The Small Business and Work Opportunity Tax Act of 2007 was signed into law on May 25, 2007. Included int eh Act are various small business tax incentives and a few revenue raisers such as new and enhanced penalties and broadening of the kiddie tax. Previously, a child subject to the kiddie tax pays tax at his or her parents’ highest marginal rate on the child’s unearned income over $1,700 if that tax is higher than the tax the child would otherwise pay on it. In the alternative, parents could […]
