When a teenager gets their first paycheck from their part-time job, they have already taken their first step towards adulthood. This will be their opportunity to learn just how to handle their own finances and how to be wise about it. Parents can then take a step back and watch their child grow up and handle things on their own. In a way it will be a relief, meaning that they won’t be lost once their out on their own in the real world, however, there are also teenagers who want nothing to do with taxes and don’t know anything about them. How do you spread awareness in that case?
Teaching people about taxes
An excellent way of approaching such a subject would be through the teen’s peers themselves, in other words, people who are close to their age. Publishing articles about this in the student newspaper could be an excellent way of ensuring that the teenager is at least aware of what is expected of himself/herself once they get a job and becomes financially independent.
They can always rely on their parents to tell them more about how taxes work and if they need help filing their reports, but in order to spread awareness about how serious and important taxes really are, one can always rely on the student newspaper, as that will encourage and allow the teenager to learn more. Teachers can further ensure that the information being written about is accurate by checking the article before it is published. This will ensure that there are no errors and that the students won’t be misguided about such an issue. It could potentially become a problem if the students aren’t well-informed about the situation. So why take the risk?
Parents should help too
Since education begins at home, parents can further help spread awareness by talking to their teens about tax returns. They need to explain to them that it matters not whether one is a minor when it comes to paying taxes. According to the tax laws, if teenagers earn more than $5,950, they will have to pay taxes on their earnings. There are also various other rules that each and every teenager must know before they receive their first pay check.
A parent will also have to tell them about when they will have to file for an income tax and when they won’t, as there are cases when that won’t be necessary. Furthermore, there are also cases when filing won’t be necessary but beneficial, meaning that it’s okay if the teenager does not file his or her taxes because he or she doesn’t need to, but if they do choose to file them, it will be beneficial for them.
There are also certain tax forms and paperwork that your teenager needs to be aware of. Additionally, the teenagers will also need to know as to what exactly the government does with the taxes, so sit with them and teach them everything that you know will be useful for them. This is of utmost importance, as you wouldn’t want them to be completely lost in the future when it comes to taxes.