Hoping for the Child Tax Credit? Don’t Wait to File
The U.S. House of Representatives has approved a bill that has the potential to grant families significant tax benefits. The aim is to strengthen tax breaks, offering substantial financial support to American households and leading to significant savings. Among the many items addressed in the bill is the expansion of the Child Tax Credit (CTC), a tax benefit designed to assist families with the cost of raising children. In this article, we’ll review the details of the CTC expansion and the next steps needed to pass the bill.
Tax Tips and Updates for the 2024 Filing Season
Tax season is in full swing. With several filing options and a potentially larger Child Tax Credit to claim, there’s a lot to know before you file. Optima CEO David King and Lead Tax Attorney Philip Hwang provide a comprehensive guide for the 2024 tax filing season and show you how you can get the most when filing your tax return.
An Overview of Estate & Inheritance Taxes
Sometimes after a loved one dies, we must deal with grief, funeral planning, and an estate. In some cases, we inherit assets from a deceased loved one. Unfortunately, not much in this life comes for free, and even the things we inherit can cost us. In this article, we will take a closer look at estate and inheritance taxes, including who is affected by them and how they work.
What is the Kiddie Tax?
Navigating the complexities of taxes can be challenging for anyone. When it comes to families with children, there are additional considerations to be aware of. One such consideration is the IRS Kiddie Tax. This set of rules is specifically aimed at taxing unearned income of certain children at their parent’s tax rate. Understanding how the Kiddie Tax works is crucial for parents to effectively manage their tax liabilities. Let’s delve deeper into what the Kiddie Tax entails and how it might affect your family’s tax situation.