Tax season is nearing a close but there are still last minute tips to learn if you haven’t filed. One big question is what to do with your child’s saved and earned income?
Hopefully your child has been saving more lately. Depending on how much, they can be affected by the “Kiddie Tax.” If your child has more than $1000 in unearned income from savings interests, the income may be taxed. The rate depends on how much unearned income the child has. READ MORE