Introduction to Filing Taxes for Kids and Teens
This video explains the concept of filing taxes in a simple, concise way for kids and beginners. It could be used by kids & teens to learn how to file tax returns, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.
Suitable for students from grade levels:
- Elementary School
- Middle School
- High School
The topics covered are:
- Informing the government about your income using an income tax return
- How do you receive a refund from the government
- Filing Taxes: How to file an income tax return
- Deadline to file income tax return
- Who needs to file tax returns
- Income Tax and Internal Revenue Service (IRS)
- Preparing and filing an income tax return – Additional help
Howdy Wall St. Willy! Some time ago we talked about income tax and you said that income tax is paid based on the amount of money that you earn.
But…
How does the government know how much I have earned and how much income tax I need to pay?
The government knows that because you need to file an income tax return every year.
What is an income tax return?
An income tax return is the name given to various forms that you can use to inform the government about your income and taxes. The most common is Form 1040.
What information is captured on the income tax return (tax forms)?
Some of the information that’s captured on the income tax return is the income that you’ve earned, any investments that you’ve made like your 401K or IRA, any donations you’ve made and other things like that.
It also contains information on the tax that you need to pay calculated based on this information.
Also, the amount of tax you’ve already paid through payroll withholding etc., is covered and any remaining tax you have to pay or the refund that you’d receive from the government if you’ve paid more than you need to.
How do I receive a refund from the government?
You can choose to get the refund check in the mail or you can get the refund money deposited directly to your bank account.
Filing Taxes: How to file an income tax return
Well, how do you file an income tax return?
You can fill out the income tax return yourself, use commercially available software, get help from tax filing services or through a CPA.
A tax return is usually filed electronically online.
Well, is there a deadline for filing the income tax return?
The deadline is usually April 15th of every year.
For e.g., the income tax return for 2018 needs to be filed by April 15th 2019.
Who needs to file a tax return?
Does everyone need to file an income tax return?
If your income is less than a certain amount, you don’t have to file an income tax return.
This amount changes depending on factors like your age and filing status.
Filing Taxes and Internal Revenue Service (IRS)
Well, is there a specific department within the government that deals with income tax?
Yes, the department within the government that deals with income tax is the Internal Revenue Service or the IRS as it is more commonly referred to.
Well, what if I need help with preparing and filing an income tax return?
Companies that provide income tax return filing services also help with questions related to your returns.
The IRS also has a 24/7 toll free number to help answer your questions. This number is 1-800-829-1040.
Thank you very much for telling me about an income tax return, Wall St. Willy.
You are welcome, Sooper Cooper. Remember, Finance is Your Friend!
Video Featured in the Below Financial Literacy Course for Kids & Teens
Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens
Podcast: What is Filing an Income Tax Return?
Fun, informative and concise episodes by a 10-year old, breaking down complex financial concepts in a way that kids and beginners can understand. Episodes cover personal finance topics like saving, investing, banking, credit cards, insurance, real estate, mortgage, retirement planning, 401k, stocks, bonds, income tax, and more, and are in the form of a conversation between a cowboy (a finance novice) and his friend, a stock broker. Making finance your friend, only at Easy Peasy Finance.
A little bit about me: I have been fascinated with the world of personal finance since I was 6! I love to read personal finance books, and keep myself updated on the latest by reading various personal finance magazines. My friends often ask me questions about finance because they find it complex and intimidating. That’s what inspired me to start my YouTube channel called Easy Peasy Finance when I was 8, and this podcast 2 years later.
All you need to know about filing income tax returns: What is Filing a Tax Return, How does the government know how much you have earned and how much income tax you need to pay, What is an income tax return, What information is captured on the income tax return, How do you receive a refund, How do you file an income tax return, Is there a deadline for filing of income tax return, Does everyone need to file tax returns, Is there a specific department within the government that deals with income tax (Internal Revenue Service or IRS), What if you need help with preparing and filing your income tax return, and more.
Show notes and transcript at: https://easypeasyfinance.com/what-is-filing-an-income-tax-return/
