Does a Teenager Owe Taxes?
I’m a CPA and I can give you the answer.
I know you have questions and I’m here to help you answer them. I’m Carol Topp, CPA a certified public account, tax preparer and mother of two teenage daughters. I have a lot of tax clients who are parents of teenagers and they find taxes confusing. They don’t have time to read about taxes for teenagers. The IRS doesn’t gather all the information about teenagers in one place. It’s scattered all over the IRS website and regulations. As I helped my tax clients, I saw that they needed an easy-to-understand guide. From raising my own two daughters and from my tax preparation experience, I knew I could help parents with their tax questions.
Cut through the confusion. Avoid tax mistakes.
Learn about the taxes that affects teenagers in an easy to understand way.
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Table of Contents
Chapter 1: Why Are Taxes So Confusing?
- Types of Income a Teenager Can Earn
- Should a Tax Return be Filed if not Required?
- Earned Income
- Unearned Income
- Self Employed Income
- Household Employee
- Both Earned and Unearned income
Chapter 3: Taxes for Employees
- Tax Return for a Teenage Employee
- Stop Federal Income Tax Withholding
- Dependency Tests: When is my Teenager my Dependent?
- Children of Divorced Parents
Chapter 4: Independent Contractor: Fancy Title for a Job
- Independent Contractor Status
- Taxes for Independent Contractors
- Federal Income Tax for Independent Contractors
- Example of a Teenage Independent Contractor
- Self Employment Tax
- Some Employers Misclassify Teenage Workers
- How to Correct Misclassification
Chapter 5: A Business Owner: Living the American Dream
- Micro Businesses Great for Teenagers
- Taxes for Business Owners
- Legitimate and Legal Tax Deductions
- Don’t forget Self Employment Tax
Chapter 6: Household Employee: The New Title for Babysitter
- Background on Household Employee Status
- Teenage Household Employee Status
- Cut Self-employment Tax
- The Tax Forms for Household Employees
- Example of Teenager with Household Employee Income
Chapter 7: Watch Out for the Kiddie Tax
- History and changes to kiddie tax
- Unearned Income Limits
- Get Help with Kiddie Tax
- Learn More About the Kiddie Tax
Chapter 8: Frequently Asked Questions
- Questions from Teenagers
- Questions from Parents
You need my Teens and Taxes ebook if
- Your teenager makes money by running a business
- Your teenager gets a Form 1099MISC in the mail
- Your teenager has income tax withheld from working as an employee
- You saved and invested money for their college expenses and it is earning interest or dividends
- Your child’s college fund has increased and you sell some of the stock, bonds or mutual funds in the account
- You are unsure if your teenager’s income should be reported on your tax return
- You hate reading confusing documents at the IRS website
- You accountant tries to explain taxes, but you leave more confused than ever!
What would you expect to pay for an hour of time with a CPA explaining teens and taxes to you? $50, $100, $150?
What would you pay if you did your teenager’s tax return incorrectly? Consider the IRS fines and penalties. $50, $500, $1,000?
What about your time as you try to sift through confusing IRS forms and publications? I know they are confusing, I’ve read them and I can tell you that the IRS information on teens and taxes is not all gathered into one neat place. It’s spread all over the IRS website and the tax code.
With my Teens and Taxes, you will save time, money and most of all frustration. You will avoid mistakes and IRS penalties.
This ebook is 40 pages filled with examples, tips, clear understandable language to explain when and if your teenager owes taxes. I even show you how to fill in the tax forms correctly.
I can’t take the time to talk to you all personally about your teenager and their tax situation, but I can offer you my Teens and Taxes ebook for the price of only $3.00.
How this will work?
Click on Pdf version and you’ll be taken to my shopping cart program. It looks like this:
1. You enter your credit card number, email and name.
2. You will be directed to another website page, my download page. On that page you will be able to download your ebook immediately by clicking a link. The ebook will open as a pdf file. You will need Adobe Reader to view and print it. Get Adobe Reader for free here.
3. Save the files onto your computer (maybe you could create a folder called Teens and Taxes), you will want to refer back to them, especially if you have younger children who will be teenagers one day!
4. You can read the ebook on your computer screen or print it out.
If you prefer the Kindle/Nook/ereader versions, you’ll be taken to my Smashwords page and make your purchase there.
P.S. My ebook, Teens and Taxes, will help you know if your teenager owes taxes or even needs to prepare a tax return. Don’t be surprised by a letter from the IRS because you made a mistake on your teenager’s tax return. Download my ebook today.
Carol Topp, CPA