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BytaxtiumAs tax season approaches, itโs important to understand how the Kiddie Tax impacts children with investment income. The Kiddie Tax was introduced to prevent parents from shifting investment income to their children to take advantage of lower tax rates. Here’s a quick breakdown of how it works for the 2024 tax year and how it…
๐ ๐๐ฆ๐ฆ๐๐ ๐๐ ๐ข๐ฅ๐ง๐๐ญ๐๐ง๐๐ข๐ก โ ๐ช๐๐๐งโ๐ฆ ๐ง๐๐ ๐ฆ๐ข๐๐จ๐ง๐๐ข๐ก?
BytaxtiumLast week, while reviewing a clientโs books, I noticed something surprising. For several years, the company had been carrying intangible assets on the balance sheetโฆ but no amortization was ever recorded. The clientโs first reaction: โCan we go back and amend all those returns?โHereโs the reality:1. The IRS does not require amending prior returns just…
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Expense / deduction-related forms (flow into Form 1040 Adjustments, Deductions, Credits)
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