction

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return.
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Some of Your Deductions May be Smaller (or Nonexistent) When You File Your 2018 Tax Return

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March 4, 2019 , , , , ,

2018 tax deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return:
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3 Big TCJA Changes Affecting 2018 Individual Tax Returns and Beyond

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February 12, 2019 , , , , ,

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you — besides the much-discussed tax rate cuts and reduced itemized deductions. For 2018 through 2025, the Tax Cuts and Jobs Act (TCJA) makes significant changes to personal exemptions, standard deductions and the child credit. The degree to which these changes will affect you depends on whether you have dependents and, if so, how many. It also depends on whether you typically itemize deductions.
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Investment Interest Expense is Still Deductible, But That Doesn’t Necessarily Mean You’ll Benefit

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January 31, 2019 , , , ,

investment interest expense

As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you have investment interest expense, you can’t count on benefiting from the deduction.
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2 Major Tax Law Changes for Individuals in 2019

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January 8, 2019 , , ,
2019 tax law change

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look.

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