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Posts about Personal Finance
23 May 2024
Navigating the Complex World of Your Child's Tax Return
In an effort to prevent high-income parents from exploiting tax benefits by shifting their investment income to their children, who typically fall into lower tax brackets, the U.S. Congress introduced the "Kiddie Tax" in 1986. While not officially termed as such in the tax code, the Kiddie Tax effectively applies higher tax rates to the unearned income of certain children.
David M Robson21 May 2024
The Taxation of Legal Settlements and Deductibility of Legal Fees
Navigating the taxation landscape of legal settlements and the deductibility of associated legal fees can be a complex endeavor. The Internal Revenue Service (IRS) has specific rules that govern how these financial transactions are treated for tax purposes. Understanding these rules is crucial for individuals and businesses alike to ensure compliance and optimize their tax positions.
David M Robson16 May 2024
Unlocking Financial Benefits for Heroes: How Retired Public Service Officers Can Save Big on Health Insurance
Public safety officers, including police officers, firefighters, emergency medical technicians (EMTs), and other first responders, dedicate their lives to serving and protecting their communities. Recognizing the risks and sacrifices associated with these professions, the United States tax code provides several benefits aimed at easing the financial burdens of these vital community members.
David M RobsonWhy Premier Tax and Business Services
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