Kids' crazy sports costs offer tax perks
Charles County, Md., is a new suburb filling up with families determined to help their children succeed. Konner Jackson, 11, plays three sports and is in his all-county orchestra.
In a conversation with Marketplace Sustainability correspondent Scott Tong, we explored how much we're spending on kids' extracurricular sports:
"That is, folks in the middle class are spending so much to compete against everyone else, including the very rich who are so far ahead of a lot us. But what happens to people in the middle is that they save less and borrow more, and it creates a parental arms race."
Well, an informed listener, Ryan wrote in to us to share a tax tip for paying for kids sports:
"Turbo Tax's latest infographic looks at the various expenses of enrolling kids in youth sports, a $5 billion industry, and helps educate parents on all the costs.
Here are some key points in the infographic:
- Each parent spends approximately $671 annually on sports activities
- It provides a heads up on other expenses associated with sports
- A list of sports from Most-to-Least Expensive (Helps parents determine which sport they can afford)
- Tips on how to ease the burden of Costs"
The entire infographic can be found here: http://blog.turbotax.intuit.com/2013/06/17/high-cost-of-youth-sports-infographic/