Tax issues can affect kids, too

Description

Abstract: Taxes can affect minors as well as adults. This article suggests that parents should familiarize themselves with the tax implications of the “kiddie tax,” hiring their children, and setting up IRAs for working teens. The article discusses the ins and outs of the kiddie tax and offers some tax guidelines for parents who hire their own children. In addition, it notes that tax issues surrounding children can be tricky — so good financial advice is key.