Age Is Just a Number, but Tax Milestones Matter
Individual taxpayers don't have to begin paying federal taxes at a specific age. Obligations begin when one's income meets the applicable tax filing or payment requirements. That said, under current rules, tax-saving opportunities begin the day a child is born. From there, most people encounter various "tax milestones"—whether becoming subject to certain responsibilities or finding new ways to save—throughout much of their lives. Let's explore some of these and discuss how to make the most of them.