If you’re like most parents, the day your teenager landed a job you thought, “It’s about time.”
At last an end to the steady stream of green flowing out from your wallet and into the mall, movies and Steam accounts. You took pride in your child actually providing a useful service to the world like dispensing frozen yogurt and you take perhaps a little too much pleasure as they now struggle to rationalize spending their own money, which seems so much more valuable than yours.
Well, the fun doesn’t stop there parents. April is approaching and this may be the season of another first - the dependent tax return. It’s hard to imagine how a summer of folding jeans at Abercrombie could be of any note to the government, but if your child’s earnings (she can’t even drive to her own job for goodness sake!) reached a certain threshold, she is obligated to file a return.
And if your child is a budding entrepreneur - whether she sells duct tape wallets or custom websites - she’s likely obligated to file this tax season.
Handling another tax return is the last thing you want to do between January and April, but it’s also an opportunity to nudge your child one step closer to independence and responsibility. After all, don’t you want her to become a fiscally responsible adult who can afford to buy you a nice retirement condo?
Use this infographic below to help you determine if your child needs to file a tax return this year.
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