What Your Teenager Needs to Know About Income Taxes

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When your teenager looks at their first paycheck they will probably notice that some of their money was taken out. While it’s never too early to learn about taxes, it’s especially important when your teen is working that they become familiar with the basic rules of taxes. Having conversations with your teenager and discussing taxes is not only important to understanding what they are about, but it also helps your teen build confidence. Tax professional David Stewart outlines some of the most significant things you should explain to your teenager to help them understand taxes.


If your teen works, they will have to pay taxes

When paying income tax, age is no factor. If your teenager works for a company, they will see taxes taken from their paycheck. Your teen should also know that the higher the pay, the more taxes will be taken out of their pay. Also, if your teen makes over a certain amount of money in a year, they will have to file an income tax form and pay taxes on that amount.

“Under the table” jobs are considered earned income by the government

If your teen earns an income by babysitting or mowing lawns, they will have to pay self-employment taxes if the amount is above what is set for that year.

Lots of tax forms and paperwork are involved

When it comes to taxes, there certainly is a lot of paperwork and forms involved. When your teen first gets a job they will have to fill out a W-4 and when they get paid they will receive a pay check stub. If your teenager did self-employment work such as landscaping, they will have to fill out a Schedule C form. Show them each of the forms and explain to them how to go about filing them correctly.

What does the government do with the tax money?

It’s not uncommon for a teenager to ask, “Why does the government take money from my paycheck and what do they do with it?” Taxes are the government’s source of income and are used to fund government activities and services such as military spending, law enforcement and national highway repairs. You should inform your teen of the importance of these services and how they benefit everyone.

By explaining this important tax-related information with your teen, they will have a better understanding of taxes and how taxes influence and affect them.

 

David Stewart Bowling Green KY Upcoming Events 2014

Here are some great events coming up in Bowling Green Kentucky that David Stewart wants you to know about!

Will you be attending any of these fun events in Bowling Green? Let us know!

- David Stewart Bowling Green KY

David Stewart Bowling Green Lost River Cave

In this post, David Stewart in Bowling Green, Kentucky writes about a stunning new attraction that’s been added to Bowling Green’s already impressive lineup: the Lost River Cave group kayak tours. Boat tours have long been available in Lost River, but in the past they were always aboard large tour boats. Now, tourists have the option of taking a kayak tour instead, exploring the waters of the underground system actively and getting to see everything up close.

For some readers, this left a question: how safe is it? After all, caves offer a particularly challenging environment for any kind of tour group, and kayaking is often thought of as an adventure sport. But David Stewart says that Bowling Green’s newest tour is as safe as they come.

For starters, it’s important to realize that the tour is not a white water rafting experience. The Lost River Cave has no rapids of any kind, and indeed very little current. Kayakers of all ages will find that they can paddle at a gentle pace and easily turn, back up and move around freely. There are no obstacles that present a threat to kayakers.

But the creator of the cave tour, an intern from Western Kentucky University’s recreation administration program, still wanted to emphasize safety and make the tour accessible for everyone. That’s why every kayak tour starts with a brief introduction class. Tour goers will learn how to control their kayak and move fluidly through the water. They’ll also be prepped on safety precautions and what to do if they fall out of the kayak, which is uncommon.

Ultimately, however, the tour goers benefit from the best safety net of all: shallow water. If someone does manage to tip over during the tour, they’ll find that they can simply stand up in the underground river, which is typically about waist deep. The tour guide will then help them right their kayak and get back in safely.

As with all tours, the Lost River Cave kayak tour is designed to be beginner friendly and open to people of all ages. The tour guides have found that even people with no kayaking experience at all tend to quickly learn the basics and feel comfortable on the water. They’ve already done a number of tours with families, young children and teenagers.

Exploring an underground river may not be for everyone, but if you’re in the Bowling Green area and like a little bit of adventure, David Stewart think you’ll find the Lost River Cave tour a fun—and safe—option.

David Stewart Bowling Green KY Oil Lawsuit

David Stewart Bowling Green KY Oil Lawsuit

David Stewart Bowling Green KY Oil

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Foreign Industries: Their Beneficial Impact on Bowling Green’s Economy

As if Bowling Green, Kentucky, could not be known for more than being the home of numerous manufacturers such as General Motors and for being the source of all Chevrolet Corvettes built since 1981, another large surprise comes by: it turns out that Bowling Green has some other growing investments.

These investments include foreign companies. The foreign companies coming in are spurring economic growth for Bowling Green.  David Stewart of Bowling Green Kentucky approves of these foreign companies coming in and helping to spread economic growth. Bowling Green will experience a profitable presence thanks to these foreign companies coming in.

Foreign companies who have come to the area of Bowling Green include Austria, Germany, Canada, Finland, Sweden, France, Japan, and the Netherlands. That is quite a few different foreign companies, which all can help tremendously in the economic growth of Bowling Green.

The foreign industries that Bowling Green has introduced into their community includes steel, automotive parts, plastics, and many others. There is a total of 17 foreign-owned business in Bowling Green, seven of which are Japanese, according to a report from the Kentucky Cabinet for Economic Development.

One country who has had a significant impact on Bowling Green’s economic growth is Japan. Japanese-owned corporations have provided quite a bit for the community of Bowling Green. With seven new Japanese-owned companies in the Bowling Green area, they have supplied a total capital investment of more than $250 million. In addition, Japanese-owned companies in Bowling Green have helped the community to gain more than 700 jobs, according to the Bowling Green Area Chamber of Commerce.

One positive aspect of having foreign-based companies come to the Bowling Green area means that not only will there be more jobs, but there will also be a growth of new businesses and establishments can crop up. Establishments such as restaurants or schools often appear around where a very large and certainly successful company is located.

Luckily, foreign companies in the area are growing. A $150 million venture is the largest capital investment in the state

Foreign investment in the area is growing. The chamber recently announced the location of the Constellium-UACJ – based in Europe and Japan – Body-In-White Plant in the Kentucky Transpark, which has been a complete success. The $150 million venture is the largest capital investment in the state.

David Stewart, a petroleum and oil expert who lives in Bowling Green, certainly approves of the economic growth that the foreign companies are producing for the Bowling Green area. Hopefully new schools, establishments, and restaurants will be seen on the rise as well.

David Stewart Bowling Green on Oil, Fracking and Energy Predictions

The last decade has seen a huge resurgence in the US oil and energy economy, and a major part of that resurgence is due to fracking. While previous oil extraction methods left the US with dwindling reserves and high energy costs, fracking has allowed oil prospectors to return to previously exhausted wells and see a whole new yield of usable crude. Likewise, advances in extraction have us tapping reserves that are deeper or farther offshore than before. But not everyone expects the boom to last.

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Oil expert David Stewart of Bowling Green KY begs to differ.Some experts, including US energy officials, have said that fracking has created only a temporary bump in production. They predict that the current boom will end by the mid 2020’s, putting the United States back on the list of oil-hungry nations and undermining a period of financial prosperity thanks, in part, to cheaper energy.

David Stewart is a Kentucky-based oil and natural gas expert who acts as a consultant to many petroleum businesses. In that role, his job is not only to advise on the best current methods, but also to understand emerging technologies that will change the landscape—soon. His value comes from giving extremely accurate predictions that help inform prospecting and production strategy and ultimately keep energy companies profitable. And he does not believe that the US fracking boom is going to end any time soon.

“It’s not just a matter of energy leaders being optimistic,” David Stewart said. “These are executives whose entire lives are staked on understanding the future of their industry and investing in the wells and tech that will succeed. And among this group of rugged realists, we just don’t see fracking running dry in the next 10 years. Not even close.”

Some would disagree with David Stewart, pointing to the short life of fracking wells and their quick decline rate. Many fracking wells are essentially sifting through the leftovers of previous drilling and can run dry in as little as 8 years.

But David Stewart points out that current fracking rates are no indicator of future ones.

“Just ten years ago, the reserves we’re tapping today were considered to be completely exhausted,” Stewart said. “Fracking is a new technology and it’s continuing to evolve quickly. The same engineers who came up with fracking in the first place are looking at its results and asking, how can we improve this?”

The result, Steward says, is that fracking will improve along all metrics—slower decline, lower costs, and longer yield time.

“Ultimately, not only will tomorrow’s fracking operations produce more than today, but we can go back and re-frack reserves that are once against considered ‘dry.’ We have decades of boom left.”

Bibliophiles in Bowling Green Flocked to the Southern Kentucky Book Fest

The city of Bowling Green, Kentucky, is known for a variety of different things. When people hear the name Bowling Green, they may think of the city’s booming industries. Fruit of the Loom, the Chevrolet Corvette, and GM take up residence here, and thousands of residents find work in the city’s numerous factories and offices. A lot of great minds have lived in the city; John Carpenter, Jefferson Davis, and Rand Paul have all called it home. A lot of things come to mind when people think of Bowling Green, but there is one thing that more people should recognize and celebrate in the city: books.

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Who doesn’t love to settle down with a good book on a nice afternoon? David Stewart is one of the many Bowling Green residents that loves to read, and along with the many other book lovers in the area, he was happy to recently welcome the Southern Kentucky Book Fest to the city. On Saturday, April 26th, the Knicely Conference Center played host to countless authors and hundreds of people who love to read. Along with book signings, discussions, and Q&A sessions, people were able to see and talk to some of their favorite authors.

This year, people were very excited to welcome Charlaine Harris to the Southern Kentucky Book Fest. The critically acclaimed author penned the extremely popular Sookie Stackhouse Southern Vampire series, which was turned into an even more popular show on HBO. Harris released the final novel in the series, Dead Ever After, last May. The acclaimed HBO show will be airing its last season this summer, so the author picked an excellent time to come and discuss her books and other works with her eager fans.

People with an interest in the Civil Rights Movement were happy to attend the festival’s presentation on the subject. Aram Goudsouzian is the Chair of the Department of History at the University of Memphis, and has also authored several books about key moments in America’s Civil Rights Movement. Goudsouzian, along with Dr. Anne Onyekwuluje and civil rights activist Rev. Dr. Bernard Lafayette Jr., hosted an unforgettable panel. There were countless other presentations on a variety of genres and topics at the event.

Historical fiction, thrillers, biographies, and others all had their own panels dedicated to discussions with authors, professors, and other book lovers. There was also more than enough to do for the festival’s youngest attendants. There were several young adult writers attending the event, giving everyone something to do and someone to meet at the book fest.

Celebrating the 2015 Corvette Stingray in Style

You can’t live in the city of Bowling Green without loving Chevrolet cars, and David Stewart is just another Bowling Green resident that loves the brand. Since Bowling Green is the home Chevrolet Corvette headquarters, nearly every resident can talk about how much they admire the car. If you’re a local car enthusiast, it’s safe to assume that you’ve spent some time at the National Corvette Museum.  The museum has a collection of corvettes that will fascinate you for hours, and they know how plan events.

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Image courtesy of General Motors.

Every year the National Corvette Museum hosts an event to honor the next model of Chevrolet’s corvette. This year’s event ran from April 24th till April 26th, and was the must-see event of the year for fans of the car. The party gave attendants an up close and personal look at the brand new 2015 Corvette Stringray, and information on the new 7th generation of corvette. The event was a huge hit for car lovers, but drew even more mechanics, engineers, and designers. Seminars were given on the newest model’s chassis, powertrain, interior, overall design, and electronics. People who were interested in automotive engineering and design were able to learn about it from actual GM engineers and designers from the Warren Tech Center, Milford Proving Ground, and the Bowling Green Assembly Plant.

As in past years, C4/C5/C6 specialist Paul Koerner gave seminars throughout the celebration. However, the event wasn’t just seminars and talks; there were plenty of other fun things to do at the museum. The corvette race team members Doug Dehan, Tommy Milner, and Dan Binks gave people guided road tours. People who wanted to learn how to properly care for their corvettes (or future dream corvettes), were able to do so from the professionals. The women of the GM performance team educated anyone who was interested on maintenance, engineering, and high performance driving.

Despite celebrating the newest model Corvette, the event wasn’t just devoted to cars. The Planes, Trains, and Automobiles exhibit featured fully restored engines, railcars, and cabooses. Plane enthusiasts headed to the Bowling Green Aviation Heritage Park to see the F3 Phantom #550 that was flown by Dan Cherry when he shot down an MIG-21 fighter jet in 1972. They were also able to see an F-9F Panther and a T-33 Shooting Star.

This year’s event was a big hit with everyone, and next years’ will likely be more spectacular. For car enthusiasts, it doesn’t get better than this!