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7 Days To Raising A Money Smart Teen Give Away Rights Ebook

7 Days To Raising A Money Smart Teen Give Away Rights Ebook
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License Type: Giveaway Rights
File Size: 320 KB
File Type: ZIP
SKU: 24231
Shipping: Online Download
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Taxes are an important part of growing up. Although we all complain about paying taxes, taxes are a vital component of a strong country. I firmly believe in paying my fair share of taxes, because I know it keeps our country safe and strong. However, I also believe in taking full advantage of every legal opportunity as granted by the government to minimize my tax liability. So by teaching teenagers what the taxes pay is the first step in teaching them about taxes.

Many young workers don’t understand the role taxes play in our country and our government. We need to explain the taxes taken from our pay checks go to pay fire firefighters, repair roads, support our military, pay our congressional representatives and more. In fact, taxes are vital component to a strong country and a successful society.

So by relating taxes to paying for the requirements of our country, I have found this is the best way to introduce the complex subject of taxes to your teenager.

Teenagers probably get their first introduction into the world of taxes when they discover their first paycheck was less than expected, thanks to income tax deductions. CPAs say it’s important to be sure your child understands the responsibilities for paying taxes and, if required, filing tax returns. Here are a few ideas to teach your teenagers about the importance of taxes.

Have a meeting with your CPA, tax advisor or tax attorney. One of the best ways to introduce your teenager to the subject of taxes is to sit down with your CPA or tax advisor. This approach shows the importance of taxes and how it affects earnings and investments.

Explain to your teenager what services income taxes provide to our country. For example, the next time you are stuck in road construction while your teenager is in the car, remind them the taxes taken from their pay check is paying to improve the condition of the roads for the better meant of the country.

By relating real-life situations to the abstract concept of paying taxes, your teenager will better understand “why” taxes are taken from their pay check.

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