Another Halloween has come and gone! As I sit here pondering the day's events including the wonderful candy, chili, and a few good pranks, I do feel sorry for the parents of the kids that have been overstuffed with candy, candy, and more candy!
However, I have to giggle as I think about the evening and the difficulty they must have in getting the kids to eat in moderation or deal with the consequences later of an unsupervised binge on the sweet foods that their neighbors throw into the youngster's pillow case.
But, then I think, "Maybe tonight is the perfect night to teach kids about taxes." They are going to be up late anyways!
I remember as a child one of my friends asked his mother, "Mom, what are taxes?" Her reply, "Just something you have to pay." Clearly, there is an education gap within many families and it is important that children, who will be voting one day, understand what taxes are and where and why our country has them.
My thought process is that the children go out and do all of the hard work and bring home candy. That is kind of like a worker going out and earning a wage. It is simple process of working and earning. The more you work then the more you earn.
If you want to take a two hour break then your earning potential will be cut down. Especially, considering there is a limited amount of candy, I mean money, available for you to get!
So, for simplicity sake, the kids come home with 100 pieces of candy. Let's say ten percent goes to the federal government (a.k.a. Mom or Dad) and another ten percent to the state government (a.k.a the other parent).
This would be a great place to explain what the federal and state government's do with the money. Some goes towards national security while other goes to support the local school districts and the local police and/or fire.
You could even throw in a special tax to help them understand the national debt and how it must be repaid by generation after generation. If this special tax is large enough, you may find a generation that demands a balanced budget as well as a debt elimination plan.
All of a sudden, you have 25% or more of their candy by sitting at home and telling them to go to work. Doesn't sound like a bad gig to me!
If your taxes have you frightened this Halloween, don't be scared and give us a call! And of course, what is Halloween without a scary movie? Here are the Top 100 Greatest Horror Movie quotes of All-time.
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.