Tax Preparation Services, Company – Pompano, Deerfield Beach, Former IRS 954-492-0088
Use former IRS agents and managers who worked out of the local South Florida IRS offices to prepare your income tax or business tax returns and assure that you are paying the lowest amount of tax allowed by law.
We can help audit proof your tax return.
Having been trained by the Internal Revenue Service and being former IRS instructors you cannot possibly go to a more competent tax firm. Over 60 years of working for the local IRS.
We have been practicing in South Florida since 1982 and we have an A+ rating by the Better Business Bureau.
Contact us today for a free initial tax consultation.
We are fast, affordable, and we love to build long-term relationships with all our clients.
Tax tips from Fresh Start Tax
Tax Rules for Children Who Have Investment Income
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 report a child’s investment income. Some parents can include their child’s investment income on their tax return.
Other children may have to file their own tax return.
Here are facts about the tax-ability of your child’s investment income.
1. Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust.
2. Special rules apply if your child’s total investment income is more than $1,900. The parent’s tax rate may apply to part of that income instead of the child’s tax rate.
3. If your child’s total interest and dividend income is less than $9,500, you may be able to include the income on your tax return. See Form 8814, Parents’ Election to Report Child’s Interest and Dividends. If you make this choice, the child does not file a return.
4. Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, with the child’s federal tax return.
