When it comes to the kiddie tax, the IRS isn’t kidding around. Thanks to the Tax Cuts and Jobs Act, there are new changes in the law for tax years 2018 through 2025. For those years, the Tax Cuts and Jobs Act taxes a portion of an affected child’s or young adult’s unearned income at the federal income tax rates paid by trusts and estates. And those rates are … [Read more...]
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2018 last-minute year-end stock portfolio tax strategies
If you have a stock portfolio, this issue of the Tax Reduction Letter makes must reading. Why? Because it explains how you can turn your portfolio into a year-end tax reduction machine. That’s right. If you know how to play the game, you can use IRS rules to dramatically slash your tax bill. And best of all, it’s easy to do. Sound good? It is good as you’ll learn when … [Read more...]
Five 2018 year-end tax strategies for marriage, kids, and family
It’s almost time to say goodbye to 2018. But before you do, I urge you to read my new article. Why? Because I’ll tell you how to use five year-end tax deduction strategies that can save you a lot of money. Don’t miss this opportunity to take advantage of the money-saving breaks that Uncle Sam is ready to give you. Act now and read my new article titled Tax Tips: 2018 … [Read more...]
New employer tax credit for family and medical leave
One great way to attract and retain outstanding employees is to provide them with valuable benefits. Now, thanks to the Tax Cuts and Jobs Act, you can take advantage of a new federal income-tax credit that rewards you for providing paid family and medical leave benefits to your employees. That’s right. If you act promptly, you can get a dollar-for-dollar offset to your … [Read more...]
Slash Self-Employment Taxes By Renting From Your Spouse
Do you operate your business as a sole proprietor? If you do, you know that Uncle Sam helps himself to a big chunk of your profits in the form of self-employment taxes. To be specific, he’s taking a full 14.13-percent! (That’s 92.35% of the published 15.3 percent because there’s a reduction on Schedule SE.) But hang on a second. There is something you can do to … [Read more...]