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Tax benefits for newspaper carriers
Did you know that teenage newspaper carriers have special status with the IRS? Yes, they get a 15.3% tax break! Newspaper carriers under age 18 do not have to pay self-employment tax. Self-employment...
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Paperboy turns 18. More taxes to pay!
Carol, My son is a newspaper carrier who turned 18 in September. Does he now have to pay social security tax and federal on the whole years earnings or on the amount earned after he turned 18? Anne...
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If a teenager starts a business, when does he owe taxes?
I want to start my own small business selling crafts. What do I need to report? Congratulations on living the American dream of being your own boss! You are considered self-employed and will pay two...
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Radio interview: Teens and Taxes
I had a great interview with David Holland a fellow-CPA and host of Real Money Radio Listen here We talked about: Micro Business for Teens Does your teen need to file a tax return? (probably) Should a...
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Receive a 1099MISC? How the IRS will tax you.
My 19 year old son received a 1099 misc income and Box 7 is filled (non employee compensation $1649.28) and taxes were not withheld. Can I file this on my income tax since I still claim my son? He is...
View ArticleVideo: Teenage Taxation Without Representation
Here’s a short video produced by three teenagers on Teenage Taxation Without Representation http://vimeo.com/user24314218/teenagetaxation Teenage Taxation Without Representation (C-SPAN Student Cam...
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Taxes for teenagers radio interview
Back in 2013, I did interview with David Holland a fellow-CPA and host of Real Money Radio Listen here We talked about: Micro Business for Teens Does your teen need to file a tax return? (probably)...
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Podcast: Teens and Taxes
I have a twice monthly podcast called Dollars and Sense. On my most recent podcast I discuss teenagers and taxes. Listen here I explain: that a teenager can earn a lot of money and still be a...
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Grass mowing and Form 1099MISC
Last summer (2015) my 15 year old son mowed the church yard. He received a 1099-misc for $1800 last week. Does he need to file a tax return? I claim him on my taxes of course and no deductions were...
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Teen jobs and tax issues
I was interviewed by Kay Bell of Bankrate.com for her article “Teen jobs and tax issues” Kay did a great job explaining taxes for teenagers. Teen jobs and tax issues By Kay Bell • Bankrate.com...
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