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A summer garage sale is a tried and tested way to earn a little cash while eliminating things you no longer need. But it’s also the perfect opportunity for parents to teach their children a few life lessons. Making your garage sale a family project can teach kids about organization, money management, and the pride of a hard day’s work. The lessons start immediately as your family determines what they no longer need. Younger children, in particular, often struggle to part with their possessions. A garage sale is an opportunity to discuss what they use, what they don’t, and why we can’t keep every object we own forever. This process will teach kids organization as they create their “keep,” “sell,” and “toss” piles. On the big day, your children can also play a significant role in organizing and displaying your merchandise. Kids can help determine which items should share a table and what should be front and center to catch buyers’ eyes. Math and money management also play a pivotal role in any successful garage sale. First, you must determine what the items you’re selling are worth. While letting your kids set prices is probably unwise, you can help them understand market value and what people will pay for used merchandise. Your children can take a more active role in the sale itself. Depending on their ages, they can gain valuable experience making change for customers or negotiating a deal on the items for sale. The best part of using your garage sale as a learning opportunity is that your children can personally experience the value of hard work. They’ll watch their old possessions disappear and the cash trickle in. More than anything, they’ll probably love adding up the day’s takings. Whether or not you give your kids a cut of the earnings is up to you. But even if they don’t end up with fatter pockets, your children will walk away from the family garage sale with lessons that will last longer than any extra cash could. WHAT YOUR SUMMER GARAGE SALE CAN TEACH YOUR KIDS
Every day, a new strong-willed individual sets foot into the world of entrepreneurship. Now more than ever, people see the benefits of a simplified business environment or a side hustle. However, this move can create unexpected tax bills. While all taxpayers file the same income tax forms, tax obligations for entrepreneurs may look different for multiple reasons, some of which you can avoid and others you can’t. One of the most significant changes when you start up your business is self-employment tax, which takes the place of the FICA taxes that are withheld from employee paychecks. These are mandatory contributions to Social Security and Medicare. You only need to pay the employee’s responsibility when you’re an employee. However, if you are self-employed, you end up paying for both the employee and employer portions, doubling the amount owed. Most American workers count on their employer to withhold money from each paycheck to pay their tax obligation over time. When you’re self-employed, this service doesn’t exist, which may leave a large, unpaid tax bill come April’s tax filing deadline. BE PREPARED FOR Don’t Get Caught Off Guard
Depending on your business structure, your income may be taxed differently. For example, a sole proprietor will typically be taxed on all their profits, even
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