Why Teenagers Can Hurt Your Tax Return!

Yes, They want to grow up too fast and think they know it all!

Without fail, teenagers make my life complicated every year for tax preparation. Although, part of the blame goes to a the tax prep chain stores that begin with an H or an L!

When children get to be about 17, 18, and 19, they end up working part-time and their employers do not educate them on how to properly withhold federal taxes. Therefore, they end up getting a couple of hundred dollars withheld. So, like any young person, they want their money back, “like” right away!

So, off they run to H & L Clock or other places like that to get their money back. Most people there don’t care to ask if their parents can still claim them and they end up filing their return claiming themselves!

When I go to do their parent’s return, I find that out really quickly when their return gets kicked back by the IRS. Left without fixing, it can cost their parents anywhere from $300 to $900 depending on the rates.

99% of the time, the teen gets 100% of their money back anyway. It’s just haste on the part of the teenager and stupidity on the part of the tax person.

So, if you have teenagers that worked part-time and cannot wait. Tell them to make sure the preparer checks off the box that they CAN be claimed by their parents! Saves lots of troubles!

 

Cheers

Steven Spangenberg

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