Everything Parents Need to Know About Taxes

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: gravystack.com/smart smartmoneyparenting.com 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