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Posts Tagged "Kids and Money"

Teaching Children about Finances and Self Reliance

Doesn’t the early bird catch the worm? So, starting early, as early as Kindergarten helps in shaping good financial habits in the long run. When they start identifying, pennies, nickels and dimes in school, it’s a good time to help them learn their penny’s worth. This week we will discuss about how to teach our children good financial habits. Only…read more →

Child and Dependent Care Tax Credits This Summer

Holding those little ones in your arms and slowly guiding them through the path of life, is surely one of the most joyous and fulfilling experience of a lifetime. But there is no denying that it can be hard on your pocketbook. Catherine, a mother of two children aged 7 and 10, experiences this dichotomy between pleasure of child rearing…read more →

High School Students, College Students, Graduates and Taxes

The summer internship with a financial institution of his choice has given wings to Jacob’s aspirations. He feels as if his career graph is on the runway to success, all set to take off just the way he wanted it to be. Many students like Jacob, take a job in the summer after school lets out. If it’s your first…read more →

Children Employed by Parents who own a Business

While rolling out a roadmap for their future professional growth, employing children in your own business also works to your advantage from the tax perspective. As a self-employed business owner (sole proprietorship), paying wages to a child can be an effective way to shift income from the taxpayer who owns the business to the child, who usually is in a…read more →

Tax Benefits of Adoption

When you take care of someone, you are also taken care of! It’s like Karma. You do good, you get back good in return. Ben and Stephanie had adopted a baby girl because they felt their family wasn’t complete otherwise. This act of adopting children is not only a good and kind deed where another human being is benefiting from…read more →

Teaching Children about Finances and Self Reliance

Doesn’t the early bird catch the worm? So, starting early, as early as Kindergarten helps in shaping good financial habits in the long run. When they start identifying, pennies, nickels and dimes in school, it’s a good time to help them learn their penny’s worth. This week we will discuss about how to teach our children good financial habits. Only…read more →

Children Employed by Parents who own a business

As a self-employed business owner (sole proprietorship), paying wages to a child can be an effective way to shift income from the taxpayer who owns the business to the child, who usually is in a lower income bracket. It may be possible to escape taxes completely on wages paid to the child. The child can contribute to a retirement plan…read more →

Tax Benefits of Adoption

This week we discuss some of the tax benefits of taking advantage of the adoption credit opportunity.  Not only is it good to be able to help another human being and better their lives, but you actually get assistance from Uncle Sam for adopting children.   This tax credit is taken in the year the child is actually awarded to…read more →

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