Podcast: Smart Money Parenting (LS 40 · TOP 1.5% what is this?)
Episode: Everything Parents Need to Know About Taxes
Pub date: 2023-03-21

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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

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