How to File Taxes For the First Time: Beginners Guide from a CPA

Video Overview & Insights

TurboTax Free Edition: https://www.dpbolvw.net/click-100154634-16967972

TurboTax Standard Version: https://www.tkqlhce.com/click-100154634-16985100

This video is perfect for someone that is filing taxes for the first time or wants to get a better understanding of the tax return and tax preparation process.

This is perfect for you if you are filing taxes yourself on TurboTax or any other at home software for your tax return.

Please leave your tax comments below.

Please check out our other videos about 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.

Please check out our new website: https://clearvaluefinance.com/

Please join our free mailing list:

https://cvtaxpreparation.us10.list-manage.com/subscribe?u=d35df7e2a9252b221f6f78884&id=698fbee205

Join our Exclusive Stock and Crypto Content on Patreon:

https://www.patreon.com/ClearValueInvesting

If you want to join us investing in the stock market, you can open up a stock account on WeBull and receive two free stocks:

https://act.webull.com/i/PrOcCBKrVRXN/vg4/

You can get started on Robinhood too with your sign-up bonus:

https://robinhood.c3me6x.net/2nRjO

View our Stock Picks: https://docs.google.com/spreadsheets/d/1rLETnHveeRRKUMydueUiYqnN1B4ur1FvFpJEj4Qm0Gw/edit#gid=1712780055

If you would like to get started with bitcoin or cryptocurrencies check out KuCoin:

https://www.kucoin.com/ucenter/signup?rcode=2MPr3rr&lang=en_US

This is our TurboTax Link for your tax preparation needs:

https://www.anrdoezrs.net/click-100154634-13906760

ClearValue Tax and affiliates and related parties do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!