March 27, 2009

Teens & Taxes

Posted to Marcy Hammett

I have been doing my own taxes since I was 16 years old*. My father was an attorney & could have prepared them for my brother and me but no, he insisted we do them ourselves. It was a great learning experience. It was simple in the early years, starting with the 1040 EZ Form & gradually becoming more complicated as I became self-employed as a realtor. Does anyone remember the big, thick yellow J. K. Lasser Income Tax Guide? That's what I used, reading the directions line by line, until Turbo Tax came into my life in 2001. What a wonderful thing it was. First you are interviewed to get your basic information, then it leads you step by step through the process.

I am not recommending you give up your accountant, it IS time consuming & I question myself every year (who enjoys doing their taxes). What I do suggest is having your children try Turbo Tax On-Line (or any other good program); in fact I think there is a FREE version available. They could do it by hand with a pencil & a calculator but I doubt that would be as appealing to this generation. It will introduce them to the basics of paying taxes & if they continue on their own until life gets more complicated, they will have a framework for "what the heck their accountant is talking about" as an adult. Did I do my daughters taxes last year? I am ashamed to say yes. Do as I say not as I do!

*excluding the few years I was married

Posted By: Marcy Hammett

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