How to File Taxes For the First Time
How to File Taxes For the First Time
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This video is perfect for someone that is filing taxes for the first time or wants to get a better understanding of the tax return and tax preparation process.
This is perfect for you if you are filing taxes yourself on TurboTax or any other at home software for your tax return.
Please leave your tax comments below.
Please check out our other videos about the most commonly asked questions that I get asked during tax season for income tax preparation.
I also provide you tips to make sure that you are not causing problems with the IRS and also how to avoid overpaying your taxes in certain situations. In this video about your tax filings, I’m basically answering your tax questions to give you peace of mind so that you feel more confident filing your tax return. This is your tax cheat sheet and we go over sole proprietorship taxes, charitable donation deductions, medical expenses, itemized deductions, the W4 form, and many more.
We also give you peace of mind in knowing when to file your taxes married filing jointly or file married filing separately. We also go over gambling losses so that you can offset them with your gambling winnings to reduce the taxable income you recognize from your W2-G.
We cover the child-care tax credit and also the nanny taxes. We even cover audit risks and taxes for sole proprietorships. Yes, we cover a little bit of sole proprietorship taxes.
We also cover the HSA and HSA distributions. We discuss taxation on stock options and the issue of the cost basis that can be corrected with supplementary information from the brokerages or from the statement of taxable income.
Also, don’t forget that you still can make a Traditional IRA contribution in 2020 for 2019 and still receive a tax deduction. We also discuss the Schedule E regarding taxes for rental properties or rental property tax. Don’t forget depreciation expenses and claiming amortization expenses for refinancing costs. We also have a separate video covering depreciation recapture for rental properties.
And we also recommend filing an extension if you feel that you cannot meet the tax deadline. You can save on penalties from the IRS and State if you file an extension from the failure to file penalty.
So as you can see, we discuss all the tax advice and tax tips for filing your income tax return and how to save money on taxes. We hope you benefit from this video. Please comment, subscribe, and give us a thumbs up. And again, don’t forget to update your W4.
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ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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