tax bracket
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…
Read MoreDespite 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…
Read MoreIf you’re newly retired, or planning to retire soon, you’ll need to decide what to do with the savings you’ve accumulated in your company’s 401(k) plan. If you don’t need to tap the funds right away, it’s generally best to let them continue earning investment income on a tax-deferred basis for as long as possible.…
Read MoreYears 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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