Is that the extent of the “discussion” you have with your kids about taxes each year?
You’re not alone. Most of us send exclusively negative tax messages to our kids with our subtle or not-so-subtle demeanor throughout the filing season. At minimum, kids in a typical family might overhear an expletive or two (or ten!) reverberating throughout the house in the days leading up to the universally despised April 15th deadline.
Expletives aside, have you ever taken the time to really explain what taxes are all about? Can you blame your kid for thinking that taxes are just some vague evil thing that make mom and dad grumpy? We’re doing our kids a disservice when we keep them in the dark about the what and why of taxes and how to handle them. Need more convincing? Check out Neale Godfrey’s thoughtful piece in Forbes: Life Is Taxing... Teaching Your Kids Real Financial Facts.
Here are a few ideas for shedding some light on taxes for your kids: