Tax Basics For Beginners (Taxes 101)

[@nikkiau1]

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]

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): kzbin.info/www/bejne/bKGonIB4hq-WbKM

[@nikkiau1]

@@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 KZbin channel as a new entrepreneur!

[@jeffiroth8899]

​@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]

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

[@ansewe4207]

@@nikkiau1 how is your entrepreneur journey going?

[@kingachuu]

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

[@profesionalidiot8924]

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

[@arkadihughes4893]

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]

that makes 2 of us lmao

[@cinemaless09]

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

[@noahjohnson-or4wc]

fourth here but im 15

[@debrajones322]

I’m so impressed with this video. As a 58 year old woman, seeing a young man as yourself be so articulate and provide useful information to novices makes me proud!!! Excellent job!

[@marcusakiti7608]

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]

Thank you so much, Marcus!

[@sinematographynaction]

U will join....

[@luisvalenciagrisales7559]

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

[@olgaarias8231]

I agree. Well done. Thank you.

[@anthonykravitz6156]

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

[@lenabluetv]

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]

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

[@boilingflesh]

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

[@deon521]

Lol becoz now we realize how serious life is 😅

[@Fingaladinga]

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.

[@catscreations2233]

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]

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]

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

[@i_KillCampersDayZKillCamZ]

@@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?

[@purser116]

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

[@danielax2350]

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.

[@FL_SauceGod]

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

[@AllysaWooley-cf9jh]

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

[@Onibi_87]

Just hearing all this information makes me dizzy

[@IamBardsongWolf]

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

[@Jazzmin554]

Nice video ❤ I needed to find an apartment for me and my child so I was struggling with getting w2 and bank statements had to purchase them online

[@ZerostoHeros]

This content is awesome you just earned a sub and viewer for life

[@carloslandaverde6475]

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

[@joseventura4407]

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

[@WindowsAndWheelsDetailing]

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?

[@noname-ct2rw]

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

[@ACE-oo9fi]

Tax is a yearly subscription paid to the country you live in. Children is just a free trial

[@tommyt2974]

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]

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

[@tommyt2974]

@@LYFEAccounting Thank you for replying!!

[@crockerakahops90sjumpmantexas]

We pay taxes to ffund the goverment

[@makitaharvey]

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

[@LYFEAccounting]

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

[@ella_cook]

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

[@loveblessings4all105]

I’m interested also :)

[@GalorieeyBiancasTriage]

I’m interested as well !!! ❤

[@SkreenGG]

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

[@854diva]

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

[@monicadevilbiss6438]

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

[@rbg1533]

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.

[@Amazonadvertising24-7]

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

[@Angela-kg2qp]

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

[@midnightthoughts7608]

Very informative. Thanks for sharing this! 👍👍👍

[@LYFEAccounting]

Glad it was helpful!

[@midnightthoughts7608]

@@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. :)

[@triki-beats]

This video is GOLD presented by GOAT !!!

[@CharlieCoopertv]

Super helpful! Thanks for this!

[@Donna-uq7sx]

Loved the info. Very clearly stated.

[@alyssagrace19]

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

[@jq27]

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

[@normiepierre-louis561]

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

[@diamondcosby4468]

Thank you so much! So helpful 🎉

[@heavenlynaturalholistichealing]

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

[@elizabethsteele4633]

Very good lesson with the topics clearly explained . Thanks

[@silusvilus6544]

Thanks so much for this, very informative!!

[@noni6337]

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

[@rainygorges3403]

Thank you brother. God bless.

[@grod4416]

I need to rewatch with a notepad.

[@candacenewman3902]

Cal-cu-late*

[@antoniorodriguez-gj2fg]

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.

[@DorkityDorkityDorkity]

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 )

[@SpicyCarrot-gt2ud]

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

[@No-dy3zk]

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.

[@jamescarter2013]

Great break down

[@LYFEAccounting]

Thanks, James!

[@kusineramom]

Thank you for sharing this video

[@TW-fr7km]

I love all your videos.

[@tonioyendis4464]

GreatInfo! WellDelivered! ThankYouSir!

[@hellangel230]

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

[@TheBookofrhymes]

Phenomenal job!

[@FinancialFreedomMadeSimple]

Great information! Thanks for sharing

[@cgriffin397]

Awesome material

[@marieazrak1951]

Another state and federal tax is aquariums and zoos and museums

[@ryloswift]

AMAZING VIDEO THANKS💯

[@lukasgisler]

Great content. THank you!

[@charinnikrasch9105]

This is very helpfull!

[@josettedelus2356]

Great video!!

[@jasonswack3583]

How do you calculuate your total income for the year?

[@venessarodriguez676]

Great video! Thank you for the break down!

[@92desiboy]

So what happens when an individual who makes less money ends up working hard just so they end up paying more money in taxes? How is it fair then for that individual? So with progressive tax rate, it’s better to make less so u get taxed less and don’t have to stress about working hard if ur only gonna end up making more

[@deraytaxpro]

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

[@fyori7376]

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

[@genevievequenumpaulemarie7539]

Thanks for this so helpful video

[@LYFEAccounting]

Glad it was helpful!

[@JMX1521]

Thank you 🙏🏽

[@AdmiralBison]

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,

[@anraloninielsen661]

Excellent 👌👏👏

[@ChristopherChavez-zp8vp]

Maybe it takes me a while to guess if it's sophistication with me or others kind offly important?

[@teachme7210]

great content

[@jennifershirah5095]

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?

[@sibanisingh9719]

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

[@sedematv4364]

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

[@pinkyd789]

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]

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

[@Cantetinza17]

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.

[@htownali]

Your amazing bro

[@ThaoNguyen-uc2br]

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.

[@ts3858]

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

[@theloudhouse1461]

We need thriving income

[@darlenelee7239]

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

[@heisenberg7415]

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

[@engineer6093]

Great.

[@brendanPianoPro]

I have a question If your doing KZbin 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 KZbin where is it stored.

[@madisonluvv5261]

Thank you☺️

[@LYFEAccounting]

You’re welcome 😊

[@LivingLife972]

thanks for this video. Can everything be done online?

[@ryanfrizzell736]

Love it

[@sandmastermaster]

1:56 video starts

[@melissamoore6539]

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.

[@user-ph7hf3xe8d]

I greatly appreciate all the information provided

[@china6230]

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

[@tuandukehuynh6357]

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

[@andrewnielsen8032]

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]

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]

Gotcha thanks

[@purser116]

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

[@AdmiralBison]

Next lesson. How the super-rich 1% and mega corporations avoid paying taxes. - -bribing- lobbying, campaign "donations" - countless tax breaks, exclusive contracts - bailouts, bankruptcy protection, golden parachutes - monopolies, duoopolies, oligopolies, cartels - deregulations - worker exploitation, abuse, outsource - privatizing everything.

[@devettam]

great

[@Mrrayban_007]

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

[@peterguindo1576]

Interesting

[@loganray]

Taxes do not pay for anything to do with the postal service. Just an fyi.

[@AuthorAngelLWhite]

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.

[@joycepearljones4907]

Instead of doing taxes for others; Why not Give Tax advice July to Jan? How to be a Travel Consultant on Cruise Ships by Joyce the Tax Dummie Today