Father and daughter standing in front of a van

Hiring your minor children this summer? Reap tax and nontax benefits.

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, …

Hiring your minor children this summer? Reap tax and nontax benefits. Read More »

Family outdoors getting their mail

Many Parents Will Receive Advance Tax Credit Payments Beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable …

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Mother and son working on a laptop

Who Qualifies For “Head Of Household” Tax Filing Status?

When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must maintain a household, which for more …

Who Qualifies For “Head Of Household” Tax Filing Status? Read More »