Smart Money Parenting Everything Parents Need to Know About Taxes
Mar 21, 2023
28:46
What lessons should you teach your kids about taxes? In today's episode, hosts Chad Willardson and Scott Donnell discuss everything parents need to know about taxes and the hands-on strategies they can use to teach their kids about taxes. They cover when to start teaching kids about taxes, how to pay less taxes legally, and a brilliant way business owner parents can save on taxes.
- Scott starts the conversation by highlighting why we must teach our kids about taxes and tax codes.
- According to Chad, most people are clueless about taxes, so automatically, their kids struggle with taxes too.
- Chad shares an interesting story of an NBA player who couldn't believe that 50% of his earnings would go to the IRS.
- Scott and Chad agree that paying taxes is important because it keeps the country running.
- Chad explains what parents need to know about taxes before teaching it to their kids.
- Scott shares the history of taxes from the days of the Revolutionary War to where we are today.
- Chad believes an ideal step to teaching a child about taxes is making them understand that they have a say in how their taxes get spent.
- Chad talks about the benefits of showing your kids how to pay fewer taxes legally.
- For Scott, kids should not leave the house for college or work before understanding basic principles in the tax code - the earlier you start the better.
- Scott goes through a great game in GravyStack that shows kids ways to avoid the potential tax pitfalls that most people face once they start earning money.
- Chad shares a brilliant way business owners can save on taxes - employ your kids.
- Chad explains why you should never celebrate tax refunds and how you can work to eliminate them forever.
- Scott reveals an ingenious way your teenage kids can earn extra money during tax season.
- Scott shares a shocking static - 80% of all the money in circulation was printed in the last 2 ½ years.
- Chad and Scott agree that when the government is printing and spending money, you should be investing.
Mentioned in This Episode:
Scott Donnell on LinkedIn - https://www.linkedin.com/in/donnell-scott/
Chad Willardson on LinkedIn - https://www.linkedin.com/in/chadwillardson
Scott Donnell on Instagram - @imscottdonnell
Chad Willardson on Instagram - @chad.willardson
Scott Donnell on TikTok - @imscottdonnell