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That kids have to do taxes at at all is an abomination.And there are plenty of adults who are less qualified doing their own taxes than their kids.
Ever since my kids were young, we've had what we call 'The Dad Tax'. Whenever they get Halloween or Easter candy, I get to take whatever percent I want.My kids hate it.I figure I'm teaching them an important life lesson. Plus I get candy!
Children would be wise to set up Roth IRA or regular IRA with earnings if possible. It keeps colleges from using their savings to determine need and they will not get full SS as my generation will steal it from them
There's no way in Hades I'm having my kid report $400 in babysitting income.
The example at the link is really mundane and hardly complex. Two tax returns claimed the same person as a dependent. IRS balked. Well, duh.I was hoping for something like the kids-tax-version of Nick Leeson's destruction of Barings Bank.Next up: "Don't Let Your Kids Bid on Futures Contracts"
My kid couldn't spell "snow shovel" if you spotted him the snow and the sho. "Never heard of it," he say, in a Donald Sutherland sort of way.
one client whose college-aged son filed his own return on his own last year, incorrectly claiming himself as a dependent. So when she filed the parents’ return, including him as a dependent, it got bounced back.I think the writer is trying to say the son shouldn't have claimed a personal exemption on his taxes if his parents claimed him as a dependent on their taxes.
My brothers and I made so much money mowing lawns in our teen years, our parents made us limit the number of lawns because they didn't think it was healthy for us to have so much spend money.I'm always amazed at the inventive ways kids try to start businesses. There was a little girl, probably 8 or 9, in our neighborhood who started selling custom birthday cakes to finance her gymnastics lessons. Poor dear. Her first 1040 will drain the motivation right out of her. Our government seems to have a vested interest in turning everyone into lazy sloths.
Stopped reading at "her."
@asdf: I hate that nonsense, too. It's a step above "s/he" or "shim" as a gender-neutral pronoun. Bring back the singular "they" if it means ditching that convoluted bullshit.w/v: sahala. Five dolla make ya sahala.
Doesn't the "Dependent" deduction get phased out or lost in AMT? If so, let the kid have it.
Its good for kids to pay taxes.... so they what its like before withholding takes away the pain.I wonder if Liberals (including RINOs) would be worried about kids being taught the evils of going into debt. After all, if today's kids are imbued with a cultural aversion to debt, the kids might all become tea partiers. It's just a matter of time before they kick Suze Orman off the air.
My dad and I always discussed who was claiming who when I was in school, living away. It was always the better plan for him to claim me over not, but then he'd give me the refund I would have gotten. Usually in the form of paying my vehicle registration. Good man.
$400 in babysitting money is about 40 hours of work in my neighborhood. If a kid has to report his earnings and pay taxes, then whoever employed him should get to deduct the wages from his taxes as a household expense.
What kid is going to report babysitting money? Feh. I did have some friends who were irritated that their parents would claim them in college when they weren't providing financial support...
"Don’t Let Your Kids Do Their Own Taxes."I say don't let your kids do their taxes ... period.Don't let your kids work now. that only results in government revenue that is being spent to oppress Americans and to socialize our country.I've given my daughter 4 paid years off. She is not producing any income at my request because I am not going to fund this corrupt government.And if your kid does earn up to $400 in babysitting income, I say don't even bother reporting it.Let the government go broke chasing this sort of money while billionaire "Friends of Obama" pay next to nothing on their capital gains even though he campaigned on raising their CAPGAIN tax.Don't teach your children to be good little fucking sheep.Teach them to protest.Not generating income is the most effective form of protest there is.And if you do have income, file a tax return, but never voluntarily pay the tax due.Make it less profitable for them. Make them come get it (even if it costs you more!)
"$400 in babysitting money ..."It is a fucking joke that Barack Obama thinks he deserves a cut of that hard-earned money.No fucking Democrat is going to steal my kids babysitting money to pay out to their fucking union thug co-conspirators who are getting waivers from ObamaCare on my kids back.Fuck that shit.No way is she paying for that.What you should teach your kid is that they don't have to agree to fund corrupt governments.
@Shirley: I had the same plan going on. The first year that I was in that quasi-independent state of college, I claimed independence while my parents claimed dependency. Their refund for claiming me as a dependent was several times larger than my return would have been, so I let them have it and they gave me what I would have gotten.Like I said, there's every incentive in this country to never grow up. As the article Ann linked to said, "there are consequences to making money."
PPACA and the ability to put kids up to 26 on your health insurance further complicates things.
My son is in working his way through college. He called me earlier this week to see if I had downloaded Turbotax so he could have me do his taxes for him. I explained that I would not be downloading it until I needed it and that thanks to the democrats farting around on the Bush tax cut extension, the earliest I would be downloading it would be February 14th. He then asked exactly what he would be getting back - Fed WH, FICA or what? I then informed him that "no, FICA is not going to be refunded to you, the government is taking it from you to pay others and you will never see any of it and the fund is broke." He said "WTF?" I said yep, that's what Obama calls his awesome new economic plan that's doesn't even address this problem, ain't it great? Poor thing - he had such high hopes for funding a quick spring break trip with his tax refund. Live and learn.
Christ, even more reason to simplify the tax code. Get off your ass Congress and start working on that.
Babysitting conversation in our Brave New World:Parent: Hi, we would like for you to babysit for our children on Saturday from 6pm to 11pm, it is our anniversary and I'm taking my wife out to celebrate.Sitter: Great I would love to babysit, I charge $8.00 an hour. Parent: Wonderful. You are a great babysitter and we have always been happy with you and the kids love it when you babysit.Sitter: Great. That would be cash payment of course and no 1099 for the year.Parents: Oh well, we do plan to pay with a check and send you a 1099 for the year for our tax purposes. You do need to give us your tax ID.Sitter: In that case, I charge $16.00 and hour and want to see a copy of your liability insurance, just in case one of your brats throws something at me and I sustain an injury. I certainly hope you are paying my Social Security, FICA and Medicare as well, it would be a real shame to have to report you.Parents:................Sitter: Enjoy your anniversary.
Call for Boycott of Limbaugh for racist mocking of Chinese PresidentThis is the end of Limbaugh!
The difference in tax rules between state and federal is yet another good reason to move to a state without an income tax. We will welcome you in Texas, making some fun because you're a Yankee, but still welcome you!
Alex, another false color complaintLiberals are the only people fixated on his anus. Do all ani excite the typical lib?WV: bulleWe all shout bulle at anus fixated
This sounds like an excellent opportunity to teach your children about the black market and working under the table.
Another thing to look out for is that a kid lives in another house, is over the age of 19 and not a student, or pays his own way in most respects, he's not a dependent as far as the IRS is concerned, but is a dependent as far as health insurance is concerned.
"Sitter: Enjoy your anniversary."This ... this is why I want to marry you.
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