Taxes for Teenagers and Young Adults - Taxes 101 for beginners

Learn about what to expect when filing taxes. How can you get ready? And SHOULD YOU FILE TAXES? You may be surprised to learn that the IRS might actually owe you money you already paid in!

Some software that you can use to file your taxes are:

If you are a beginner to filing your taxes, then I recommend you watch the video. You will probably learn about the three ways of filing your taxes, and also what are some software out there that can help you in filing your tax return.

You can file your taxes as an individual, file your taxes as a sole proprietor, or file your taxes as an LLC. This video goes over the ways to get ready as an individual.

In a nutshell, this video goes over taxes explained. It's a very basic Taxes 101 video, and more videos will come about the next steps. We don't cover taxes on stocks, nor do we cover taxes on real estate, however you will probably learn something!

If you're a teenager, then you may be a teenager who wants to learn about taxes. This video is about taxes for teens. It's also applicable to young adults filing taxes. And a how to file taxes. Don't delay, you really have to take a step in filing taxes because every year from now on, your taxes will probably get more complicated if you're interested in wealth building.

You can take the next step... learn more! Tax filing is due on April 15th every year, and you can learn all year long to learn about tax deductions. There are so many ways of lowering your tax bill, i.e. lowering your tax obligation, and every individual's situation is unique, so learn!

Personally I use real estate as an excellent way to lower my tax bill. Currently we have a lot of opportunities for deductions such as depreciation and mortgage interest, that it will most likely surprise most people. Especially teenagers who don't yet own real estate. Take the next step and go learn something.

So how do taxes work? It's not that hard. Income tax, state tax, real estate tax, there are many taxes you will have in life, so please file your taxes.

[KPrettyBlingU]

U missed a HUGE step if these children/ young adults are still in High School/College, in their parents home, & On their Health dental or vision plan & has a part time job or any job & haven't made over 12, 400$ they are dependants of their parents & should NOT be filing taxes at all spending 300- 700$ on taxes on a tax preparer to get 50 -600$ back Just to get pennies is not what u do. It's not worth it

[corinaavelar]

do i need to bring all my reciepts from the purchases i made?? What if i don't have reciepts?!

[josephlionheart]

Hi I'm 17 I made almost $3000 selling items on Mercari this year in 2021, do I have to pay taxes on that? if so I have receipts for the cost of all the packages that i have ship to my customers since I offered them free shipping, will those count as a deductible?

[Robbiedoesitbest]

If im 16 and i have a part time job and a side hussle of mowing lawns and make money on the stock market, lets say i make 50k a year, how do i know what to pay for taxes??

[deactivated]

I'm 15 and I wholesale real estate under an LLC my parent is the owner of it I am a member, how would I do my taxes I just got a 30k check for my first deal within a month and I'm terrified of taxes

[soldiernard]

So I’m 16 I could file mines and get money rt

[anmegraphics]

Do deductions work yearly? For example if I make 11k a month but i immediately spend it so that i have 0 euros or I invest it in the stock market. Will i get taxed if i am under the 12k threshold or is it yearly? For example i made 11k a certain year. Which of those scenarios will get taxed

[omaga]

Hi I’m 16 and I made I’m guessing like 6-8k I don’t know how to do taxes

[Randooodnndfmks]

Ive worked for 6 months and made 7, 820 dollars in 2020 should i file taxes if im turning 17 in january??