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Taxes and Receipts

Category: Activities: Home | Age Group: 18+ (Transition years)

TOPIC:

The Importance of Keeping Receipts and Knowing How to Complete an Income Tax Return

RESOURCES NEEDED:

Copy of personal income tax form, materials to complete receipts folders

LEARNING OPPORTUNITY:

When your son or daughter (18 years of age or older) moves out to live on their own they need to know the importance of keeping accurate records including files for receipts and accurate income tax returns.

THE ACTIVITY:
  • Obtain a copy of the personal income tax form which your son or daughter will have to complete.
  • Find some time to sit down with them and review the form so that they will have a clear understanding of the information they will need to complete the form accurately when the time comes.
  • From this discussion should emerge the idea of the necessity of keeping accurate records, including pay stubs, bills and receipts.
  • With this understanding established and using the materials gathered for the purpose, help them create the file folders necessary for all the important pieces of information which they should maintain.
FOLLOW-UP IDEAS:
  • If you have not already done so, help them to develop a basic preliminary budget which they can use as they begin their independent living.
  • Review with them various money saving strategies which will help them “stretch their dollars.”
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