Kiddie Tax Changes

The Tax Cuts and Jobs Act (TCJA) overhauls the Kiddie Tax rules to tax a portion of a qualified child or young adult’s unearned income at the same tax rates paid by trusts and estates, which can be as high as 37%. Prior to the TCJA, the Kiddie Tax rate was equal...

Disasters and Taxes

While some may say that tax season in and of itself should be classified as a “federally declared disaster,” the phrase holds more weight this upcoming year as thousands of families have been devastated by the California wildfires and East Coast...

C Corp Taxes

As a result of tax reform under the Tax Cuts and Jobs Act (TCJA), C corporations were also affected. This will directly impact C corporation shareholders. Under previous law, the tax rate a corporation would pay on its profits could be anywhere from 15% to 35%,...

How to Speak “Tax”

This time of year and into April, we begin to hear a different vocabulary come to life: “Credit.”  “Exemption.”  “Adjusted Gross Income.”  It can seem as if your accountant speaks a different language from you. While...

Tax Reform Changes Affecting the Child Tax Credit

The Child Tax Credit (CTC) was one of many items touched by the sweeping tax reform coming into effect for the 2018 tax year. In addition to the amount of the credit increasing, the threshold for qualifying for the credit has improved, resulting in more taxpayers...