Tax Teaching Tips - Kumon

Tax Teaching Tips

April 11, 2011 ~

As spring arrives, it brings flowers, the sounds of birds chirping, warm days and more sunshine and along with all the niceties, the tax man cometh. We have identified some ways mom can reduce the stress of tax day while teaching children lessons they can carry with them into the future.
•    Know Your Tax Credits Millions of dollars are lost each year by citizens simply because no one has told them about the credits or deductions they are allowed to receive. Kiplinger reveals a list of 19 commonly overlooked deductions that could save your family hundreds of dollars this year.
•    Discuss Taxes With Children Talk to your children about how taxes affect their lives. Share with them the many organizations that taxes help fund, like public schools and Social Security.  Children who grow up understanding how taxes benefit lives will grow to respect and grasp their importance in our society.
•    Introduce Easy Tax Examples One of the easiest ways to show how taxes affect your family budget is to take your child shopping. Try purchasing a single item at list price and show your little one how the price has increased since walking down the aisle and towards the checkout stand. Show them firsthand that many things we buy are affected by taxation, and that a $1 candy bar will end up costing more because of sales tax on items.
Being knowledgeable about taxes and teaching your children early in life about the important role they play in our day-to-day lives will prove to be time well-spent, and perhaps money well-saved.