Monthly Archives: July 2024

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,…