How to do Taxes for the First Time
ฝัง
- เผยแพร่เมื่อ 26 มิ.ย. 2024
- Watch this if this is your first time doing taxes to make things as easy as possible. We go over the different ways to do your taxes to get you started on the right foot.
Free tax preparation software:
apps.irs.gov/app/freeFile/
Fill out your tax forms manually:
www.irs.gov/e-file-providers/...
TurboTax:
turbotax.intuit.com/
FreeTaxUSA:
www.freetaxusa.com/
TaxAct:
www.taxact.com/
DISCLAIMER: The information provided by Five Minute Finance and from any communication related to Five Minute Finance is for education purposes only. The creator(s) of Five Minute Finance is not registered to provide investment advice and as such does not make any recommendation or endorsement as to any investment, advisor, or other service or product or to any material submitted by third parties or linked to this channel. Five Minute Finance does not hold itself out as providing any legal, financial, or other advice. No content provided by Five Minute Finance constitutes - or should be understood as constituting - advice and you should not rely on any material by Five Minute Finance to make (or refrain from making) any decision or take (or refrain from taking) any action. We make financial suggestions and it is up to our visitors to make their own decisions, or consult with a registered professional.
Music: www.bensound.com/royalty-free...
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Shout out to all my responsible 12 year olds watching this video
Thanks
peter kujo konichiwa im 11
Doodle keep watching videos on this and how to invest by the time ur an adult u will be prepared and possibly become rich
Im 11 but i am watching so ill be prepared
Btw thx
Alien popcorn 😐I’m 15 but oh ..
Wow I’m graduating without knowing how to file taxes
David Williams CPA Yeah you’re definitely a scammer. Shut the fuck up and get a life virgin. Anyone who does taxes for others probably knows proper grammar.
@@ryanholmes7897 you are absolutely wrong.you shut your mouth and get out from here
@@davidwilliamscpa4365 Bruh you’re really trying to scam this guy through a youtube comment section.
@@ten8347 lol this is the funniest thing is seen today😂
✨THE EDUCATION SYSTEM✨
19 about to file my taxes looking at all the 12 yr olds in the comments 😭
LMAOO
Fr 😭
I'm 20 and I feel old looking at all these 12 year olds like yes I'm late to taxes, I too just want to figure out the best way to deal with these w2 forms
Same, lmao
LMAO same age and all looking at the comment like dayummmmmm😭🤣
I’m not even out of the house yet and I’m trying to be a hard worker and save as much as possible, thanks for making this video
you arent special bud
@@jayyorkyuuu8192 What is the point of putting someone down? You should be quiet if you don't have anything nice to say. Putting others down gets you nowhere.
same
Same!!
@@jayyorkyuuu8192 Well u r worst
Living in an abusive household with a mom that ignores all my questions about how to adult - This saved me a lot of anxiety and worry. Thanks for much man.
You ok bro?
Same, like she never cared about me and that gave me a feeling of loneliness
And I almost commit suicide cuz my life is so stressful
I just wished that I never really existed
@@ratman202 Yeah I just live with a mean mom
@@user-nf1bz3sn4z I feel you man shit is hard and you feel like you got thrown into the world without help but there's others to actually help and guide you so it's not that bad
@@meekMIMI Ok stay strong
Thank you. You calmed me down. My husband died in January and he always did our taxes. I've been pretty spoiled! He always came out of study after doing them grumbling.. now, I know why. Again, Thank you.
I'm very sorry for your loss. Did you have any questions?
Sorry for your loss.. Hope you're doing well now :)
@@willoughbykrenzteinburg My guess would just watch more vids and then actually do em' to get experience
God bless him. Hopefully he is in heaven now.
Why don't High Schools Teach Thisssss???
Jose Banda You never took Consumers Ed?
My high school teaches this, it’s called “Personal Finance”
@@jimmyjhon133 My High School Didn't Have That
On top of this, schools already give you the fundamentals to do taxes. Math especially.
Jose Banda your learning it here for free aren’t you? if they teach you this at school you probably wouldn’t pay attention anyways
I'm a 13 year old preparing myself for the future
Bruh same
*i am 10*
Same
Toilet Master I’m a damn fetus
I'm 6
My parents would always pull a, "oh you don't have to worry about it right now" and it pissed me off so much. This video really helped with my stress for once I get a job so I'm very appreciative, thank you!
Seriously, we don’t need to learn half the bullshit we do in highschool 😤 but thanks to people like you on the Internet, we can manage, so thanks a lot man 👌🏼👏🏼💯
I'm literally putting this on a t-shirt
Luis Medina spread the word my dude
I took Personal Finance in my Junior Year of High School (last school year) but I forgot about everything I learned there as I got D’s in both semesters
I had a teacher in highschool show us taxes before lol
She literally said "x's y's and essays....fuck that im showing you kids something you'll actually need"
RIP Ms.Kim i hope your husband rots in jail.😢
@Xelical thats what i wanna know too
This is what the school needs to teach us not something we will forget in like 3 years.
Facts
IKR LIKE WHY TEACH ME HOW MUCH THE SUN WEIGHS INSTEAD OF TEACHING ME ACTUAL STUFF I WILL LEARN IN LIFE
Yeah. I already forgot the quadratic formula or whatever
@@DCMook lmaoo
Yeah but you guys would probably not listen to that lesson either?
When school doesn’t teach you any life skills but TH-cam does well better start early
Because they want to keep you dumb
Me a 12 year old, acting like I have taxes due tmr:
Same
I’m 11 and I’m panicking like if I’m actually doing this
@@jvnotfound5358 BUH SAME
I'm 12 but I just want to know how to do taxes when I am older
I'm 14 so I'm also freaking the f out
Hey you, yeah you, life’s comin’ around huh. It’s our time.
I'm 12
It won't come until at least 3 years but just to prepare
Nein im 12 im judt preparing
This shit seems so complicated but all my older siblings adults and got it so I hope I will too. Ima be a freshman august 12 and I wanna be aware of this so I at least have some information but hope I'll succeed in life.
Children are lucky. Back then we did not have any social media to help us get through this confusing life.
I’m 14, at my 11th year of going to school, and you taught me more about taxes in 4 and a half minutes than school has taught me in 10 1/2 years.
I’m 15 and I’m a junior at my school trying to be prepared for my future
same
Bro 14 and 11th me over here in 8th grade and im a year older than you whats wrong with american grades like in our country 10th grade is on the same level of 12th Grade in america lol
Id say the american school system is absolute easy garbage correct me if im wrong
@@UserName23567 I included pre k and kindergarten. At the time I was a freshman
I'm 15! I'm literally bored right now, so I'm learning this. Very confusing.
AleXiz ! Same Lmao
I'm 15 too, but I'm scared that I'm gonna live with my parents forever and so I'm learning about this stuff
Stay Home!! Same
same
Bruh same
turned 15 a couple months ago and the first thing I looked for was a job ( got hired at burger king). Worked at BK for about 3 weeks and hated fast food so I quit. Got my paychecks for those weeks and realized I have no idea what taxes are. Wish they taught this in school but this video was very helpful!
lol
@@paiminatisy ik alot of people who dont start until like 18. I just wanted to cuz I had no money lol. I don't think you need to unless you wanna start saving but I just wanted pocket change basically.
@@Elasted1 go study don't do that..
@@j4ret221 what are you talking about?
Ima get a job hopefully soon so I'm just tryna learn
Thank you for this! These sort of things make me a little jittery because I feel like this is weird jargon, but I should know this and I am so happy I got to learn this in a concise and precise manner:)
Omg dude thank you so much for this, I'm 13 rn and I hate how school doesn't teach us about taxes, buying homes etc. It always sounded hard to file taxes but you explained it so well it sounds kinda easy, let's hope it is easy lol
I’m actually really nervous for the first time I have to do this. I’m 14 almost 15 and the time to pay my taxes for the first time is slowly creeping closer. I see all of these videos talking about if you get the wrong amount you’ll go to jail 💀. I’m scared to do it the first time but I’m glad there’s resources like this now. My family doesn’t have very good credit score and stuff like that so I’m trying to find a good way to life so I don’t have a life full of debt and I can break the chain. I hope everyone else watching this video has a great day!
Ughhh I’m only 17 why do taxes have to come for me
If you're only 17 i doubt your making enough to have to file.
Not in a rude way,but at that age i was making so little i didn't have to bother filing.
Mr. Bigglesworth I’m 17 and I’ve made around $8000 in 2019
@@ZaxhSO is that supposed to be a lot??
That's below minimum wage kid.
@@ZaxhSO now if you said 8,000 the first 3 months of 2019....that's something to brag about bud.
Mr. Bigglesworth not bragging. I worked 5 months of the year and earned $8000 not including tips. For tips I’ve earned around $50 a night and I work an average of 3 or 4 days a week.
I asked my mom so many times to teach me how to do taxes. She said no just because I'm 14. Thank you for this video.
I’m 14 and learning more than I do in school that will directly help me in real life
I’m literally 18 and I wanted my parnets to help me out but they literally pay someone else to do
Mine too 😭
I pay someone else too :( I’m gonna go later cause I still don’t get it 😞 I’m just going to research the rest of the year so I can be prepared next year.
@@GR-sx9ri so did you learn?
@@Inferxno yeah, tricky but not impossible lol
@@GR-sx9ri nice
Thanks for the advice! If I knew back in high school how tax returns worked I would've been filing taxes all along. I've been overpaying my taxes for years!
My god, THANK YOU FOR THIS VIDEO. I don't have an adult in my life to help me and have been stressing about taxes. I was never taught a single thing and just saw taxes as this mystical scary thing that if I did wrong the IRS would ruin my life over. Thanks so much man
Thank you for this quick and clear introduction to filing taxes. Great point about schools not teaching basic skills like this. I will show this to my students.
W teacher. Wish i had teachers like this
@@idontknow4687 Thanks so much! That means a lot. I didn't learn this stuff in school either, but it's so important for life! Sometimes we have to educate ourselves.
3:04 This is a very comprehensive video and I am thankful you made it, but something about the way you paused and/to blink destroyed me, I couldn't stop laughing
thanks for clarifying!😣 as a fifteen year old, i like to imagine what it would be like once i move out of my parent's home. This is definitely one of those things they rarely teach u in school that i feel is important to know😋
3 years time you have to pay taxes
Rarely? They don’t teach it at all.
Alr now I need to remember this for the next 4 years
this is sooo simple and soooo helpful thank you so much for this!
I often feel worried that I will have a hard time paying my taxes when I'm an adult, this video reassured me a lot.
SAME HERE but im 19
My school teaches you about doing taxes but i like refreshing my memory thanks
You all say "I wish they taught this in school" but y'all know you wouldn't of paid attention to it anyways.
I’m watching this to get myself ready
This is what school should actually teach kids. Thanks 😃
Thank you so much for making this video it really helped a lot!!
Thanks for making it simple and easy to understand
Thanks for this simplified explanation!
I am waiting for the video to show me how to do my taxes for the 1st time..😬
It amazes me how schools are so insistent on refusing to teach teenagers useful skills like this and making it a requirement. They used to do this, but I guess our generation has to figure this out on our own.
Schools never teach us the important stuff that we whould use in our lives this guy just made life easier for others
Such a relief no more mitochondria is the powerhouse of the cell
I'm actually learning
Thank you so much I’m planning on doing my taxes next year when I’m 18
lmao am 13 and am watching this cause am not trying to go to jail just over taxes in like 5 years cause school doesn't teach anything aside from reading and math
Ikr like whats the point in history if we don’t care about that random person 😂
If I graduate without knowing knowing how to do taxes, I will go in jail for tax evasion 😂
Thank you so much for this video!
Thank you for this video. I knew nothing about taxes and this video made it simple to understand
Used the free tax USA link, very self explanatory idk why I was so scared😂 but thank you so much bro!!!
Me: **Watches This Video**
Also Me: **Gets A Taxes Ad Right After Clicking The Video**
They r watching us 👁️.👁️
Thank you very much for the information. I'm going to attempt to do my own taxes this year.
Very informative thanks
I'm a Chilean 14 year old that wants to live in U.S.A and i'm honestly scared of this, i still have a few questions but this was a great begginig, thank you!
I'm literally 14 but I'm trying to learn this now so I'm not homeless XD
Same man😭😂😂
Me watching this as a 16 year old learning what school never taught me thanks a lot man i finally know what to do because a "certain place" never showed me how
Thank you I desperately needed this
When every other country has return free filing but y'know of course the US has to be inefficient.
How do you know if you owe taxes?
You don’t
You don't
Wow man thanks for that I was in a bad spot cuz I didn’t know when or where or how or what I needed for it but thank you for explaining that in the video
Soooo helpful, THANK YOU
I'm 14 and im about to turn 15, this is gonna be much needed. I have absolutely no clue of what to do.
Woahh me too what month?
@@kookooforjooniepuffs4666 May
@@ily_mikeee oh, I’m turning 15 in June :)
Well let me make everyone feel better! Here i am 22 years old filing my taxes for the first time🤘🏼🤣. No shame baby! We're all in our own lanes learning at our own speed 🤝
You know how?
I want to know too!
This 4 minute video taught me more about taxes than middle and high school
13 year old, I appreciate the amount of people in the comments giving me respect.
Great video!
Anyone who's new, follow that first link in the description, and just go from there!
-Took me less than 2 hours
-If you have any questions, don't be afraid to ask your parents (or Google) any clarifying questions you may have
-If you're under the Education/Student Loans section, chances are YOU aren't paying for anything but your parents are, so it's likely that YOU were paying $0 (let your parents do the hard stuff when they file)
Again, great stuff, thank you so much!!
I'm not even in USA and I'm watching this for no reason.
Thx TH-cam recommendations
Only usa do taxes or every country have?
Only the usa does taxes? 💀..
As a 13 year old that doesn't pay taxes this was very helpful
THANK YOU!!!!!! Super helpful!
So, I worked at walmart for 6 months. That's the first job I ever had, and I'm completely lost on taxes. Do I need to call them? And how do I file taxes if I have no money to pay the fee for the software. Is there a video I can watch on how to do it myself?
Not me preparing when I haven’t graduated yet 😫🤚
I did it! Thank you so much!
This was so helpful and simple
Imagine if we just had higher sales tax instead of an income tax. No more IRS and stupid tax forms.
crying on the floor watching this please schools can you just teach us this stuff
there there
Wait the way you explained it seemed so much easier than people make it out to be wtf, thank you so much
I'm glad to see a lot of kids commenting on here. Shows that they're willing to learn and be prepared for the future.
just got my W2 this video BETTER HELP
Did it?
😂
i feel this
DID IT ?
omg thank you very much you really helped out!
Appreciated you explained everything so professional and in a nice way they way you talk so nice and decent thank you 😊
Gay ass nigga
Thanks for the video! I tried TaxAct and it really has a very smooth process and I manage to submit the tax refund for free in 30 minutes or so. As long as you income was less than $ 69K during 2019.
I came here because of pewdiepie😂😂 saw it on his video
Same
Me too
I from in a country where locals don’t have taxes. Why am I watching lmao
Thanks for this!
Thanks for the video!
The title is "How to do taxes for the First Time" and then first thing he says is "don't do it yourself. why did i even come here
So I never filed any of my taxes, it's been a few years. I was 16 when I worked at BK for 10 months. And worked again at a different location for a few months. What would I have to do, would I get in trouble? I'm confused..
New to it myself (had a family friend do it for me) but if my understand this....
-You owe based on how much money you make
-Deductibles makes the cost go down
-Every paycheck you get, is taxed to pay what you owe throughout the year
-You pick how much you pay from each check, when you get hired
-When it gets added up, if you paid too much you get $, didnt pay enough you owe $
Doing your taxes is just to get your money back by finding deductibles and showing that you paid too much throughout the year.
If you owed money they would be calling you. Most likely you paid too much and Gov keeps it
@@realviper1188 oh so you think they just kept my money because I never filed my W2 form or anything like that
Thats exactly what they do, im just not sure if they have to contact you when it happens. Think of it like you owe a friend money, you pay him back a little bit, every week or so (no one is keeping track of how much you've paid bc counting all year long is too much work lol) april shows up and he counts everything up.
If you didnt pay enough he is going to ask for the rest of the money
If you paid too much then you just made him happy
I would ask a family member if your not sure. My understanding is that they already know how much you made and what you have paid from your paychecks.
Taxes is just to cover your ass if you owe. Paying someone to do it for you so they can find all of the deductibles to lower your cost
It's highly likely that you are probably owed a small refund assuming you had withholding from your checks. You should have gotten a W-2 from BK. If not, go and ask them for a copy.
You have three years from the original due date of your return to file to get a refund. So for example if your W-2 is from 2017. That was due April 15, 2018, so you would have until April 15, 2021 to file that 2017 tax return. If you are owed a refund and don't file, you are not in trouble, just out the refund if you do not file on time. If you are owed a refund, it is likely not worth hiring someone to do the return(s) as it could likely cost more to hire a professional than the refund you would get. There are a few online sites that you can use for free, and your tax return would be just about as simple as they come. Just follow the instructions - though I'm not sure if you can use the online sources to file years after the fact. You would have to check in on that.
*I'm 18 so this is really important for me.*
This is actually helpful thankyou for this video
does having autsim qualify for a tax deduction?
Lmao
Do they teach us this is school because i haven’t been learning anything useful that’ll help me in life yet
@@Hummus-dm6hc that’s defining what it is, they never taught us how to do it
Whats the point of knowing math if you dont know how to use it correctly
@@Hummus-dm6hc thats exactly the same as “Do this math problem but without instructions” how am i supposed to do that if i never got a chance to see what the instructions are to do it, you can’t just swap bodies with an intellectual and let them do it
@@Hummus-dm6hc and you should be smart enough to know that i was exaggerating
@@Hummus-dm6hc is that when you have nothing to say because you know im right?
@@axagorax well they dont
Thanks very much man
Thanks for this. Helps alot God bless man.
It's funny how we are all 12-13 years old watching this video
Because as gen-z we different 😈
I’m 18
I’m 26 rn barely knowing how to file my taxes
25 on March 14th. Same bro never filed before
I’m 24 and barely knowing how to do it too, your not alone.
Same!
Just turned 16 and no one ever explained this stuff to me so thank you
You are a life saver, thank you
To my fellow kids out there learning about finance even though it's not their time yet, you're doing well with this channel.
Thank you 😔
the government when you turn 18: Your free trial has ended
milan *-* I was worried on how to pay my tax but thanks to *Webmonsterhacks00 on !G* I got my bills paid easy and fast
@@kellybilly3295 get the fuck on scammers
@@JB-rb7cv this is real
@@kellybilly3295 you sure?
@@Maxx9878 you would pay taxes on a site called "webmonsterhacks"? lol
Thanks for this video!
im 15 and im learning more from youtube then i have from any of my teachers