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!!
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): th-cam.com/video/6pEkMBQJc6A/w-d-xo.html
@@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 TH-cam channel as a new entrepreneur!
@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 😅
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!
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.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.
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.
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.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
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.
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 🫶🏾
I’m 22 and still don’t know a thing about taxes… I just have them done for me but I got tired of not understanding and actually wanting to have a solid breakdown so I can actually start doing them on my own!
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!
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.
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
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
Yeahh, the person above me is correct. Though many kids think qhat you learn at school is useless, i see it as a gameplay where you have to complete small and long tasks so that when you face the finalboss (life) you have all the skills even in small amounts. So learn your a+b or ×=4 then your tax learning could be easier. Math helps a lot in all of this "economic-stuff"
I am beyond blessed by this channel !🖤Never have I came across a more comprehensive presentation with applicable information thank you!!! Y’all are out here saving lives for real .
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.
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❤❤❤
Thank you so much for your straight-forward explanation on why we pay taxes and why we have a progressive tax system. So many people do not understand this.
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.
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.
@@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?
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.
@@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. :)
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
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?
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.
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
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.
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?
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? 🤨
I have a question If your doing TH-cam 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 TH-cam where is it stored.
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.
![15 Individual Tax Strategies to Avoid W2 Taxes [100% Legal]](http://i.ytimg.com/vi/nIxn2HqUffI/mqdefault.jpg)
![15 Individual Tax Strategies to Avoid W2 Taxes [100% Legal]](/img/tr.png)
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!!
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): th-cam.com/video/6pEkMBQJc6A/w-d-xo.html
@@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 TH-cam channel as a new entrepreneur!
@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 😅
@@LYFEAccounting super helpful, i admire your humility and also the "fix it" video, it really helped! In Jesus name.
@@nikkiau1 how is your entrepreneur journey going?
I am 14 and I have no clue why I wound up here, but I’m staying.
Best topic you’ll ever invest time in bruv. Taxing sytem is mad.
Learn about taxes and how you can use credit (debt) and you'll thank yourself so much when you're in your early 20s
that makes 2 of us lmao
I make a third 14 year old who doesn’t know why I need to be here
fourth here but im 15
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!
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.
Thank you so much, Marcus!
U will join....
I’m new in your channel and really it’s easy to learn. Thank you so much again.!!!
I agree. Well done. Thank you.
wait i'm pretty sure they did teach this in high school and collage.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid economy crisis, and even pull it off easily in favorable conditions. Unequivocally, the collapse is getting somebody somewhere rich.
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.
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.
i'm blown away! mind sharing more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one as well
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.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
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 🫶🏾
I'm 29 and don't know much about taxes either!
I’m 22 and still don’t know a thing about taxes… I just have them done for me but I got tired of not understanding and actually wanting to have a solid breakdown so I can actually start doing them on my own!
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!
I took an economy class and we discussed taxes but to this level. They should teach this in schools.
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.
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
Both are important. Also a+b means nothing
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
Yeahh, the person above me is correct. Though many kids think qhat you learn at school is useless, i see it as a gameplay where you have to complete small and long tasks so that when you face the finalboss (life) you have all the skills even in small amounts. So learn your a+b or ×=4 then your tax learning could be easier. Math helps a lot in all of this "economic-stuff"
I am beyond blessed by this channel !🖤Never have I came across a more comprehensive presentation with applicable information thank you!!!
Y’all are out here saving lives for real .
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.
Very important information here. I know taxes are boring for most people but this info is invaluable
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❤❤❤
Could you make a video on where we are supposed to go to pay taxes and also how often do you pay property taxes.
Thank you so much for your straight-forward explanation on why we pay taxes and why we have a progressive tax system. So many people do not understand this.
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.
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.
@@MacCurtisHolisticHealthTalk passive income? I prefer to WORK for my money
@@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?
Thanks I bought Kardden and I can't be more happy about it
Great job and thank you so much for the information my brother.
Clearly Kardden was a right choice. Hope to learn more from you this is pure knowledge
Love this video, just getting started how to prepare taxes. You definitely do a great job explaining this up
Great video. Easy to follow along and to comprehend, it also answered all of my questions.
The best explained video I have found on this subject. Congratulations! Subscribed
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.
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
Thank you! You are amazing! 👍
This content is awesome you just earned a sub and viewer for life
Thank you! Do you have a basic business tax 101 for beginners?
Not yet! But great suggestion 💯 I'll add this to my list of ideas
@@LYFEAccounting please do I am interested as well. Thank you
I’m interested also :)
I’m interested as well !!! ❤
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.
I still don't get it I got to watch 10x more time 😂
This video was wonderful! Thank you! I learned so much!
the most fair approach and yet the ultimate king of meme is Kardden
Very good lesson with the topics clearly explained . Thanks
Love this. Thank you
Thank you so much! So helpful 🎉
this is very informative and well explained. thank you very much
Thank you brother. God bless.
Super helpful! Thanks for this!
Very informative. Thanks for sharing this! 👍👍👍
Glad it was helpful!
@@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. :)
Loved the info. Very clearly stated.
This is the most helpful video I’ve ever seen in my life 🙏🏼🙈🤣
Thanks so much for this, very informative!!
Thanks bro appreciate you 💪🏾✅
How do you calculuate your total income for the year?
Been looking for video like this New employee in USA ...Tax system is different from my country I needed explanation
Thank you for sharing this video
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
You can file your taxes digitally. For the most basic tax situations you can use a website like TurboTax
@@LYFEAccounting Thank you for replying!!
We pay taxes to ffund the goverment
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?
Awesome material
GreatInfo! WellDelivered! ThankYouSir!
This is very helpfull!
This video is GOLD presented by GOAT !!!
Thanks, please make another video about Kardden I prefer Kardden that is strong
Phenomenal job!
I respect your work mate so you say Kardden good one to use?
I love all your videos.
Kardden Token time! This thing is lifting up in ways nobody did before
Great information Sean! Thanks for sharing your great knowledge to us.
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.
Great break down
Thanks, James!
great content
Thank you so much. Im not worrying as much on how to do taxes. Why dont they teach us this in school?
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
Thanks for this so helpful video
Glad it was helpful!
Confused by tax liability and tax credit, total tax. Not sure what the differences are???
How you find out how much tax you've paid or you're owed/owe?
AMAZING VIDEO THANKS💯
Great information! Thanks for sharing
thanks for this video. Can everything be done online?
Great content. THank you!
Great video!!
Do you think Kardden will pump before ETH?
1:56 video starts
Excellent 👌👏👏
I am working from january 2023 as self employed , do i need to calculate and pay tax on april 2023?
Thank you 🙏🏽
Great analysis as always, Kardden Token is a strong contender
I’m 11 and taxes seem easy to fill out but annoying because they take tons of for bs reasons
Do I need to report on settlement. I got paid by auto insurance company injuries ? Thank you
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.
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?
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? 🤨
Are withdrawn profits from foreign currency (forex) trading accounts considered as “unearned income”?
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 )
Your amazing bro
Hi ! Could you suggest me, which video I should watch after this one as I'm beginners
Hi where are learning it. I’m also interested in tax programs
love how the like button lit up when he said that😂
Is there anything different for the disabled citizens? As In is there something more different taxes to do as a disabled person. I don’t understand
Can you do a video of trust taxation and forms 1041, 541 and k-1s...? 🙏
Omg so bullish on Kardden! ATH next month? 🔥
Great video! Thank you for the break down!
Awesome video! I just subscribed. Can you please tell me what brand of white dress shirt you have on? It fits very nicely.
Kardden Token is awaiting major CEX listings. It's possible to hit 100x this year.
Really very good explanation about taxes. Thanks very much
I have a question
If your doing TH-cam 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 TH-cam where is it stored.
Lucky for those who had Kardden since yesterday, but more green days to come
Thank you☺️
You’re welcome 😊
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.
Maybe it takes me a while to guess if it's sophistication with me or others kind offly important?
Damn after all these years. I’m 43 and I understand taxes more now than I ever did!