How to File Taxes For the First Time: Beginners Guide from a CPA

How to File Taxes For the First Time

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.

Please join our free mailing list:

Join our Exclusive Stock and Crypto Content on Patreon:

If you want to join us investing in the stock market, you can open up a stock account on WeBull and receive two free stocks:

You can get started on Robinhood too with your sign-up bonus:

If you would like to get started with bitcoin or cryptocurrencies check out KuCoin:

This is our TurboTax Link for your tax preparation needs:

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.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!

[briantinsley]

Somebody give this man a gold medal. He just properly explained in less than 10 minutes something that took my highschool 4 years to not even think about teaching.

[Rekken]

Imagine being taught something this important in school, couldn't be me.

[DavidRodriguez-uqgv]

I’m just 14 but I’m worried about the future, thank you for teaching me this

[jayfeatherfan]

I'm just popping in here to say that i am also a Tax Accountant (I'm an Enrolled Agent with the IRS), and this video was a very nice introduction. I'm glad videos like this exist because I've come to realize in my experience that most people know nothing about taxes and fear the IRS far more than they should, so it's nice to have a video i can point people to

[DavidJ]

IRS when you owe them: I am speed.
IRS when they owe you: 👨‍🦯

[clementevaldespino]

I learned more about taxes in 9 minutes than I did 4 years in high school

[Pixietube]

18 and I wanted to start learning now. In under 10 mins you taught me something school has not. Very grateful ❤️

[SilentTownOfEchoes]

This is the type of stuff that should be mandatory in highschool, like coming out of highschool and not knowing Jack smack about taxes and all these forms really is just throwing me into a deep end expecting me knowing how to swim. Yooo I was born 19 years ago where was any of this in my life. Why am I just hearing about all these forms now that I’m an adult

[msmytube]

I filed my own taxes last year for the first time using H&R Block and it was very easy to use. It literally walks you through every single step so nothing is missed.

[KiahSilverdew]

Schools need to show this to the students - thanks Brian!!

[trynagta]

I never learned this in school, but by the power of technology, and the invention of the internet, I can educate myself by a knowledgeable professional who knows the ins and outs of the tax business! Thank you sir! I do need to find my W-2 form, and I might get it from my job sooner or later this January!

[HawtDawg]

The video was straight-forward and easy to follow. It really took off most of the pressure of getting started with this process. Thanks for making this!
Also, thanks for including the high-level explanation as to what "doing your taxes" really means.

[jesse]

Thanks Brian. My Son is filing his taxes for the first time and I'm sharing this to him. He graduated college in October and is about to turn 22. His mom has always put him as a dependent. Of course you know where he fell for 2nd and where he'll fall on third stimulus check. Hope he gets a good refund this year as soon as irs will let you file. He's living in LA and unemployed right now but has a little bit saved for now. Again Thanks for the info.

[unorthodoxsavings]

This is super valuable information and it’s free thank you Brian !!!

[seankim]

I'm filing this for dividend tax as an 18 year old which makes this my first time filing tax ever and this video was so helpful. Thanks a lot Brian

[Herozonex]

Thank you for teaching me and telling us young folks for about filing taxes . Our school never taught us life skills that involves in paying bills or paying taxes for that matter!

[pp]

Thank you, Brian for taking time to do what you do for the YouTube community. God Bless you.

[sablewolf-]

He just told me something in 9 minutes that high school couldn't teach me in 4 years. Thank you

[marginallyfunctionalwornou]

Hey there Brian! The family and I want to convey our deepest gratitude and a profound heartfelt thank you for all the extremely informative and timely videos you have published throughout this last year. We've been with you since the beginning.

You truly are a beacon of light in these dark and trying times.

Again, thank you sir for all your hardwork and dedication, it does not go unseen nor unappreciated.

God bless from my family to you and yours!

[Phil_Jenkins]

Big ups to Brian for the relevant and consistent info 👏