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INSTRUCTIONSSources of Income Sources of Income for ChildrenSources of Child IncomeSources of Income for Adults Example(s) Earnings from work A child has a regular full or part-time job where they
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Teach your kids the value of money and the importance of saving.
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Teach your kids how to keep track of their earnings and expenses.
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Discuss with your kids the different options for using their money, such as saving, spending, and donating.
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Help your kids understand the concept of taxes and the importance of setting aside a portion of their earnings for taxes.
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When kids make money, it is important to consider the potential tax implications.
Parents or guardians are typically required to file taxes on behalf of their children if they have earned income.
Parents can include their child's income on their own tax return using the appropriate forms and schedules.
The purpose is to ensure that children's income is reported accurately and taxed accordingly.
Income earned by children, sources of income, and any deductions or credits that may apply.
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