Kiddie Tax

Changes to the Kiddie Tax For a child wage earner under age 19, the first $1,300 of any unearned income is tax free in 2024. According to the IRS, “unearned income” includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. The next $1,300 is taxed at the child’s rate. Any unearned…

Contributing to IRA’s

If you don’t have a retirement plan through your employer, then you can open either a traditional or Roth IRA to plan for your retirement.  The traditional IRA gives you a tax deduction by reducing your taxable income, but retirement money is taxable when you withdraw from it later. The Roth IRA is not deductible,…

Social Security Tips

At what age is Social Security no longer taxed? You may have heard that Social Security income is not taxed after age 70; this is false. You may be able to earn however much you want for Social Security purposes and not have to pay it back to Social Security, but for tax purposes there…

Property Tax/Rent Rebates in Pennsylvania

This program supports Pennsylvania homeowners and renters who meet the following criteria. ​​ Age Criteria 65 or older Widows and widowers 50 and older People with disabilities 18 and older Income Criteria In addition to age requirements, to qualify for the Property Tax/Rent Rebate, your household income must be $45,000 or less ​annually.  ​ If you rent,…

Who is Head of Household?

Head of Household (HOH) is a filing status you can claim if you’re single orunmarried and maintain a home for a qualifying person, such as a child orrelative. The Head of Household vs. Single status provides a larger standarddeduction and more generous tax rates for calculating federal income tax.Requirements for claiming Head of Household status: You…