Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. There are special tax rules that affect how parents [...]
Archive for category Dividends
You may need to pay estimated taxes to the IRS during the year if you have income that is not subject to withholding. This depends on what you do for a living and the types of income you receive. These six tips explain estimated taxes and how to pay them: 1. If you have income [...]
Parents may not realize that there are tax rules that may affect their child’s investment income. The following four facts can help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment income Children with investment income may have part or all of this income [...]
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued a notice announcing plans to phase in the requirements of the Foreign Account Tax Compliance Act (FATCA). The new law targets noncompliance by U.S. taxpayers through foreign accounts. Under the notice’s phased implementation approach, foreign financial institutions (FFIs) and U.S. withholding agents are [...]
Estimated tax is a method used to pay tax on income that is not subject to withholding. You may need to pay estimated taxes during the year depending on what you do for a living and what type of income you receive. These six tips from the IRS will provide you with a quick look [...]
Parents need to be aware of the tax rules that affect their children’s investment income. Here are four facts that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate: 1. Investment Income Children with investment income may have part or all of this income [...]
