Tax Basics For Beginners (Taxes 101)

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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.

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:

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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).

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Комментарии

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!!

nikkiau

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

kingachuu

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.

marcusakiti

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 🫶🏾

lenabluetv

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

purser

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.

danielax

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.

Fingaladinga

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

mikklostopheles

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

joseventura

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

monicadevilbiss

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

FL_SauceGod

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?

WindowsAndWheelsDetailing

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

diva

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

Angela-kgqp

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.

rbg