Top 10 Tax Tips to Safely Maximize Your Tax Refund
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- čas přidán 6. 09. 2024
- This is your top ten tips for filing your tax return. This is perfect for you if you are filing taxes yourself on TurboTax or any other at home software for your tax return. I answer 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.
0:34 Tip Number 10
2:01 Tip Number 9
3:50 Tip Number 8
5:10 Tip Number 7
7:44 Support
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11:57 Tip Number 2
12:30 Tip Number 1
Thank you! Lol
You're the real MVP! Thanks
List the actual tips
Awesome, thanks for the breakdown!!
Take this guys class he is giving for free. I have taken 3 today already. If you just took one every day, or every other day or at least once a week you would learn more about your money. Thanks for class.
What a wonderful comment Comment! Thanks for your support again, I appreciate it a lot! It's comments like this that give me a LOT of motivation, you are awesome!
I like this dudes energy! Why can't there be a super simple way to file returns - say like press one button, and it is all done? ..haha. I feel like this is all purposely difficult to diminish those who would file to their rightful maximum amount... We should never have to pay money to get money that was taken from us.. period.
Thanks for the helpful information!
Danny thanks so much for the generous words and all the feedback! And for simple returns, I think TurboTax has that "take a picture of your W-2" thing. I don't know how legit it is though. Anyways, thanks for watching and for your support, I appreciate it!
Thats why they need to get rid of the IRS and have a flat 10% tax for everyone and remove all tax loopholes.
Danny Wohl he has lawyer energy without the scummy vibe lol
I hear you. They've already got all the numbers from the cumulative paystubs. Not pro the flat tax though. smh
Very nice! Getting $18k in tax returns next week!! Probably gonna be in jail by March but YOLO!!
L O L.... thanks for watching and for your support Eddie WOW!
I hope this isn't true lol
I wouldn't tell nobody
You here now bro that’s all that matters
Dan Evertt I claimed YOUR momma too.
By the way, if you want to talk trash, make sure YOUR grammar is on point.
THIS GUY IS GREAT! Clear. Relevant. Practical. Concise.
Tom, thank you so much for those kind words, that's such a nice thing for you to say and so motivating and encouraging to me. I appreciate it very much and thank you for your support!
I agree. He is so easy to listen to esp for people like me who is still learning about the US tax system.
This is old, but still good info. I have prepared taxes since 1997. My mentor was a Wharton guy & former IRS Regional Director, so I know this is a great channel.
Straight and to the point, I got lucky to run into your video before I did the 2019 taxes.Your knowledge amazes me. subscribed !!!Thank you very much.
E Galindo, haha thanks again for this comment. You are seriously THE BEST!
ClearValue Tax but on a serious note, thanks for the info!!
This channel is pure gold. You have saved me tons $ and I have extensive confidence in your information. Keep up the good work brother!!
Great personality! Thanks for posting your insights
Thank you Film Courage, I appreciate those kind words and your feedback!
10/10 hair
hahahahahahahahahahaha thanks TheMattyg02, thanks for noticing. I appreciate it!
nice smile too
yo what do u use for your hair? pomade and clay do not work well for me :(
Yes
Yo nice black thick rejuvenate hair line
Clear, crisp, direct, and great advice. Most I am aware of the points, but it's still great to just be reminded of some these tips and cautionary notes. Thank you!
Thank you Banachan888 for the feedback and kind words! I'm glad you were aware of those points but you're absolutely right, it's always good to be refreshed on the materials. Thanks for your support, I appreciate it Banachan888!
I’m 27 years old the year 2021 and I’m doing taxes for my first time ever some things your saying is really opening my eyes and really track my money I thank you for this video and your time
You seem to explain things really clearly. Could you also make a video for ex-pats filing from abroad? Especially the transition from the 2555 form to the 1040 and Schedule 1, and additional income? It would really be popular for the hundreds of thousands of us Americans living and working overseas!
Your amounts for charitable contributions are averages per return which might fly under IRS radar, but not certain state tax agencies. The correct amount to deduct is the thrift store value if donated to a thrift store. Of course there's a difference in giving advice to someone that you will represent in tax court and someone that will just be watching a video you make. I'm often asked "How much can I claim?" and my answer is "How much did you give?". Ethics: It's good for you and your client.
You know your so Passionate about the information that you give and I really appreciate it keep up the good work, this information has made me step up my game and get my taxes filed.
Thank you Mr. Kim. I just learned so much. I now own a online small business. A little over 2 years. I have no income yet, only expenses. I was searching for how to report (last year and this year) those over head, business cards, etc expenses along with my married-joint returns. I'm gonna search your videos for help. Thanks again for this amazing stuff!
Great detailed video😄😄 this should have 100,000 views
I really think people can benefit from these so I really hope we get there! But thanks so much for those encouraging words and for your support vee c, it's much appreciated!
It does now
Yes it should. I'm a college counselor and sp many people have to go back and amend their taxes because either themselves or their tax person did them incorrectly. Ive learn so much from these videos.
@@clearvaluetax9382 ll
Most people are not itemizing this year nor last year. gotta love that 10k cap on the taxes.
Uggghhhh yeah, tell me about it. Sad to see that $10K cap. Thanks for watching and for your support Soulreclaimer65 (haha nice name).
Very detailed and informative. Easy to understand and comprehend. I love the way he explains everything.
I wonder if you might know the answer to this: We won a settlement in 2015 and the payout was 75,000. 32000 went to the lawyer and 43000 to us. The attorney told us we would only have to worry about taxes on our portion and told us to submit a paper that he gave us. This paper was some kind of 1099 copy which said that the Payer (Us) gave the attorney 32000. The problem is we got audited years later, and they're saying because our defendant in the case filed that 75000 was paid to us, it has to be input as 75000 as misc income, and then the 32000 has to be input as a deduction with a 2% AGU cap which is completely different than what the attorney told us, and ended up with us owing way more than initially to the IRS. Who's in the wrong here, is there some confusion? The reason we're confused is because the attorney swears he's never had problems with this method for the past 20 years for all his clients. Plus, the lawsuit was for wrongful termination/discrimination. Maybe if you know, you could explain what he was trying to accomplish with that form that said we paid him 32000.
Very helpful video. Very down-to-earth and frank information. ("C'mon, you're not fooling anybody!" - that was great honesty!)
Haha thanks for the feedback Freda, I appreciate it! Thanks for watching and for your support!
Some folks out here in the real world don't have a person in our lives to share this kind of important intel, so just know your work is appreciated.
Dang Alex, thanks so much for those kind words, I truly appreciate it! Thank you for your support, it's very motivating to me and it means a lot to me!!!
Hi Brian❣️ You do so much for the community. I wish I had seen this before I filed (it being my 1st time. Alone. Online. 😬). I wonder if you'd consider doing one of these videos for folks filing amended taxes and/or back taxes?
YOU ARE CLEAR , NOT COMPLICATED, AND DELIVER WITH TOTAL SERENITY THANK YOU
Well being a corporate ceo is probably the best way to save money on taxes
he always explanes the subjects he is talking about clearly always great tips and lessons that benfit you the tax payer thanks for all your help !!!!
You should do one of these for CZcamsrs. My taxes are a mess lol
LOL, I'll definitely keep that in mind. I guess I'm joining you guys in the youtube world haha.
@@clearvaluetax9382 CZcams as a business is the wild west for professional help. My CPA and Lawyer think im crazy lol!
Where can I find the video about RSU? Would love learn from your tips. Thanks man.
Thank you very much I don’t get it why some peoples don’t like the video the only thing you tried to do is helping people for free
LOL... Haters are going to hate... that's what they do.
Detailed and highly informative video...
IRS disallowed tax credits/deduction for my middle school going daughter since her ITIN was expired. She got an SSN this year. I would appreciate if you could let know how to recoup the last year benefits
Hi Rajesh, you would qualify for the other dependent credit of $500, not the $2,000 child tax credit which requires/required a SSN. You can amend. Get that money!
Thanks for the info. Sure was surprised you took the time to answer. Wish you were in Atlanta, I would ditch Turbo Tax.
TurboTax is great actually. Honestly, the accountant only becomes worth it when things get really complex. Turbotax would spit out the same answer as me. Atlanta rocks!
The most passionate accountant I’ve seen on CZcams so far=) thanks sharing! This was great advice.
question: husband and I had always filed married filing separately then one year we filed married filing jointly the following year we wanted to file separately but the tax preparer told us we could never go back to filing separately. Is that true?
MJNicholas my tax person said the same thing with no reason. Just said you can’t go back.
Rental on Turo.
Love your channel. I play it when I am walking and just listening to your points.
Have a quick question-- Have been renting a car on Turo.
1. The car is fully paid off
2. 90% of the car is used for business -- otherwise it just stays home.
3. Did not open a business entity for this rental.
How do I take advantage of what I received vs what i need to pay in taxes. ( Depreciation ? Mileage ? etc)
Looking forward to hear from your end
P.s: If I were to hire your services while I am in California, how does that work ?
Hi Madhusudan, you don't need a business entity to deduct it. You would be deducting it as a sole proprietor the same way. However, you do need a business entity to legitimately deduct it. You would be deducting 90% of it since 10% was for non-business usage. But you'll generally want to decide whether it is optimal for you to deduct the actual expenses or use the mileage method. You can visit us at cvtaxpreparation.com Thanks for your support!
Very informative!
One question though. Aren’t gambling losses reported in Sch A subject to the standard deduction whereas gambling winnings are 100% reported in Schedule 1 Under Other Income Form 1040.
Hi Alejandro, gambling losses are an itemized deduction. Therefore, if you're itemizing, it will help you dollar for dollar wash it away any winning completely. If your itemized deductions are less than the standard deduction, then depending on how much we're talking about for the gambling winnings, it may not help you fully. However, you usually receive a W-2G when you receive a large payout.
Not sure why I'm watching this, my wife is a fraud examiner and tax (and mine) preparer. She listened while I watched it. I used to work for Intuit for their ProSeries product. I wasn't a tax expert but knew my way around. I knew The Tax Lady who helped get the PTIN put into effect, her PTIN was like 1,2 or 3. No joke. Enjoyed this video.
Of course as I watch she chimed in talking in stereo with you. Dont forget to pay your estimate when doing your extension =)
LOL, that's funny. I'm glad to see other tax professionals listening in!
I can't even imagine what goes into the production of Proseries from the combination of programming to tax laws and how it flows and ties together. Intuit is on point.
Keeping a great Khan's in your channel will grow huge
Thanks Moneyology for the support. Trying to help out as much as I can before tax season totally wrecks me!
@@clearvaluetax9382 that's true!
I think my comment has a few typos cause it doesn't make complete since
I filed before I found this video. Very informative. I didn't use turbo tax because I selected the free version and when I got to the end they wanted to charge me. Was my 1st time filing, this channel would've been helpful had I found it earlier. Good job 👍
Thank you Dave for the feedback and kind words! And thank you for the support, I appreciate it!
Subscribed! Thumbs up! Easy to understand. Your a gem! Thank you!
Thank you Day Dreamer for your support, you are a gem!!
2:38 -- "Don't round up (or down) your numbers. Yeah......I like this one.
Once knew someone who tried this 'trick'. Thought they were being sooo slick. Until they realized they 'out-slicked' themselves (as my mom used to say) and got a pretty hefty fine from the IRS. The person had nerve enough to get mad....couldn't understand / figure out why / how they got nailed then, had the audacity to get attitude and wail at the universe because they had to pay more than expected. Unreal. Unbelievable.
12:13 -- This is another interesting one. Never heard this one before. Wonder how many people actually report any gambling activity on their taxes,AT ALL. Didn't think anyone could.
Very informative and insightful video overall. Thank you for sharing.
Hi Trojanette83, yes, people generally don't want to report their gambling winnings. However, when you hit a certain jackpot size on a slot machine, the attendant comes to you and issues you a W-2G (or at the cage). In that case, you have to report the gambling winnings. In that case, you want to deduct how much you threw away with your losses.
@@clearvaluetax9382 Ahh. Gotcha. Now I understand. I truly did not know. Thank You for the 'lesson'.
Hmm That's why I kept getting audited =( I kept getting even scholarships in university ie $15000, $6000, etc.
=(
Another reason to file married filing separately, if one spouse owes say student loans that they didnt repay and the student loan servicing agency are going after the tax refund.
Thank you so much for showing honesty. God bless
Thank you Khai for that nice comment, I appreciate it! Thank you for your support!
I absolutely love you. Finally found someone who makes sense
Great information! Thanks! Any ideas on how to deduct my car expenses since I rented my car out per Getaround? Getaround is sending us a 1099 form. Am I a considered self-employed by renting my car out?
If you're renting out your car then your car expenses are absolutely deductible. But you don't want to use the mileage method because you're of course not driving it.
@@clearvaluetax9382 In fact, I am driving my car as well. Renters rent my car when I am not using it. Like half and half.
By the way, the company Robinhood you suggested has now a class action lawsuit - 1:21-cv-00777 in Southern District of New York Court - Manhattan.
Easily my favorite accountant videos
Thank you Mario for all your support!
I had a tax preparer that had a guide book he would look at and he would say “That deduction is below the national average, you can find more deductions for that, can’t you ?” I stayed with him for twenty years. The first year his son took over his business, the kid was straight laced, no fudging, no little book, I dumped him after the first year.
Enjoyed this. Thanks! You should time stamp each number in the description so people can go to the ones that apply for them
Thank you Originataly for the tip! How do I do that? LOL. I've been making videos for about 13 months and I'm not sure on how to do that haha. But I'll look into it. Thanks for watching and for your support!
@@clearvaluetax9382 when you comment on your own video you can link a time either thru the 3 dots at each specified time or a special formula and then add description next to the time stamp
Thanks I just cleaned out my Library 📚 and been giving away all my books and been down sizing my house and they give you a slip but didn’t understand how it worked 🌷
Always good stuff. Thank you. Question: if i take the standard deduction for my wife and I, can we still claim the house expenses like mortgage interest, prop tax, etc?
Hey Cnat01, see my previous reply. Thank you for the support!
Can u make a video about capital gain on rental properties for those who did not live there in the last 5 years. Including 1031 exchange.? How to reduce the taxes on the sale? If u could also cover the gain from the stock markets that would be great
Hi L T, I do have a video about those subject matters, however, I don't think they go in depth as I think you're looking for. However, I'll definitely be making those videos as a lot of people are requesting more rental property topics. Thanks for your feedback and suggestions L T, I appreciate it!
Great detailed helpful tips.
Thank you Timothy for the feedback and kind words, I appreciate it!
A gem of a video, people really should watch this
Does a person need to file and pay taxes if they are receiving retirement income only? This retirement income is from deceased husband and wife has never worked in the past.
Hi Ariana, I think I answered this in the live stream. If it's pension income or IRA income, then it would be taxable if it's over the standard deduction amounts. It just depends on the mix of retirement income because social security income by itself and only would be non-taxable.
Thank you for your videos.
Great content ClearValue! new to the channel.. question. if i wanted to refinance my auto loan, can i deduct depreciation expense on my taxes?
Hi MrCHips005, yes, a refinance will not affect your car's depreciation. Thanks for watching MrChips005!
Love you you explain things so perfectly and easily precise understandable
I love the information but I have one suggestion. Definitely start using text on the bottom or side to let us know which topic you are talking about. I got lost from topic to topic. Regardless, Thank you for the information.
Thanks for the pointer Joshua... yep, I'm going to need help with editors and third-parties. I've been doing it myself pretty ghetto style but that's got to come to an end soon. Thanks for the pointer Joshua!
You are amazing! 👍 Excellent information and very detailed. Thank you for this knowledge.
Great tips. Thank you.
Thank you Ed, I appreciate the feedback! Thanks for watching, I appreciate it!
Can you claim all Uber tips when filling up expenses on your tax returns
Hi Brian,
I have a $100,000 student loan and plan to use money from my UGMA to pay off part of the loan. Will I have to pay tax from the withdrawal? Thank you.
Hi Bambiyogi Le, no, the withdrawal won't be taxable because that UGMA was created with after-tax dollars.
You are so helpful! Thank you for your honesty! This is the best video that I have found in Weeks on the topic of taxes! Thank you.
A special note: This is regarding US taxes, not Canadian tax returns.
They're showing this video in Canada???? CZcams... haha
@@clearvaluetax9382 Even here in Jordan, Middle East xD
Thank you.
How can someone go about claiming gambling losses if you don't have a W-2 G showing winnings cause Honestly never won enough to get W-2 for winnings how much can you report for losses? Mind you I only made a lil under $5000 in 2019 W-2 form..I know I Spent more in gambling then what my W-2 show I Made this year. I know what your thinking but not everything is claimed.
Enjoyed your video. I am 71 years old. Do I need to file if in retirement I only receive 16,000. A year.
HI Vivian, if it's only retirement income then no you won't need to file.
If tax is being withheld from Vivian retirement money,shouldn't they file a tax return,I'm in that same situation?
So thankful for your vids. They've been far more helpful than google searches or "advice" from "people who know better than i do". One thing I can't find & dont know who to ask:
The first year, I'm expecting my profits for my small business to be in the negatives. That is, the first year, I've put in about 10k into it, and I'll only be getting 5k out of it. Next year, I should be profiting 10k, but after paying off the remaining 5k from startup costs from the previous year, it will only be a profit of 5k. Will that whole 10k profit on year 2 be taxed fully, as if the existing remaining deficit of 5k doesnt exist? Or can it be recorded as the 5k profit that it will actually be (after covering the remaining startup costs from the previous year)?
I am trying to sale my home I lived in for 42 years. I moved into a new home 2 years ago. Are the Gains considered income and when did the clock start on selling my home to avoid capital gains? I bought the new home in 2018 and declared it my primary residence in 2019. I hope to sell my old home this year,2020.Thanks in advance.
Hi Autiger6871, from the date of sale (the closing), there's a 5 year lookback period. If you lived there as your primary residence for 24 months of the past 60 months, then you qualify for the primary residence exclusion of $250,000 in gains ($500K if married filing jointly). I hope that helps!
I used to live in Ohio. The graduated state income tax has a unified tax table and a joint filing credit to offset the penalty for joint filing. It is a crude system. Many Ohio couples can file separately and save more on the state tax than any penalty on the federal tax.
Hi Charles, you can actually file joint at the federal level and MFS at the state-level. I've done that in multiple states for clients, I don't know if Ohio offers the same capability, I imagine they do though. But it causes hell for the accountant (for me haha).
As of 3 years ago OH did not allow this. I have lost touch since I moved to FL.@@clearvaluetax9382
Omg I wish I would known of you before 2019
Glad I found your video extremely helpful because I'm doing my own taxes this year for first time!!!! 🤞🏼
Wow so smart and good looking guy! In defamation is right on point.Love it!👏👏👏
Haha, thanks for that feedback Hunter! Thanks for watching and for your support!!!
Thanks for the great advice. One thing can be a little misleading though. You do NOT need to file an extension if you absolutely expect a refund. I used to do taxes for friends and family and they would panic when April 15th neared even though they knew they were receiving federal and state refunds. Though not smart, when I was younger I even waited until December to file without a peep from the IRS. I lost out on state credits for filing late but felt like I was "saving" the refund for later when I was instead giving the government an interest free loan. Now, since I still am guilty of giving the government an interest free loan, I file as soon as possible (January) to get my money back.
Hi FireTrace, that's correct, the penalties are based on the balance due. Without a balance due, there is no penalty. However, better safe than sorry for people who haven't computed their tax returns. Plus filing an extension is free, I guess it'll cost you a stamp. I have a video about how to file an extension for free at least.
If I have some big capital gains 2019 which generate large 1040es forms for 2020 can I not pay them if I do not plan to make much money in 2020 or will there be a penalty?
DrewTalks, if you have large capital gains in 2019 then your tax software will think that you will have those large gains AGAIN in 2020, therefore, they generate you estimated tax payments that you should send in for 2020 based on the expectations that you'll have those large gains again. However, if you say you won't, then you DO NOT need to submit those estimated tax payments. That's just the software being silly.
@@clearvaluetax9382 killer advice, thank you! You helped a lot.
HOW WOULD YOU FILL OUT 2019 1040 WITH 401K, & HSA CONTRIBUTIONS?
i had a question. last year i was going to use the church donation on my taxes but the tax person said no cuz we dont own a house. is that true?
A lot of times, it's hard to have your itemized deductions be greater than your standard deduction if you don't have mortgage interest and/or property taxes. That's probably why they said that. I would agree with that person's statement to an extent. Thanks for watching and for your support Ashley!
My wife and I are filing joint taxes, no house, no kids, no nothing pretty much. After the standard deduction is there anything else that can be added on or is it a flat rate type of deal? Favorited the video so I can come back and watch the video again when I’m ready to file!
Hi 96ruly! In your situation, then that sounds like a very straight-forward case. With no house, no kids, no business operations, there's less options available. But thanks for favoriting it!
First year filing with RSUs and I knew something looked off. Going over to check out you other vid now!
Awesome Joshua! Congrats on the RSUs but yes, make sure you adjust your cost-basis on the 1099-B. Thanks for watching and for your support!
ClearValue Tax I’m having trouble locating this video on stock options and taxes...where is it posted?
really enjoy your videos, i’m looking to be a certified tax preparer. Love these basic tips !
i only worked Part time the whole year and make a little over 17k have two daughters.. And turbo tax only wants to give me back $1,400 per child.. is that correct?’or should it be $2,000 per child no matter the yearly income
Hi Ivette, Turbotax is correct because your tax liability is zero. The child tax credit can reduce your tax by up to $2,000 but if there is no tax, then you can get free money up to $1,400 per child. So yes, it's correct.
@@clearvaluetax9382 Well, I wouldn't consider that "free" money. It came from someones pocket.
Thank you. I am a cpa and I enjoy your information.
Fellow CPA, it's an honor Robert! Thanks for watching and for your support and for those kind words. I appreciate it!
Hiw can I have you do my taxes? I usually do them myself, but I was into all kinds of stuff last year. I'm ahead of my ski's now, I already know it. 🤣🤣
LOL. Yes, please visit us at cvtaxpreparation.com Thanks for the support Janine, I appreciate it!
Questions about the first stimulus check, my parents and my sister are American citizens however they don’t live in the states they live in Taiwan. According to my sister they already filled out the non-filer form online for the first stimulus check. And the system says “payment status not available” what should they do? Keep waiting or.....! Btw I subscribed your channel ever since March, and recently I purchase travala (AVA) stock and southwest airline (LUV) stock, I will keep watching your channel even after the pandemic. Anyways would you tell me what to do about my parents and sister situations? Thanks
Sorry, I meant up to 50% of AGI not $ 50 from previous post.
Hi A Han, it's actually 60% of AGI, not 50%.
wow this is great content. you're totally grabbing this niche topic of discussion. nobody is talking about this on youtube. subscribed!
Thank you for those kind words! I tried to write your name but I gave up... =(
You should’ve names this video ‘top ten tips for filling your 2019 taxes in 2020’. Videos with “top ten tips” in the title tend to do even better.
I changed my video's title, thanks for the tip David. I greatly appreciate it!
Hey David, if you have any more advice, I would LOVE to hear it! Thank you David! Please feel free to email me at brian@bmktaxgroup.com.
I’ve been getting heavily into investing, consuming a lot of content like yours that is a tremendous help! In doing so I’m seeing that there is significant amount more content on buying into investments (Timing, strategy, etc.) but very little content on how to think about selling off those investments. Can you please help us understand this aspect of investing??
Can a married couple switch between filing joint and separate at will. Like each year being a different filing.
Yes, absolutely they can. Thanks for watching Jeff and for your support!
So, may I amend my 2018 tax return (MFJ) to MFS since I was independent contractor in 2017? There shouldn’t be any problems with the irs if I do that right? Of course, I plan to do a comparison to make sure if it’s even worth it.
It’s crazy to see how far this channel has came. Great job dude
Can I add my Jan. - April 2020 ira contributions to my total Ira contributions from Jan. - Dec. 2019 on my taxes?
Hi Yolanda, absolutely, yes you can. The deadline to make an IRA contribution FOR 2019 is April 15th, 2020. I hope that helps, thank you for watching and for your support Yolanda!
Better educate ever! people should support him.
I don’t have my state tax withheld because I need that extra to meet expenses ev month but of course I have to scramble after Jan to get the big sum together to pay it. Any suggestions?
Hi Barbara, understood, it's money now and tax balance later or no money now and no tax balance later, I guess it's like choose your poison! I would recommend seeing if you're getting penalized for underpaying. If so, better to pay-in, have less money now, and have no/less taxes due and avoid the penalty. You'll come out winning and ahead if that's the situation.
I have two friends who rent out two rooms in my townhome. I’m confused if I need to claim them as tenants or if I can claim them as cost-share occupants. Because if you do the math, we all end up paying about an equal amount on expenses and they’re paying me “under the table”. Appreciate your help.
Hi Victor, technically speaking, you're supposed to count that as rental income and take your applicable rental expenses. Does that always end up being reported in real-life? Not really.
@@clearvaluetax9382 Thanks for your quick response! I understand you can't give out blatant advice on certain topics, so bear with me here, but if i saw the situation as "we're just 3 friends living together, I own the house, and they help me with the expenses." and less of a landlord/tenant relationship, would that fall under a gray area? Not trying to break the law here, but also don't want to be stuck in technicalities if I'm not 'making a profit' off of this.
If I am married can i file as single?
Hi Jonathan, yes you can.
@@clearvaluetax9382 thank you so much for your video!
Only if you are considered to have been unmarried on December 31, 2019. So if you are legally married and lived with your spouse the whole year then you can only file as MFJ or MFS. However, if you did not live with your spouse for the last 6 months out of the year then you are able to file as single or HOH (with a qualifying child/relative).
I had a tax question regarding “full time student” status.
My community college considers you a full time student in the summer if you take 6 or more units during the summer semester. I take 7 units during the summer semester as well as the spring and fall. I Also take 3-6 units in the winter intersession. In total for the year i take 24+ units. My question is, Since my school considers me a full time student in the summer do I qualify as a full time student?
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Great video bud. Appreciate using common words to help us.
Hi J&M, oh man, thanks for that awesome feedback. I'll try to keep the vocab as easy as possible. Thanks for the feedback and for your support, I appreciate it!
i my boy friend 7 kids ....he pay child support on 4 kids two different support orders ..so can he file anything for the the money he pays in tax
Hi Kristi, do you mean like he gets to pay less in child support because of the taxes he needs to pay? I believe yes, that's factored into the equation. Any attorneys here that can assist here with this question?
You cannot claim child support.