For Parents: How to Teach your Kids about Taxation

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Taxation is a difficult subject to tackle, but if you’re teaching your children about responsibility, you may include this as well. Here’s how you can start teaching your kids about taxes.

How to Teach your Kids about Taxation
How to Teach your Kids about Taxation

In teaching them a lesson on taxes, you may consider their ages.  The younger the age, the simpler the explanation must be.  You can start explaining what is tax and why should we pay for them.  As they become older, explain further where these taxes go and the different types of taxed.  Teaching your children the importance of taxes will make them responsible citizens of your country.

 

You can give your kids a taste of the real world by letting them pay through certain taxes at home.  Try role playing the part of the government and let them pay a small portion of their allowance for taxes.  Explain to them why you are doing it.  This is to show them that when you are receiving your salary, a small part of it will go to the government for the benefits of many people.  As your children pay their taxes, tell them that it will be used to pay utilities and buy commodities that will benefit the whole family.

 

When your children become old enough to get a job, they can file their real taxes.  Teach them how they can fill up their W2 and teach them the basics in computing your taxes.  They must know when and how to file.

 

You can give your kids practical lessons on taxes as you apply them in your daily life.  While walking along the street, point out to your kids, community facilities, roads, and people who benefits from government taxes.  Tell your children, if they are yet too small to understand complicated lessons on taxation that these are where your taxes grow.

 

As an alternative to your “home taxes” going to utilities, you can put up a “tax jar” instead where you can save all the money they paid for their taxes instead of spending it.  Let your children decide where to spend their tax money after a certain period.  This will serve as to motivate then into paying their taxes instead of evading.  Knowing they can have its return in the future is one way of encouraging them to be responsible citizen.  But most of all, be sure that you are paying your own taxes as well.  Teaching your kids the concept of paying taxes is not worth it if you yourselves as not meeting your tax obligations.

How to Teach your Kids about Taxation
How to Teach your Kids about Taxation

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