What Your CPA Wants You to Know

95. Tax Filing Requirements for Your Dependents: When Children Need to File Returns


Listen Later

Send us a text

We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments.

• Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund
• Parents can still claim college students as dependents if providing over half their support
• 1099-NEC income has a much lower threshold - children must file if they earned over $400
• Self-employment taxes (15.3%) apply to 1099 income even when income tax doesn't
• Always track and deduct business expenses to reduce taxable profit on 1099 income
• Common deductions for teen workers include certification costs, mileage, and equipment

If you found this episode helpful, we would really appreciate if you would share it with somebody that you know.


Create a STAN Store - Click here to try it out!

Here's where you can find us! Follow along on Instagram for lots of free content for business owners daily!



Shop our business guides!

Our Instagram Page

Our family page

...more
View all episodesView all episodes
Download on the App Store

What Your CPA Wants You to KnowBy Carson Sands, CPA & Teran Sands, MBA.

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

58 ratings


More shows like What Your CPA Wants You to Know

View all
Money Guy Show by Brian Preston and Bo Hanson

Money Guy Show

3,170 Listeners

Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Your Money, Your Wealth

778 Listeners

The Stacking Benjamins Show by StackingBenjamins.com | Cumulus Podcast Network

The Stacking Benjamins Show

1,981 Listeners

Main Street Business by Mark J Kohler and Mat Sorensen

Main Street Business

588 Listeners

ChooseFI by ChooseFI

ChooseFI

5,088 Listeners

White Coat Investor Podcast by Dr. Jim Dahle of the White Coat Investor

White Coat Investor Podcast

2,433 Listeners

Talking Tax by Bloomberg Tax

Talking Tax

110 Listeners

Tax Notes Talk by Tax Notes

Tax Notes Talk

91 Listeners

The Accounting Podcast by Blake Oliver & David Leary

The Accounting Podcast

339 Listeners

Small Business Tax Savings Podcast by Mike Jesowshek, CPA

Small Business Tax Savings Podcast

247 Listeners

The Rachel Cruze Show by Ramsey Network

The Rachel Cruze Show

3,745 Listeners

The Personal Finance Podcast by Andrew Giancola

The Personal Finance Podcast

1,360 Listeners

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance) by Ari Taublieb, CFP®, MBA

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

36 Listeners

The Money with Katie Show by Morning Brew

The Money with Katie Show

1,488 Listeners

Rich Habits Podcast by Austin Hankwitz and Robert Croak

Rich Habits Podcast

404 Listeners