TAX BASICS: a Beginner's Guide to Everything
Video Overview & Insights
👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com
What tax topics would you like me to cover next??
⏱TIMESTAMPS
00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
02:44 - Personal Income Tax
05:38 - Payroll Tax
07:05 - Company Tax
07:59 - Capital Gains Tax
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
16:29 - Property Tax
17:50 - Wealth Tax
18:49 - Inheritance Tax
This video is a beginner's guide to all things tax. First I'll explain what tax is. Then we'll cover the burden of tax and how different taxes can be proportional, regressive or progressive. You'll also discover the difference between tax avoidance and tax evasion, along with direct and indirect taxes.
We'll then break taxes down into three distinct categories:
I subscribed
▪ Tax on the Stuff you Earn
▪ Tax on the Stuff you Buy
Thank you for making this basic but comprehensive overview on taxes. Man it’s really a lot. (the inheritance tax is basically extortion)
▪ Tax on the Stuff you Own
We'll cover the main taxes that fall into each of these groups and give examples to illustrate how they work.
I wonder how much just goes to having embassies
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
⏱️TIMESTAMPS
Popular opinion: Life would be better without taxes
00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
'Pay per use' and similar models are interesting, but for a business, ongoing, proactive support is better. I always recommend a relationship-focused firm when looking for tax preparation Stone Mountain.
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
As a legal adult over the age of 18, i find this video very informative. Since i am a legal adult over the age of 18, i am going to drink beer after watching this video because i am a legal adult over the age of 18. Man, I love beer.
02:44 - Personal Income Tax
05:38 - Payroll Tax
Super clear thank you! (Also, love all the references 😂)
07:05 - Company Tax
07:59 - Capital Gains Tax
Ah, thank you so much for helping me be the good tax knowledgeable adult that I am!
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
Dear a fellow tax paying legal adult,
I have recently come into troubles with my taxes. These troubles caused me to turn to YouTube, where I found your channel, Accounting Stuff. Your explanations about deductions, income brackets, and filing requirements were not only informative, but also reassuring in these complex financial times. I feel more confident navigating the labyrinth of tax law thanks to your guidance.
Thank you for the help, a very legal adult such as myself.
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
I’m 41 years old. Let me say it again — I’m 41. And I hate taxes. Like, seriously, taxes are the worst. I’m 41, and taxes? Absolute trash. Every damn year, 41 times over, taxes just steal my money and my soul. I’m 41 and I hate taxes like it’s my full-time job.
But you know what I do love? Gambling. Casinos. Drinking till I can’t feel my regrets. Sex. Yeah, all that good adult stuff. I’m 41 and taxes can suck it while I’m busy hitting the blackjack table, downing shots, and living my best chaotic life.
I’m 41, taxes are lame, gambling is fire, drinking is a must, and sex? Always the cherry on top. Taxes? Nah. I’m 41, taxes are the enemy, and casinos are my playground.
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
thank you as a definitely straight american white man
16:29 - Property Tax
17:50 - Wealth Tax
This beginner’s guide covers a lot. For anyone ready to take the next step, Accounting Plus Financial Services Inc. offers reliable cloud based accounting solutions Canada for individuals and small businesses.
18:49 - Inheritance Tax
🔎FAQ
Isn't the wealth tax is the other name for income tax .
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🎬LEARN ACCOUNTING BASICS FOR FREE
These videos of yours is a lifesaver! Please consider making a playlist for taxation!
▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
🔝 CLOUD ACCOUNTING SOFTWARE
I love this channel! You have personality... thank you for these videos!!!
▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z
▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa
Taxation truly is theft 😂
▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada
🚶FOLLOW ME ON
capital allowance and how they are accounted for
▪ Instagram → https://www.instagram.com/accountingstuff
▪ TikTok → https://www.tiktok.com/@accounting_stuff
I wonder if there’s going to be a birth tax and or death tax, jokes aside great video 👍
▪ Facebook → https://www.facebook.com/thisisaccountingstuff/
________________________
You're just amazing and blessed
DISCLAIMER
Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!
I am in my very first tax class and I’m going to cry. lol
________________________
#tax #accounting #accountingstuff
Hi James. You said Payroll Tax is a Direct tax. But I thought Direct taxes refer to those directly paid by the payer to the government, while Indirect taxes refer to those which were passed on to someone else to then pay the government. Since the employer is sending the money to the government, shouldn't that mean it's an Indirect tax?
More User Perspectives
6:25 - In the example of personal income tax, his whole 80k was taxable. But now we're talking about the 60k portion which is subjected to payroll tax rate. Does this mean that the 60k is subjected to both the personal income tax rate AND the payroll tax rate?
@jaidev7776:48 "But this one is up for debate, you could argue payroll tax is actually regressive, since wealthy people tend to earn income from other sources like investments, which are exempt from payroll tax." But that argument admits that other sources of income have nothing to do with payroll tax, so it's not fair to call it regressive, right?
@jaidev777Do you have an videos on being tax efficient with a sipp?
@reaboPers. Income tax
Taxable income X Person. Income Tax Rate
Average TR = Income T/P ÷ Tax Income
Payroll Tax
Direct Tax on Wages
PAyroll Tax =
Gross wages or salary X Payroll Tax Rate
Company Tax
Direct tax on business profits
Capital Gains Tax
Cap Gain X Cap Gains Tax Rate
An accounting student here. Nice video but how do some rich people pay 0 net tax after having such a large income ????
@HimanshuLaskar-fz6ll❤💖
@X3non-018Could you explain a little bit about What's Accounting Taxation
@SimaoBelo-hs7tmAre you English or American?
@870LAURAI mean to declare Individual income tax😂
@Yoki-n1yHi James. Thanks for your great video. Do you have some video to teach us how to claim personal tax?😊
@Yoki-n1yThanks!
@neerganesanVery insightful bro.
@kamaukariuki7260OH MY GOSH> Your channel is such a blessing. I literally just found your cheat sheets in the description and I'll be robbing you of them shortly 💸
@michaellazarus8112Do you live in the United States?
@rovercoupe7104Hello....I started a mobile food service last year and I also have a full-time job. I know that certain businesses and ride share contractors can't write off their miles until they get to their first stop. I use half of my garage as a commissary/warehouse (area where I prep, clean equipment & pans and store inventory) and for book work. With my situation, am I able to start writing off miles when I leave my house? I have one location where I set up, so I'm not going to different locations. Thanks.
@ilc-nl3yyGood afternoon, can i get further explanations regarding to below topics, pls. Thank you.
1) Explanation on why under Deferred Tax Asset, Asset ( Tax Base > Carrying Value ); Liability ( Carrying Value > Tax Base )
2) Explanation on why under Deferred Tax Liability; Asset ( Carrying Value > Tax Base ); Liability ( Tax Base > Carrying Value )
Never letting anyone down with the contenido
@pintotazzoCan you talk about temporarily vs permanent differences?
@kizzien6651✋ Promo_SM
@nash1072lots of love and respect for you from Pakistan. I have shared your channel with my all Classfellows
@mominaali4290I love your videos. I'm self taught accountant because of you. Thank you so much. Please, Show us how to avoid taxes legally.
@willyou8273Hello James, I have a question. Do employees pay both income tax and payroll tax? And what is the difference between them? Can you explain it more detailed, please?
@MaseMountyPlease post to do payroll in uk.
@sarakareem2316Loved it ❤
@BJJsacraNext do a Multi Step Income Statement
@jonathanbrown4961About preference shares and ordinary shares could you explain about it in future
@ryder8328