November 23, 2020

1040ez 2021

1040ez 2021 hey welcome to my channel so this particular video is just a body of taxes for the year 2020 and I'm gonna get straight to it after you're honest with you I'm not a tax professional and. I'm not a tax, advisor I'm just together likes to go through those details to understand my finances and I try to share it through my channel so if you find good information here you find value in my videos please can dig hit, thumbs up like the video and subscribe to my channel for more content like this one so for this video, I will be going over the tax guidelines for the year 2020 the document just, got published yesterday and I went through it today and. I'm gonna be sharing my screen with you in a few minutes just so that we could actually see the document the way it was written you.

Know I'm not again I'm not a tax professional so I'm just gonna be showing you some of the highlights and some of, the things that I feel might apply to majority of people especially within. My age group or a bit younger just a bit older as well if you need more guidelines to or to understand the documents better I'm gonna leave a link below. In my channel so that you could take a look at yourself and probably read more understanding better, for yourself so this is the guideline for the tax year of, 2019 and this was just released yesterday well I thought the record on this video I was January 8th 2020 if, you want to read it stock one by yourself it's in the link below so you can check it, out so that you can actually get into the details but I'm not going to go into the details because it's documented I mean lots of pages I mean I can., Go to it's about hundred and eight pages so yeah I won't be going into details I'm just gonna make or brain some of the important areas that are highlighted because I've gone through. This document today just because this is what, this channel is all about you know try to educate people educate myself and obvious when it comes to finances that's my area, of interest so taxes is one of them as well so you better pay more attention to your taxes if you want to also have if you want to improve your finances. You know that makes sense but yeah let's get to it so. What's new on page six one of the things I've noticed here just from reading through this a violet headed already a standard deduction amount increased. And it's easy for 2019 the standard deduction amount has been increased for all pilots the amounts are of a single or. Married filing separately it's about twelve thousand two hundred. And married filing jointly or qualifying widower or we do is twenty four thousand four hundred and head of also is about eighteen three fifty obviously. It talks about qualified business income deductions again if it applies to you there may be the case and also this ones, I find important to people in my apply to so that has changed as well, so if you want to just pause the video to read this you can do that but if it doesn't apply to you I'm gonna move on to the next. Thing for the virtual currency if you have triggered. Occur the currency bitcoin and all those things you might need to pay, attention to this section because this will apply to you would have to actually submit a form and sure pretty much pay your taxes alright let's move on here I'm moving on to the next other pages that. I alighted how would. You file how what it says if you have to determine if you want to determine if you have to file. Then there's a chart in this manual that shows you how to determine that which we're going to get to that because I don't wanna keep going back and forth so I'm just gonna continue for, now what generally says your citizens will leave or add income from a US possession.

Should ya see publication 570 residents of Puerto Rico as well she is this tax topic and I want to see. If they must file or here's the key thing it says even if you do not otherwise have.

To file a return you should borrow one to get a refund of any federal income tax without you also should, file if you are eligible for any of the following credits and income credit additional tax credit American. Opportunity Credit credit for federal tax on fields premium tax credit health coverage tax credit. This applies to you you probably want to check this out more so I'm gonna move on to the next obviously. We all know the deadline to file for our taxes for the year 2020 is April 15, 2020 you don't want to miss that date because if you do says it here you can get an automatic six-month extension if not that then the date your is turn is deal. You file, for a form 4868 for details and you can check that out and see see annum an automatic six-month extension to filed as an. Extend time to pay your taxes your tax if you don't pay your tax by the original due date of your return you will hold interest on the unpaid tax and me, hope announces you don't want to do that so make sure you try to pay your taxes on time don't. Be late either so you remember the chart here, let me go back up a little bit it tells us here that you have to file it says. You just check a B or C to see if you must file a return and this is the chart and this is, for most people this is what will apply if your filing status is single and at the end of 2019 you were under 65 or 65 or older then file a, return if your gross income was at least this amounts if you're married. Filing jointly and that is under 65 both spouses. And you know pretty much you just have to go through it I don't want to read all this custom taken a lot of time what they define what gross, income means and it says it means all income you received in the form of money goods property and services that is. An exempt from tax including any income. From sources outside United States or from the sale of your main home if you can exclude part or all of it don't include. Any Social Security benefits unless you're married filing.

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