Top 10 Tax Tips to Safely Maximize Your Tax Refund
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- Опубликовано: 20 янв 2020
- This is your top ten tips for filing your tax return. This is perfect for you if you are filing taxes yourself on TurboTax or any other at home software for your tax return. I answer 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.
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7:44 Support
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Thank you! Lol
You're the real MVP! Thanks
List the actual tips
Awesome, thanks for the breakdown!!
This channel is pure gold. You have saved me tons $ and I have extensive confidence in your information. Keep up the good work brother!!
For more information, check out our helpful website: clearvaluefinance.com/
Can you file taxes without having any income?
Straight and to the point, I got lucky to run into your video before I did the 2019 taxes.Your knowledge amazes me. subscribed !!!Thank you very much.
E Galindo, haha thanks again for this comment. You are seriously THE BEST!
ClearValue Tax but on a serious note, thanks for the info!!
You know your so Passionate about the information that you give and I really appreciate it keep up the good work, this information has made me step up my game and get my taxes filed.
Clear, crisp, direct, and great advice. Most I am aware of the points, but it's still great to just be reminded of some these tips and cautionary notes. Thank you!
Thank you Banachan888 for the feedback and kind words! I'm glad you were aware of those points but you're absolutely right, it's always good to be refreshed on the materials. Thanks for your support, I appreciate it Banachan888!
The most passionate accountant I’ve seen on RUclips so far=) thanks sharing! This was great advice.
Take this guys class he is giving for free. I have taken 3 today already. If you just took one every day, or every other day or at least once a week you would learn more about your money. Thanks for class.
What a wonderful comment Comment! Thanks for your support again, I appreciate it a lot! It's comments like this that give me a LOT of motivation, you are awesome!
Very detailed and informative. Easy to understand and comprehend. I love the way he explains everything.
THIS GUY IS GREAT! Clear. Relevant. Practical. Concise.
Tom, thank you so much for those kind words, that's such a nice thing for you to say and so motivating and encouraging to me. I appreciate it very much and thank you for your support!
I agree. He is so easy to listen to esp for people like me who is still learning about the US tax system.
Thank you Mr. Kim. I just learned so much. I now own a online small business. A little over 2 years. I have no income yet, only expenses. I was searching for how to report (last year and this year) those over head, business cards, etc expenses along with my married-joint returns. I'm gonna search your videos for help. Thanks again for this amazing stuff!
It’s crazy to see how far this channel has came. Great job dude
Very nice! Getting $18k in tax returns next week!! Probably gonna be in jail by March but YOLO!!
L O L.... thanks for watching and for your support Eddie WOW!
I hope this isn't true lol
I wouldn't tell nobody
You here now bro that’s all that matters
Dan Evertt I claimed YOUR momma too.
By the way, if you want to talk trash, make sure YOUR grammar is on point.
Hi Brian❣️ You do so much for the community. I wish I had seen this before I filed (it being my 1st time. Alone. Online. 😬). I wonder if you'd consider doing one of these videos for folks filing amended taxes and/or back taxes?
I’m 27 years old the year 2021 and I’m doing taxes for my first time ever some things your saying is really opening my eyes and really track my money I thank you for this video and your time
You seem to explain things really clearly. Could you also make a video for ex-pats filing from abroad? Especially the transition from the 2555 form to the 1040 and Schedule 1, and additional income? It would really be popular for the hundreds of thousands of us Americans living and working overseas!
Very helpful video. Very down-to-earth and frank information. ("C'mon, you're not fooling anybody!" - that was great honesty!)
Haha thanks for the feedback Freda, I appreciate it! Thanks for watching and for your support!
Great personality! Thanks for posting your insights
Thank you Film Courage, I appreciate those kind words and your feedback!
This is old, but still good info. I have prepared taxes since 1997. My mentor was a Wharton guy & former IRS Regional Director, so I know this is a great channel.
really enjoy your videos, i’m looking to be a certified tax preparer. Love these basic tips !
10/10 hair
hahahahahahahahahahaha thanks TheMattyg02, thanks for noticing. I appreciate it!
nice smile too
yo what do u use for your hair? pomade and clay do not work well for me :(
Yes
Yo nice black thick rejuvenate hair line
Thank you so much for showing honesty. God bless
Thank you Khai for that nice comment, I appreciate it! Thank you for your support!
YOU ARE CLEAR , NOT COMPLICATED, AND DELIVER WITH TOTAL SERENITY THANK YOU
he always explanes the subjects he is talking about clearly always great tips and lessons that benfit you the tax payer thanks for all your help !!!!
I like this dudes energy! Why can't there be a super simple way to file returns - say like press one button, and it is all done? ..haha. I feel like this is all purposely difficult to diminish those who would file to their rightful maximum amount... We should never have to pay money to get money that was taken from us.. period.
Thanks for the helpful information!
Danny thanks so much for the generous words and all the feedback! And for simple returns, I think TurboTax has that "take a picture of your W-2" thing. I don't know how legit it is though. Anyways, thanks for watching and for your support, I appreciate it!
Thats why they need to get rid of the IRS and have a flat 10% tax for everyone and remove all tax loopholes.
Danny Wohl he has lawyer energy without the scummy vibe lol
I hear you. They've already got all the numbers from the cumulative paystubs. Not pro the flat tax though. smh
Thanks for the info. Sure was surprised you took the time to answer. Wish you were in Atlanta, I would ditch Turbo Tax.
TurboTax is great actually. Honestly, the accountant only becomes worth it when things get really complex. Turbotax would spit out the same answer as me. Atlanta rocks!
You are so helpful! Thank you for your honesty! This is the best video that I have found in Weeks on the topic of taxes! Thank you.
I filed before I found this video. Very informative. I didn't use turbo tax because I selected the free version and when I got to the end they wanted to charge me. Was my 1st time filing, this channel would've been helpful had I found it earlier. Good job 👍
Thank you Dave for the feedback and kind words! And thank you for the support, I appreciate it!
Subscribed! Thumbs up! Easy to understand. Your a gem! Thank you!
Thank you Day Dreamer for your support, you are a gem!!
Keeping a great Khan's in your channel will grow huge
Thanks Moneyology for the support. Trying to help out as much as I can before tax season totally wrecks me!
@@clearvaluetax9382 that's true!
I think my comment has a few typos cause it doesn't make complete since
Glad I found your video extremely helpful because I'm doing my own taxes this year for first time!!!! 🤞🏼
Some folks out here in the real world don't have a person in our lives to share this kind of important intel, so just know your work is appreciated.
Dang Alex, thanks so much for those kind words, I truly appreciate it! Thank you for your support, it's very motivating to me and it means a lot to me!!!
Always good stuff. Thank you. Question: if i take the standard deduction for my wife and I, can we still claim the house expenses like mortgage interest, prop tax, etc?
Hey Cnat01, see my previous reply. Thank you for the support!
Very informative!
One question though. Aren’t gambling losses reported in Sch A subject to the standard deduction whereas gambling winnings are 100% reported in Schedule 1 Under Other Income Form 1040.
Hi Alejandro, gambling losses are an itemized deduction. Therefore, if you're itemizing, it will help you dollar for dollar wash it away any winning completely. If your itemized deductions are less than the standard deduction, then depending on how much we're talking about for the gambling winnings, it may not help you fully. However, you usually receive a W-2G when you receive a large payout.
Thank you for this information! I appreciate it very much!
Thank you again JojoTV, you're the best!
I absolutely love you. Finally found someone who makes sense
Great detailed video😄😄 this should have 100,000 views
I really think people can benefit from these so I really hope we get there! But thanks so much for those encouraging words and for your support vee c, it's much appreciated!
It does now
Yes it should. I'm a college counselor and sp many people have to go back and amend their taxes because either themselves or their tax person did them incorrectly. Ive learn so much from these videos.
@@clearvaluetax9382 ll
You should do one of these for RUclipsrs. My taxes are a mess lol
LOL, I'll definitely keep that in mind. I guess I'm joining you guys in the youtube world haha.
@@clearvaluetax9382 RUclips as a business is the wild west for professional help. My CPA and Lawyer think im crazy lol!
Great info! Thanks for sharing. I’m so glad I found your channel. Subscribed!
Hi Randi, thanks for those kind words and the feedback, I greatly appreciate it! It's very motivating to me! Thanks for your support, you're the best!
Thank you! I’m shocked you only have 17.9k subscriber base. Keep up the great info
Hi NuMBERNYC, thanks for those kind words! It's crazy to think I even have 17.9K subscribers. On 1/1/2020, I had 950 subscribers. lol.
@@clearvaluetax9382 lol wow! By the end of the year you'll reach atleast 500k. Get ready to make that "big boy internet money" Either way, Congrats and thanks. I'm a subscriber.
Great tips. Thank you.
Thank you Ed, I appreciate the feedback! Thanks for watching, I appreciate it!
Well being a corporate ceo is probably the best way to save money on taxes
Love you you explain things so perfectly and easily precise understandable
A gem of a video, people really should watch this
Great information! Thanks! Any ideas on how to deduct my car expenses since I rented my car out per Getaround? Getaround is sending us a 1099 form. Am I a considered self-employed by renting my car out?
If you're renting out your car then your car expenses are absolutely deductible. But you don't want to use the mileage method because you're of course not driving it.
@@clearvaluetax9382 In fact, I am driving my car as well. Renters rent my car when I am not using it. Like half and half.
Hmm That's why I kept getting audited =( I kept getting even scholarships in university ie $15000, $6000, etc.
=(
Great video bud. Appreciate using common words to help us.
Hi J&M, oh man, thanks for that awesome feedback. I'll try to keep the vocab as easy as possible. Thanks for the feedback and for your support, I appreciate it!
So very helpful. Be blessed, Sir. Thank you.
Many blessings to you as well! Thank you again Zakeya!
Thank you very much I don’t get it why some peoples don’t like the video the only thing you tried to do is helping people for free
LOL... Haters are going to hate... that's what they do.
Great detailed helpful tips.
Thank you Timothy for the feedback and kind words, I appreciate it!
Incredibly useful, thank you!
Mr. Wang, very much appreciated! Moon Palace!
wow this is great content. you're totally grabbing this niche topic of discussion. nobody is talking about this on youtube. subscribed!
Thank you for those kind words! I tried to write your name but I gave up... =(
Great content ClearValue! new to the channel.. question. if i wanted to refinance my auto loan, can i deduct depreciation expense on my taxes?
Hi MrCHips005, yes, a refinance will not affect your car's depreciation. Thanks for watching MrChips005!
Enjoyed this. Thanks! You should time stamp each number in the description so people can go to the ones that apply for them
Thank you Originataly for the tip! How do I do that? LOL. I've been making videos for about 13 months and I'm not sure on how to do that haha. But I'll look into it. Thanks for watching and for your support!
@@clearvaluetax9382 when you comment on your own video you can link a time either thru the 3 dots at each specified time or a special formula and then add description next to the time stamp
Thank you. I am a cpa and I enjoy your information.
Fellow CPA, it's an honor Robert! Thanks for watching and for your support and for those kind words. I appreciate it!
Thanks for sharing all of this info, it's super helpful! Thanks!
Thanks for your feedback Jose, I appreciate it! Thanks for your support!
First year filing with RSUs and I knew something looked off. Going over to check out you other vid now!
Awesome Joshua! Congrats on the RSUs but yes, make sure you adjust your cost-basis on the 1099-B. Thanks for watching and for your support!
ClearValue Tax I’m having trouble locating this video on stock options and taxes...where is it posted?
Omg I wish I would known of you before 2019
New subscriber!
And great info, by the way.
Thank you Leona for your feedback and for your support, I appreciate it!
You are amazing! 👍 Excellent information and very detailed. Thank you for this knowledge.
If I have some big capital gains 2019 which generate large 1040es forms for 2020 can I not pay them if I do not plan to make much money in 2020 or will there be a penalty?
DrewTalks, if you have large capital gains in 2019 then your tax software will think that you will have those large gains AGAIN in 2020, therefore, they generate you estimated tax payments that you should send in for 2020 based on the expectations that you'll have those large gains again. However, if you say you won't, then you DO NOT need to submit those estimated tax payments. That's just the software being silly.
@@clearvaluetax9382 killer advice, thank you! You helped a lot.
question: husband and I had always filed married filing separately then one year we filed married filing jointly the following year we wanted to file separately but the tax preparer told us we could never go back to filing separately. Is that true?
MJNicholas my tax person said the same thing with no reason. Just said you can’t go back.
Thanks for taking the time to share. Very helpful.
Thank you Leatherman Jams, I appreciate your support!
Love your videos very informative i started watching your video since 2019
Sorry, I meant up to 50% of AGI not $ 50 from previous post.
Hi A Han, it's actually 60% of AGI, not 50%.
Wow so smart and good looking guy! In defamation is right on point.Love it!👏👏👏
Haha, thanks for that feedback Hunter! Thanks for watching and for your support!!!
Thank you so much for a clear explanation. Just found your channel today and subscribed.
ive never commented on a video before ive been on for years with different profiles but i really like the way you seem off the rip with your advice so thx alot and i made sure to sub and like
Easily my favorite accountant videos
Thank you Mario for all your support!
Hiw can I have you do my taxes? I usually do them myself, but I was into all kinds of stuff last year. I'm ahead of my ski's now, I already know it. 🤣🤣
LOL. Yes, please visit us at cvtaxpreparation.com Thanks for the support Janine, I appreciate it!
You never gave information on filing exempt-That’s what I needed
Great information. I'm going to look at your other videos. Subscribed!
Thank you Lisa for those kind words and your support, I appreciate it!
Can I add my Jan. - April 2020 ira contributions to my total Ira contributions from Jan. - Dec. 2019 on my taxes?
Hi Yolanda, absolutely, yes you can. The deadline to make an IRA contribution FOR 2019 is April 15th, 2020. I hope that helps, thank you for watching and for your support Yolanda!
I am trying to sale my home I lived in for 42 years. I moved into a new home 2 years ago. Are the Gains considered income and when did the clock start on selling my home to avoid capital gains? I bought the new home in 2018 and declared it my primary residence in 2019. I hope to sell my old home this year,2020.Thanks in advance.
Hi Autiger6871, from the date of sale (the closing), there's a 5 year lookback period. If you lived there as your primary residence for 24 months of the past 60 months, then you qualify for the primary residence exclusion of $250,000 in gains ($500K if married filing jointly). I hope that helps!
Great video. Very concise. Easy to understand
Thank you Salesad, I appreciate the feedback! Thank you for your support and for watching!
Very informative video, I am glad I subscribed. Would you mind speaking on short and long term capital gains as it applies to real estate investors who have sold properties during the tax year? Thanks, in advance.
Does a person need to file and pay taxes if they are receiving retirement income only? This retirement income is from deceased husband and wife has never worked in the past.
Hi Ariana, I think I answered this in the live stream. If it's pension income or IRA income, then it would be taxable if it's over the standard deduction amounts. It just depends on the mix of retirement income because social security income by itself and only would be non-taxable.
i had a question. last year i was going to use the church donation on my taxes but the tax person said no cuz we dont own a house. is that true?
A lot of times, it's hard to have your itemized deductions be greater than your standard deduction if you don't have mortgage interest and/or property taxes. That's probably why they said that. I would agree with that person's statement to an extent. Thanks for watching and for your support Ashley!
Extremely useful information! Thank you!
Thanks for the feedback Brandon, I appreciate it!
Hi Brian, great video with useful information, as usual! I have a question that I hope you can help me with. My 2019 return was accepted by IRS a month ago and I'm still waiting for my refund. I just discovered that I forgot to report a 1099-INT for $410.00 which will lessen my refund a little bit. What would you think I should do? File an amend 1040-X now or wait until I get the refund, then file the 1040-X to pay back the "over-refund"$?
A special note: This is regarding US taxes, not Canadian tax returns.
They're showing this video in Canada???? RUclips... haha
@@clearvaluetax9382 Even here in Jordan, Middle East xD
Thank you.
Hi Brian,
I have a $100,000 student loan and plan to use money from my UGMA to pay off part of the loan. Will I have to pay tax from the withdrawal? Thank you.
Hi Bambiyogi Le, no, the withdrawal won't be taxable because that UGMA was created with after-tax dollars.
Thank you so much for this.
Thank you Kauigirl808 for watching and for the support, I appreciate it!
This was super helpful! Thank you!
Thanks again Terri Saint-Amour for your support, I appreciate it!
I don’t have my state tax withheld because I need that extra to meet expenses ev month but of course I have to scramble after Jan to get the big sum together to pay it. Any suggestions?
Hi Barbara, understood, it's money now and tax balance later or no money now and no tax balance later, I guess it's like choose your poison! I would recommend seeing if you're getting penalized for underpaying. If so, better to pay-in, have less money now, and have no/less taxes due and avoid the penalty. You'll come out winning and ahead if that's the situation.
Enjoyed your video. I am 71 years old. Do I need to file if in retirement I only receive 16,000. A year.
HI Vivian, if it's only retirement income then no you won't need to file.
If tax is being withheld from Vivian retirement money,shouldn't they file a tax return,I'm in that same situation?
Great video I almost threw away paperwork for the HSA that I needed
Yes!!! I'm so happy I helped at least 1 person then! Sweet!
I always learn something new from you.
i only worked Part time the whole year and make a little over 17k have two daughters.. And turbo tax only wants to give me back $1,400 per child.. is that correct?’or should it be $2,000 per child no matter the yearly income
Hi Ivette, Turbotax is correct because your tax liability is zero. The child tax credit can reduce your tax by up to $2,000 but if there is no tax, then you can get free money up to $1,400 per child. So yes, it's correct.
@@clearvaluetax9382 Well, I wouldn't consider that "free" money. It came from someones pocket.
Can a married couple switch between filing joint and separate at will. Like each year being a different filing.
Yes, absolutely they can. Thanks for watching Jeff and for your support!
So, may I amend my 2018 tax return (MFJ) to MFS since I was independent contractor in 2017? There shouldn’t be any problems with the irs if I do that right? Of course, I plan to do a comparison to make sure if it’s even worth it.
Thank you Sir! Subscribed immediately!!
TipTip, you are AWESOME! Thanks for the encouragement and motivation. It's much appreciated!
Appreciate you sir & your advice. Thumbs up👍
Thank you Serg. I appreciate it!
You should’ve names this video ‘top ten tips for filling your 2019 taxes in 2020’. Videos with “top ten tips” in the title tend to do even better.
I changed my video's title, thanks for the tip David. I greatly appreciate it!
Hey David, if you have any more advice, I would LOVE to hear it! Thank you David! Please feel free to email me at brian@bmktaxgroup.com.
I love the information but I have one suggestion. Definitely start using text on the bottom or side to let us know which topic you are talking about. I got lost from topic to topic. Regardless, Thank you for the information.
Thanks for the pointer Joshua... yep, I'm going to need help with editors and third-parties. I've been doing it myself pretty ghetto style but that's got to come to an end soon. Thanks for the pointer Joshua!
Thank you Mr. Kim. I just learned so much
Your awsome!!! Great explaining I loveeeeeee your video BEST ONE HANDS DOWN!!!
Thank you Bedo!!!! I appreciate those kind words!
i my boy friend 7 kids ....he pay child support on 4 kids two different support orders ..so can he file anything for the the money he pays in tax
Hi Kristi, do you mean like he gets to pay less in child support because of the taxes he needs to pay? I believe yes, that's factored into the equation. Any attorneys here that can assist here with this question?
You cannot claim child support.
Im single with claiming a child how do i find out what to put on 13a line im stuck there
Hi Manny, what form? If you'd like a response, you'll need to leave a new comment as I only receive notifications for new comments, not for replies, for whatever reason. Thanks Manny!
This is so useful!
Thanks for the feedback Techboomie and the kind words, it means a lot to me!