I’ve gotten a few emails recently from parents that were wondering if their kids needed to file an income tax form for the money they earned last year “entrepreneur-ing”. The answer varies, of course, with how much profit they made from their business. Hopefully, you kept good records and all your receipts, because often it can make all the difference whether or not you will need to pay taxes on the amount earned.
A really good article that offers detailed information on kids and taxes can be read at Kids-in-biz.com. You’ll want to bookmark this site, because I know you will love all the great information for your young entrepreneur!
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