You can count on the South Carolina Association of CPAs to provide when-you-need-it guidance on significant developments in tax law.
In today’s installment, Lynn Nichols, CPA, explains how the “Kiddie Tax” and “Child Tax Credit” are affected by new federal rules.
“If you prepare a lot of individual income tax returns, one of the questions you’re going to be faced with this year is what did the Tax Cuts and Jobs Act of 2017 change with respect to minor children,” Nichols says. “The so-called ‘Kiddie Tax and Child Tax Credit’ changes would be the first things we should talk about.”
Watch this video as Nichols tells how the act simplifies the tax on unearned income of minor children and explains new rules for tax credits allowed to their parents.
MORE TAX VIDEO AND PODCAST CONTENT FROM LYNN NICHOLS:
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