Tax Basics For Beginners (Taxes 101)

Рет қаралды 258,777

Күн бұрын

The tax code is over 70,000 pages long, so it's understandable why so many people find taxes to be challenging, but I'm here to help explain taxes simply and easily for everyone with my tax basics for beginners.
Book a Tax Services Discovery Call: schedule.lyfetaxes.com/discov...
If you watch this entire video then you will discover:
- How the tax system works
- How taxes are calculated (looking at taxable income, tax deductions, and tax credits)
- Why taxes work differently for businesses and investors
- Review how to file a tax return
- How to put together a tax plan
Timestamps
Taxes 101 (0:00)
#1 What are taxes? (1:50)
#2 How tax system works (3:15)
#3 How taxes are calcualated (5:50)
#4 Tax Deductions vs Tax Credits (7:34)
#5 Tax Incentives (9:15)
#6 Different Types of Income (11:25)
#7 How to File Taxes (13:00)
#8 How to Create a Simple Tax Plan (14:42)
My Little Secret (17:37)
Other Relevant Taxes 2022 Videos:
How to File Taxes as an LLC Owner: • How to File Your Taxes...
How to File Taxes as an Individual: • How to File Your 1040 ...
15 Individual Strategies to Reduce Taxes: • 15 Individual Tax Stra...
How Tax Planning can Save Millions: • How Tax Planning Can S...
7 Popular Tax Write-Offs That Could Trigger an IRS Audit: • 7 Popular Tax Write Of...
Please be sure to give this video a like and subscribe to our channel so you don't miss out on future videos!
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 179

@nikkiau1 2 жыл бұрын

I got confused where you mention the progressive taxing. In the example, you said we would be taxed 10,924 @ 24% and the rest would be taxed at the Other tax rates. Is the OTHER in this example, the 89,076? And if so what is the “other tax rates”? I was following then that threw me off. Thank you for sharing!!

@LYFEAccounting 2 жыл бұрын

Thanks for the comment as others may have this same question and I admit it could have been explained better in this video. So, the remainder of the $89,075 would continue to get taxed at progressively lower rates, going down to 22% tax rate (between $41,775 to $89,075) then, 12% (between $10,275 to $41,775) and finally 10%. In this video, I have a visual that may make this easier to understand (starts at 3 minute mark): kzfaq.info/get/bejne/bNZ1nrBztrDHZnU.html

@nikkiau1 2 жыл бұрын

@@LYFEAccounting thank you!! After I commented, I went into analysis mode and thought that’s what you were talking about but I didn’t want to assume lol. Thank you again! My favorite KZfaq channel as a new entrepreneur!

@jeffiroth8899 Жыл бұрын

@LYFE Accounting I had the same question too, but figured that's what you meant. I barely crept up into a higher tax bracket this year, and I feel a lot better now knowing that ALL of that income won't be taxed at the higher rate 😅

@keithcharles8214 Жыл бұрын

@@LYFEAccounting super helpful, i admire your humility and also the "fix it" video, it really helped! In Jesus name.

@ansewe4207 Жыл бұрын

@@nikkiau1 how is your entrepreneur journey going?

@kingachuu 5 ай бұрын

I am 14 and I have no clue why I wound up here, but I’m staying.

@profesionalidiot8924 3 ай бұрын

Best topic you’ll ever invest time in bruv. Taxing sytem is mad.

@arkadihughes4893 3 ай бұрын

Learn about taxes and how you can use credit (debt) and you'll thank yourself so much when you're in your early 20s

@brookebakes8929 3 ай бұрын

that makes 2 of us lmao

@cinemaless09 2 ай бұрын

I make a third 14 year old who doesn’t know why I need to be here

@noahjohnson-or4wc 2 ай бұрын

fourth here but im 15

@marcusakiti7608 Жыл бұрын

Not even 5 min in and I'm very impressed by the professionalism, simplicity, and thoroughness of the explanation. I would have killed to have this offered as a high school or college course. Using this to better understand ecommerce entrepreneurship for potential investment. Good stuff.

@LYFEAccounting Жыл бұрын

Thank you so much, Marcus!

@sinematographynaction Жыл бұрын

U will join....

@luisvalenciagrisales7559 4 ай бұрын

I’m new in your channel and really it’s easy to learn. Thank you so much again.!!!

@olgaarias8231 4 ай бұрын

I agree. Well done. Thank you.

@anthonykravitz6156 5 күн бұрын

wait i'm pretty sure they did teach this in high school and collage.

@mikklostopheles Жыл бұрын

Crazy how now that I’m older and outta school it’s a lot easier for me to learn

@lenabluetv 5 ай бұрын

OMG Thank you so much for breaking this down the way you did. It’s embarrassing but I’m 28 and don’t know much at all about taxes.😢 Thank goodness for you 🫶🏾

@CassandraDavis-gc8bi 3 ай бұрын

I'm 29 and don't know much about taxes either!

@purser116 2 жыл бұрын

Very important information here. I know taxes are boring for most people but this info is invaluable

@danielax2350 Жыл бұрын

Ok I am amaze of your presentation. I love how you explained the basic tax information process. Your communication was fast but I was still able to understand you well. OMG, you should be a professor for ACCT in income tax.

@Fingaladinga Жыл бұрын

If our useless education system taught things like this, we wouldn't need to spend so much time playing catch up after graduating. Thanks for making it easier! Definitely saving this vid.

@FL_SauceGod 6 ай бұрын

I still don't get it I got to watch 10x more time 😂

@monicadevilbiss6438 Жыл бұрын

This video was wonderful! Thank you! I learned so much!

@joseventura4407 2 ай бұрын

Love this video, just getting started how to prepare taxes. You definitely do a great job explaining this up

@Donna-uq7sx Жыл бұрын

Loved the info. Very clearly stated.

@Angela-kg2qp Жыл бұрын

this is very informative and well explained. thank you very much

@854diva 8 ай бұрын

Great job and thank you so much for the information my brother.

@CharlieCoopertv Жыл бұрын

Super helpful! Thanks for this!

@silusvilus6544 Жыл бұрын

Thanks so much for this, very informative!!

@noname-ct2rw 2 ай бұрын

Great video. Easy to follow along and to comprehend, it also answered all of my questions.

@diamondcosby4468 6 ай бұрын

Thank you so much! So helpful 🎉

@kusineramom Ай бұрын

Thank you for sharing this video

@rainygorges3403 Жыл бұрын

Thank you brother. God bless.

@FinancialFreedomMadeSimple 2 жыл бұрын

Great information! Thanks for sharing

@josy138 Жыл бұрын

This is the most helpful video I’ve ever seen in my life 🙏🏼🙈🤣

@elizabethsteele4633 4 ай бұрын

Very good lesson with the topics clearly explained . Thanks

@carloslandaverde6475 Жыл бұрын

The best explained video I have found on this subject. Congratulations! Subscribed

@triki-beats Жыл бұрын

This video is GOLD presented by GOAT !!!

@heavenlynaturalholistichealing Жыл бұрын

Great information Sean! Thanks for sharing your great knowledge to us.

@lukasgisler Жыл бұрын

Great content. THank you!

@tonioyendis4464 Жыл бұрын

GreatInfo! WellDelivered! ThankYouSir!

@rbg1533 Жыл бұрын

You do a great job young man. You are easy to understand and you explain things in great detaii. You also look professional and dress nice for the video.

@ryloswift Жыл бұрын

AMAZING VIDEO THANKS💯

@TW-fr7km Жыл бұрын

I love all your videos.

@WindowsAndWheelsDetailing Жыл бұрын

Maaaaan, such a great video. Im going to watch this one a couple of times. TY for putting this together. The earned vs unearned bit was gold. Also clarifying the PROGRESSIVE tax brackets was very helpful. I do have a question for capital gains tax…is it also progressive in that, the first $40,400 is taxed at 0% and only the amount over that is taxed at 15% …or is it 15% no matter what if your taxable income is over that $40,400?

@josettedelus2356 Жыл бұрын

Great video!!

@catscreations2233 Жыл бұрын

I never thought the Progressive tax was really fair it stands to say the more you make the more taxes you owe, which wouldn’t that hinder someone from wanting to be successful and rich when they know they’re gonna have to pay way more money in taxes. I personally own a business and it’s frustrating.

@MacCurtisHolisticHealthTalk Жыл бұрын

True that. What I notice is people that make more money, don't care much about the taxes. Its the people that make very little that make lots noise from what I've seen as Tax preparer. Paying taxes made me more interested in learning about them. I've done taxes in 5 other states, for military, civilians & IRS free program (VITA). You can really save money when know more about taxes. Owning business is Hard work!! If you luv what you do its easier. I had several businesses, I worked 10 -12 hrs day. I later investigated Passive income. Work is very minimal depending on the entity. Passive income can require very little work & still get nice pay off. If interested, I know a few passive income. Reply back.

@loganperry5669 Жыл бұрын

@@MacCurtisHolisticHealthTalk passive income? I prefer to WORK for my money

@i_KillCampersDayZKillCamZ Жыл бұрын

@@MacCurtisHolisticHealthTalk pretty obvious people that make less will make alot noise about taxes we're chosen between paying rent or eatting to survive how tf can we afford taxes we cant even eat?

@cgriffin397 5 ай бұрын

Awesome material

@charinnikrasch9105 7 ай бұрын

This is very helpfull!

@midnightthoughts7608 Жыл бұрын

Very informative. Thanks for sharing this! 👍👍👍

@LYFEAccounting Жыл бұрын

Glad it was helpful!

@midnightthoughts7608 Жыл бұрын

@@LYFEAccounting I'm a CPA from the Philippines, but I love to work remotely in the company from the US and is veerrry much interested to learn more about the practices in the US for me to be able to land a great job. :)

@AllysaWooley-cf9jh 10 ай бұрын

Could you make a video on where we are supposed to go to pay taxes and also how often do you pay property taxes.

@TheBookofrhymes 3 ай бұрын

Phenomenal job!

@JMX1521 5 ай бұрын

Thank you 🙏🏽

@jamescarter2013 2 жыл бұрын

Great break down

@LYFEAccounting 2 жыл бұрын

Thanks, James!

@venessarodriguez676 Жыл бұрын

Great video! Thank you for the break down!

@alyssagrace19 12 күн бұрын

love how the like button lit up when he said that😂

@IamBardsongWolf 2 ай бұрын

I took an economy class and we discussed taxes but to this level. They should teach this in schools.

@noni6337 Жыл бұрын

Been looking for video like this New employee in USA ...Tax system is different from my country I needed explanation

@anraloninielsen661 7 ай бұрын

Excellent 👌👏👏

@teachme7210 6 ай бұрын

great content

@genevievequenumpaulemarie7539 4 ай бұрын

Thanks for this so helpful video

@LYFEAccounting 4 ай бұрын

Glad it was helpful!

@engineer6093 Жыл бұрын

Great.

@htownali 3 ай бұрын

Your amazing bro

@Bigballer200 2 күн бұрын

I’m 11 and taxes seem easy to fill out but annoying because they take tons of for bs reasons

@madisonluvv5261 Жыл бұрын

Thank you☺️

@LYFEAccounting Жыл бұрын

You’re welcome 😊

@LivingLife972 7 ай бұрын

thanks for this video. Can everything be done online?

@SkreenGG Жыл бұрын

Sir, this video was well crafted, well delivered, and right on time. God Bless you. I understood everything and I’m eager to learn more. I feel like I should pay you for all this good knowledge, subscribing now. Thanks Mr. Sean

@ryanfrizzell736 5 ай бұрын

Love it

@tuandukehuynh6357 Жыл бұрын

Awesome video! I just subscribed. Can you please tell me what brand of white dress shirt you have on? It fits very nicely.

@ThaoNguyen-uc2br Жыл бұрын

Thanks for this! Do you happen to have a video with a a more detailed breakdown of how to calculate a personalized tax plan? I started doing this but need a bit more guidance.

@normiepierre-louis561 Жыл бұрын

Damn after all these years. I’m 43 and I understand taxes more now than I ever did!

@user-ph7hf3xe8d 4 ай бұрын

I greatly appreciate all the information provided

@darlenelee7239 Жыл бұрын

I subscribed to your channel. I have question--how do you find the Total Tax on your state income tax form?

@SpicyCarrot-gt2ud 7 ай бұрын

Thank you so much. Im not worrying as much on how to do taxes. Why dont they teach us this in school?

@ts3858 Жыл бұрын

Can you do a video of trust taxation and forms 1041, 541 and k-1s...? 🙏

@antoniorodriguez-gj2fg 8 ай бұрын

Im 100% new to learning this stuff, i just started my own business and figured the best way to start was to understand the money side and tax side of it first, I searched " taxes for dummies" because thats how i thought id have to learn it. But youve explained it damn good, there were a few times going through this video when i had to go to a different video that explains a certain term or algorithm, which was very few times. I did think it was odd that the chapter, "6 different types of income" was called that because it really only explains earned income, unearned and briefly goes into the subsets of those things like W2 income and the sale of assets and qualified dividends. This video did explain alot of things i didnt know, very well. And it was easy to stay caught up with what you were saying and how you were phrasing things. It helped tons and i will be watching more videos of yours on this topic.

@jasonswack3583 10 ай бұрын

How do you calculuate your total income for the year?

@devettam 10 ай бұрын

great

@makitaharvey 2 жыл бұрын

Thank you! Do you have a basic business tax 101 for beginners?

@LYFEAccounting 2 жыл бұрын

Not yet! But great suggestion 💯 I'll add this to my list of ideas

@ella_cook 2 жыл бұрын

@@LYFEAccounting please do I am interested as well. Thank you

@loveblessings4all105 2 жыл бұрын

I’m interested also :)

@GalorieeyBiancasTriage Жыл бұрын

I’m interested as well !!! ❤

@china6230 5 ай бұрын

Do I need to report on settlement. I got paid by auto insurance company injuries ? Thank you

@DorkityTheGillySoose 5 ай бұрын

What am I doing at 14 years old watching a video on how to do your taxes?? (Great vid btw I can now do my taxes :D )

@peterguindo1576 9 күн бұрын

Interesting

@fyori7376 7 ай бұрын

How you find out how much tax you've paid or you're owed/owe?

@juanvalles9153 Жыл бұрын

Really very good explanation about taxes. Thanks very much

@jennifershirah5095 9 ай бұрын

My husband owned a business with his 2 brothers. For the last 2 years it seemed they had all the necessary documents they needed for all of us to file our taxes correctly. But just a month ago they can to the decision to hire my husband on. I called the IRS hoping to get some information but only reach and automated message that told me I could find the correct forms I need online. I’m not sure what forms he will need since their business is LLC and he owns part of the business but is also self-employed under that business. I hear of Schedule C and 1040. Would these be the correct forms?

@hellangel230 Жыл бұрын

I am working from january 2023 as self employed , do i need to calculate and pay tax on april 2023?

@candacenewman3902 Жыл бұрын

Cal-cu-late*

@lisabruun9119 Жыл бұрын

Thx for the video. May I ask where your company is based out of? I could not find an address just mail contact. We’re outside the country needing to file taxes.

@tommyt2974 2 жыл бұрын

What does filing your taxes mean? Do you do this physically or digitally? I am a super beginner at taxes and this video was a bit helpful but I’m still ignorant towards a lot of things related to taxes

@LYFEAccounting 2 жыл бұрын

You can file your taxes digitally. For the most basic tax situations you can use a website like TurboTax

@tommyt2974 2 жыл бұрын

@@LYFEAccounting Thank you for replying!!

@crockerakahops90sjumpmantexas Жыл бұрын

We pay taxes to ffund the goverment

@brendanPianoPro Жыл бұрын

I have a question If your doing KZfaq and you make money. Does the governor coutn your taxes or do you have to caculate and send. Also if you don’t have a bank account and you make money on KZfaq where is it stored.

@sibanisingh9719 Жыл бұрын

Hi ! Could you suggest me, which video I should watch after this one as I'm beginners

@sedematv4364 Жыл бұрын

Hi where are learning it. I’m also interested in tax programs

@marieazrak1951 4 ай бұрын

Another state and federal tax is aquariums and zoos and museums

@grod4416 2 ай бұрын

I need to rewatch with a notepad.

@No-dy3zk 8 ай бұрын

I know this probably isn’t the place but thinking about how taxes are done I think it would be better if the government takes a certain percentage of your income rather than doing a flat or doing brakets. For example lets say a fast food worker makes 1,000 dollars a week and a business man makes 10,000 dollars a week. Now if the government were to tax it by taking 1% out of each then both will be left with a take home income of 990 dollars for the fast food worker and 9,900 for the business man. But this isn’t including what the government needs.

@Cantetinza17 Жыл бұрын

My coworker resales flannels and he always writes off his cigarettes on his taxes as entertainment. I think that he's on a slippery slope with that one.

@andrewnielsen8032 2 жыл бұрын

Loving all the content!! So if I take money from my LLC and dump it into real estate I don't pay taxes on it?

@LYFEAccounting 2 жыл бұрын

It's not that simple, but real estate can wipe off (deduct) 20-50% of your taxable income through bonus depreciation. Does that make sense?

@andrewnielsen8032 2 жыл бұрын

Gotcha thanks

@purser116 2 жыл бұрын

Wish it were that easy. Realestate offers tons of tax benefits but the government never loses the game of taxes.

@heisenberg7415 3 ай бұрын

To defeat your enemy, you must understand them better than you understand yourself.

@Onibi_87 5 ай бұрын

Just hearing all this information makes me dizzy

@theloudhouse1461 Жыл бұрын

We need thriving income

@elitonb1 10 ай бұрын

Hi, If I buy a house can I make tax deductions. as investor ?

@pinkyd789 2 жыл бұрын

What if I filled for my LLC last year, but something unexpectedly happened and I had to put things on hold as far as selling anything, but I still continued to purchase merchandise for my business? How do I go about filling my taxes in this instance? Thanks for your time and services.

@LYFEAccounting 2 жыл бұрын

It sounds like you still have some expenses related to your business that should be filed. Not 100% sure of your question, but if you want some help reach out to us at lyfetaxes.com

@AdmiralBison 2 ай бұрын

There ought to be another category of "Unearned Income" - Shareholders and Real Estates They shouldn't be lumped in with the more "Social services" related aspects of "unearned income" (Which many of these actually are earned income and safety nets) Rich 1% of shareholders own 53% of all corporate stocks Rich 9% of shareholders own 38% of all corporate stocks Self made billionaires are rare or a myth as most of it is by pure nepotism and inheritance and are more a drain on an economy as the only time they put money into an economy is through further investment...which sucks more out of any Economy, The real job creators are small local and medium businesses, which are increasingly struggling against corporations owned by these shareholders. Their capital gains tax or what little taxes they pay needs to go back to FDR levels and beyond. Pass more of those tax breaks to the small and medium business, emphasize more independent businesses (no shareholders or family operated) Nationalize certain critical industries /corporations - Boeing, Texas's energy grid,

@saifalhelali8111 2 ай бұрын

❤❤❤

@deraytaxpro 7 ай бұрын

I'm trying to connect with other brothers in the tax industry. I've been in the industry for about 5 yrs and I only work with women. Nothing wrong with that but I wouldn't mind having some brothers to talk to in this industry

@melissamoore6539 Жыл бұрын

Having just moved to the US from a country where your taxes are simple and done FOR you ... this makes me SOOOOO angry. WHY DOES IT NEED TO BE THIS COMPLICATED? !?!?! Before a % came out of my paycheck each month. Thats it. Being married, having kids... none of this mattered. You work, you earn interest on investments... etc... you just pay your taxes. You never have to DO anthing. It's so transparent.

@Rdn55 Жыл бұрын

not sure if I heard this correctly kzfaq.info/get/bejne/edWoa9V9vb-ld4U.html, is it either a person can use the tax deduction "OR" tax credit. they cant use both?

@Jesusismykin Жыл бұрын

👍

@Mrrayban_007 3 ай бұрын

Bit lost so you said from 40k we pay alsmot 13 in tax and then you said the 27k is taxable?! What does that mean if tax been paid

@heavenwinfield Жыл бұрын

I remember I worked a week at Wendys once. And got back 2 dollars😂. And i followed the video halfway long but I just thought about undressing him from that tie.😅😐 I said id never make enough to have to pay taxes anyways.