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Create minor’s trust to avoid major problems, kiddie tax

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in Small Business Tax,Small Business Tax Deduction Strategies

The “kiddie tax” isn’t just for kids anymore. Due to recent tax law changes, investment income earned by a child may continue to trigger the additional tax well into his or her 20s. This can put a damper on traditional college savings techniques for children. To avoid the kiddie tax, establish a “minor’s trust,” also called a Section 2503(c) trust, for kids or grandkids.

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