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New Kiddie Tax Rules Special kiddie tax rules apply to children under age 18 who have unearned income of more than $1,700 in 2007. Unearned income generally includes all income except wages, salaries, and self-employed earnings (i.e., dividends and interest).   Incentive Stock Options Incentive stock options (ISOs) received from your employer are an attractive form of compensation. When you sell the stock resulting from the exercise of your options at a gain, your entire profit from selling ISO shares can generally be taxed at lower capital gains rates, assuming you play all your cards right.   Home Office Deductions If you are self-employed (or considering becoming self-employed) and working out of an office in your home, there are strict rules that apply to deducting expenses related to a home office. If you are able to meet these requirements, the expenses related to your home office will qualify for the more favorable treatment as above-the-line business expenses.