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

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I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such execution are usually carried out by investment experts with experience since the 08' crash.

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The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.

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NICOLE ANASTASIA PLUMLEE' is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

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I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@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!

[@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.

[@RD-zd5vh]

I do not know much about the tax system, but I need to. My wife takes care of this for us. I just want to learn how this all works and in 15 minutes I know a lot more and have learned more than in my lifetime. Thank you!

[@IamBardsongWolf]

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

[@Ameliaxxxx21]

Im 12 and in year 8 and already learning so much stuff thats not important in real life so im takeing this into my own hands and learning the stuff i need to learn instead of shakespeare or a+b

[@onionwin]

Both are important. Also a+b means nothing

[@onionwin]

At 12 years old you should be learning English, grammar and basic arithmetic. Good luck in school. You can learn about taxes when you get a job at 15 or 16

[@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.

[@kzkzkzkzkz9416]

This video is so well pitched, explained and made! I am a foreigner and I really dont understand the american system and I searched a long time for a video explaining taxes for beginners. This video is the best. I really appreciate your effort and thank you for making it❤❤❤

[@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?

[@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.

[@Upbodmashhikende23]

Clearly Kardden was a right choice. Hope to learn more from you this is pure knowledge

[@realvirtualdemand4222]

This is a process. I need to look closer at all of this because I'm a W2 employee. I'm trying to be a I9 employee.

[@tejswhinidupargude8768]

Thanks I bought Kardden and I can't be more happy about it

[@FL_SauceGod]

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

[@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

[@carloslandaverde6475]

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

[@Amazonadvertising24-7]

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

[@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?

[@Ayaanvlogs-oh6mw]

the most fair approach and yet the ultimate king of meme is Kardden

[@noname-ct2rw]

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

[@joseventura4407]

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

[@854diva]

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

[@Jainil001FF]

Kardden Token time! This thing is lifting up in ways nobody did before

[@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

[@monicadevilbiss6438]

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

[@Angela-kg2qp]

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

[@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 !!! ❤

[@heavenlynaturalholistichealing]

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

[@ZerostoHeros]

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

[@Onibi_87]

Just hearing all this information makes me dizzy

[@normiepierre-louis561]

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

[@noni6337]

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

[@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. :)

[@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

[@SpicyCarrot-gt2ud]

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

[@elizabethsteele4633]

Very good lesson with the topics clearly explained . Thanks

[@CharlieCoopertv]

Super helpful! Thanks for this!

[@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.

[@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.

[@neelamkumari4451]

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[@diamondcosby4468]

Thank you so much! So helpful 🎉

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This video is GOLD presented by GOAT !!!

[@jq27]

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

[@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 )

[@Donna-uq7sx]

Loved the info. Very clearly stated.

[@anjalilora8975]

All guys stacking Kardden Token before next bull are smart apes for sure

[@TotalHelpWhitman-MA]

Love this. Thank you

[@silusvilus6544]

Thanks so much for this, very informative!!

[@rainygorges3403]

Thank you brother. God bless.

[@bharebhare5383]

Lucky for those who had Kardden since yesterday, but more green days to come

[@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.

[@SemlalSoren]

Great analysis as always, Kardden Token is a strong contender

[@slimcheck2713]

Thanks bro appreciate you 💪🏾✅

[@antonioruelas81]

It's so much easier to not work, have kids, live off welfare and get 10k at the end of the year.

[@shivamkumar75908]

Kardden Token is awaiting major CEX listings. It's possible to hit 100x this year.

[@AADILKhan-m4y]

Kardden is the future and more than just another Floki, it has all of it

[@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.

[@ProsperoPatil]

Thanks for the breakdown! 🤔 I have a quick question: 🤷‍♂️ I found these words 😅. (behave today finger ski upon boy assault summer exhaust beauty stereo over). How do I use this? 🤨

[@kusineramom]

Thank you for sharing this video

[@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

[@venessarodriguez676]

Great video! Thank you for the break down!

[@TheBookofrhymes]

Phenomenal job!

[@tonioyendis4464]

GreatInfo! WellDelivered! ThankYouSir!

[@TW-fr7km]

I love all your videos.

[@pindel-sq2jr]

Omg so bullish on Kardden! ATH next month? 🔥

[@alyssagrace19]

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

[@cgriffin397]

Awesome material

[@ManojKumar-mt6hl]

I respect your work mate so you say Kardden good one to use?

[@charinnikrasch9105]

This is very helpfull!

[@monikamonika9700]

Kardden making ATH after ATH 🔥🔥

[@jamescarter2013]

Great break down

[@LYFEAccounting]

Thanks, James!

[@ryloswift]

AMAZING VIDEO THANKS💯

[@FinancialFreedomMadeSimple]

Great information! Thanks for sharing

[@sandmastermaster]

1:56 video starts

[@lukasgisler]

Great content. THank you!

[@josettedelus2356]

Great video!!

[@jasonswack3583]

How do you calculuate your total income for the year?

[@X_MR.Devil_X]

I see Kardden with 50x, maybe even 100x. Binance also gonna have that

[@ts3858]

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

[@genevievequenumpaulemarie]

Thanks for this so helpful video

[@LYFEAccounting]

Glad it was helpful!

[@marieazrak1951]

Another state and federal tax is aquariums and zoos and museums

[@JMX1521]

Thank you 🙏🏽

[@LivingLife972]

thanks for this video. Can everything be done online?

[@hellangel230]

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

[@grod4416]

I need to rewatch with a notepad.

[@tuandukehuynh6357]

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

[@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.

[@teachme7210]

great content

[@anraloninielsen661]

Excellent 👌👏👏

[@Agatha.wayne0]

higher taxes = higher inflation = government subsides to quell inflation, The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the US dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

[@RicardaWindsheimer]

As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.

[@darlenelee7239]

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

[@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?

[@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.

[@JThirupathiLal-vu7gx]

Do you think Kardden will pump before ETH?