The Five Things Your Teen Needs to Know About Taxes
Category : Money
Important Tax Advice for Teens:
Here are the five most significant things you can explain to your teenager to help him understand income taxes according to Denise Witmer.
- Make your teen aware that if he works(earns income), he will have to pay taxes – minor or not.
- Your teen needs to understand certain paperwork and tax forms.
- Your teen may need to file if he/she has unearned income.
- Your teenager needs to know that the money she brings in babysitting and mowing lawns is considered earned income by the United States government.
- Your teen needs to know how tax money is used by the government.
These are great tips. When you do receive your first paycheck, make sure you go over it with your parents (and probably your boss) to make sure you know what everything means, and where the funds are going.