tax bracket

marriage taxes

When it Comes to Taxes, Marriage May Cost You

Most people don’t choose to marry or stay single based on their tax bills, but it may be a factor. One byproduct of the U.S. tax system, under which married couples file joint tax returns, is that marriage may produce a tax penalty or bonus, depending on a couple’s particular circumstances. In other words, when…

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new kiddie tax rules

Kiddie Tax: New Hazards, New Opportunities

Despite its name, the “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax. Now, children with unearned income may find themselves in a tax bracket higher than that of their parents. At the same time, the TCJA creates…

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kiddie tax

The “Kiddie Tax” Hurts Families More Than Ever

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…

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couple reviewing unexpected tax liability

If You Have an Unexpected Tax Bill, a Payment Plan May Be Your Best Option

Although recent changes in the tax law brought some new deductions and reductions in the highest marginal tax brackets, the loss or limitation of many deductions and changes in the tax withholding tables have left many taxpayers with an unexpected bill to pay. For taxpayers who do not have the cash available to pay the…

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