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Teachable Tax Tips

Teachable Tax Tips

: Richard West Law Office

tax tipsFor most families, money  management is not a top priority for teachable moments for kids. In reality, all finance related matters should be part of our teachable moments as parents. Everything from saving for a toy to filing the annual tax return should be a family matter that everyone participates. Obviously, some of the technicalities of tax filing will be lost on a young child, but the overall lesson is still valuable.

Focus on Finance

One of the best legacies we can leave our children is smart money management skills. When it comes to taxes, children can begin to learn how important they are from a young age. Further, children should be taught to realize that taxes aren’t just something to be regarded once per year, but that the entire process is happening all year long. From early on kids can be taught to save money, not only for desired purchases, but in the event they have to make a large tax payment at the end of  year. Tax debt can surprise the best of us, be sure to prepare your kids for such an event.

For families who receive and depend on a yearly tax refund, this is an opportune time to show kids how to put “bonus” money to good use. Instead of funding a vacation with your tax refund or buying a new family car, put the tax refund towards a financial goal. Use the tax refund to boost your savings or put a portion into a savings account for your kids. Look for good ways to invest the money, not just spend it on a frivolous items.