TAX ADVICE for People Making UNDER $40,000 a Year

This video is about tax advice for people making under $40,000 a year. We want to provide you valuable tax advice to make sure you are optimizing your tax return in order to pay less tax, get out of IRS penalties, and use all available tax credits to your advantage.

Ultimately, if you want to pay less taxes to the IRS and make sure you are filing your tax return in the most tax efficient manner, then this video is perfect for you.

We'll talk about how to get out of IRS tax penalties. This tax penalty avoidance can be done with the first time penalty waiver or by providing reasonable cause. We'll talk about selecting the correct filing status for your tax return, which includes making sure you're claiming head of household if you are supporting a dependent. We'll make sure that you file a tax extension in order to avoid the failure to file penalty with the IRS. And we'll also cover the Earned Income Tax Credit.

This may not be as exciting as the TurboTax 2020 Super Bowl Commercial. That's probably got to be the best tax commercial 2020 for all people are tax people. Anyways, we hope you can utilize this tax advice for your turbotax 2020 tax preparation or just for your general knowledge.

Please check out our other videos about 2020 tax changes and how these tax changes 2020 affect you and your tax returns this tax year and going forward. Please also check out our W 4 videos about how to fill out a W4 2020, which we will provide a link for at the end of this video.

And please stay tuned for our series on tax tips and tax updates 2020 and 2020 tax law changes. Thank you so much!

[theclaimslady]

Finally, a tax man who can explain things in plain language and gets to the point. You’re awesome!

[MsKenniTee]

I actually wrote the IRS when I had $2, 000 in penalties. I explained I had cancer the prior year and I couldn’t afford to go to my usual tax preparer and it was my first time filing them on my own. I received a letter saying the penalties were forgiven! I was so happy! Never be afraid to write them and explain. You won’t regret it. ☺️❤️

[faithlilis]

1. "1st time penalty waiver" Or give "reasonable cause" if its your 2nd time.
2. You have 3 years to get your refund or its "forfeit"

[JovazPulse]

2 years later and your advice is still helping ppl out. I know a stay at home dad who stopped working but needed income so he picked up a side job tutoring. He was “off the books” and had no plans of reporting anything he made. Now I can tell him about the earned income tax credit.

[dieyoung]

This is a great way to start off a Sunday. These videos should be part of high school curriculum.

[andromedaceleste]

It sounds like he's talking about being PROACTIVE. Be courteous and play an honest game. Love this cat!

[tonytober]

1) 0:26 Dispute your IRS fees
2) 3:16 Files your taxes
3) 5:33 / 6:17 File a tax return extension if you expect owing money and you cannot afford it now
4) 8:28 Earned income tax credit

[angelatrebor]

You're a true Angel for helping so many people with a scary part of life- taxes!! Thank You for all your work.❤😀

[jackrobertson]

Thank you for sticking up for the little guy, may you and your entire family flourish in these difficult times.

[Godisgreater]

I only made 3, 400 in 2020 (and didn't get ANY PUA, because I didn't know how to apply but now going to get 30 weeks of PUA now that I know how to do it) anyway, and I am getting a Refund of 3, 400!!! Praise the LORD!!

[jmccormick]

I'm filing back to 2015. My wife had cancer and I was depressed. I've been worried about it for years. This is great advice I'm definitely going to ask for penalty forgiveness. You're the man!

[hwoarang]

Important note to all, particularly with HSA and medical items. Save all your receipts digitally and physically. I got a proposed tax bill of 15k last year and fought it with proper supporting back up going back 4 years. They technically owed me money (1k), but I never saw that but at least I got it cleared. Always be prepared with supporting backup, labeled and categorized so they can follow and there is no doubt.

[wellsdeveloper]

Your Legacy will never go in vain !! You a real one !!🙏🏾🙏🏾🙏🏾❤️❤️❤️❤️❤️

[dailywordnuggets]

I've been filling taxes myself for 20 years, before kids and with kids..I claim EVERYTHING!! Keep ALL receipts that have a tax charge on it or medical receipts, kid expenses, school loan interest, home upgrades, tags and titles for vehicles..EVERYTHING....even for motrin over the counter!!....Keep all receipts...it's alot of work, but when that 8 to 10k return hits your bank, you'll be glad you did 👍

[rudysalas]

Head of household here for the past 3 years. The best tax incentive i could do.

[eliafajardo]

I just watch this video. I called the IRS today and asked them to remove penalties from taxes I owed. I followed the instructions on your video and as a result, They removed the Penalties. Thank you very very very very much. I had asked a few months ago but They did not remove them. Today when I called using your exact words on this video, they removed them. You are the best!

[yancyyst]

Ok so I'm going to hire you man damn you know the system you deserve more subscribers

[tintrach]

The magic of the word Speak clearly, unassuming, and treat the other person on the phone with respect. I don't imagine most folks working at the IRS are crawling into bed at night thinking about the great job they have, how they touch people's lives and make a difference.
I could be wrong~~~~

[sylviaharrell]

Can I get a round of applause for this man, I love him because he's telling it like it is, and I have never learned so much about taxes, and I've been going to h&r block for years and this year they filed me as single even though I've always filed hoh because I have a son living with me for school, and now to find out I could have gotten more money, so is there a way I could send you my taxes to do? Lol I thank you for keeping us informed

[aleksandrkostylev]

I typically don't waste my time commenting but you deserve it! Watching your videos has saved me hours of research and thousands of dollars. I'm blessed to have come across your channel.