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TAXES & AUDITS
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The Kiddie Tax: Limits on Shifting Unearned Income to Children

For a long time, a popular tax-saving strategy for high-income families was to funnel unearned income through their children to reduce their overall taxes. The IRS adopted the "kiddie" tax in the 1980s to limit its effectiveness by taxing certain amounts of children’s unearned income at a very high rate. If you are a high-income family with children, it pays to learn about the kiddie tax and how you can make smart investments to avoid it.

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Keeping Tax Papers
Keep anything related to your tax return for at least three years after you file.

Top Ten Tips for Surviving an Audit
Convince the IRS you were entitled to the credits, deductions, and exemptions you took.

IRS Installment Payment Plans
If you can pay your debt over time, an installment plan may be the right solution.

When can I toss my tax records?

My file cabinet is bursting at its seams because I have receipts and records from the last ten years! I need to toss all old records but the essentials. How long are you required to maintain personal records in the event of an audit? I was told three years. Is this correct?

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Easy Ways to Lower Your Taxes
Easy Ways to Lower Your Taxes: Simple Strategies Every Taxpayer Should Know
Book / $12.59
eBook / $11.99

Nolo's Essential Retirement Tax Guide
Nolo's Essential Retirement Tax Guide: Your Health, Home, Investments & More
Book / $15.74
eBook / $14.99

Every Landlord's Tax Deduction Guide
Every Landlord's Tax Deduction Guide
Book / $22.04
eBook / $21.99

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