Time to Cut the Cord: Make Your Kid File His Own Tax Return
Faced with hefty student loans and the harsh realization that unemployment isn’t just for philosophy majors anymore, 85% of recent college graduates are returning home to shack up with mom and dad.
As a parent, you’re left with the unenviable task of trying to balance society’s expectation that you won’t change your locks with your desire to teach your children to fend for themselves and become responsible adults.
To that end, might I recommend you start helping your kid spread his wings by making him or her file their own tax return. The Wall Street Journal has published a helpful article detailing the finer points of filing your first return that is essentially idiot proof, which is a good thing since Junior matriculated at Bellevue University.
From the article:
You’ll need documentation of your income and anything that qualifies for a deduction, which reduces your taxable income, or a credit, which reduces your tax burden. These documents, typically sent via mail, are often missed by young filers used to doing everything electronically, says Elaine Smith, a master tax adviser at H&R Block
As an aside, I am absolutely changing the title on my business cards to read “Master Tax Adviser.” This has got to be the most self-aggrandizing designation since the one made popular by Wile E. Coyote:
