12 Tax Tips to Cut Your Tax Bill This Year
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- Опубліковано 21 лип 2024
- I am begging you, please stop making these mistakes on your tax return. If you are using TurboTax or TaxAct or H&R Block's software, I am 100% confident that you're going to get a LOT of benefit from all of this tax advice and tax tips for 2020. Yes, we're giving you one tax tip after another, we hope you enjoy!
We also give tips to people who are utilizing AirBnb. And we also give tips about business taxes in additional to individual income taxes. We even cover the Roth IRA and 401K! This is not a video about how to not pay taxes, rather it's about avoiding mistakes to pay less in taxes or have less taxable income!
Please see our other videos about the W4 tax form and how to complete the W-4 tax form because the W4 2020 tax form is completely different than the old version. You can also check out our other video about tax law changes 2020 which is letting you know all the major highlights about 2020 taxes. We are also are a great resource for RSUs and stock trading reporting, especially when the cost-basis is incorrect. Especially on your stocks, look out for blank cost basis on the 1099-B tax forms because those are red flags. Spot that red flag and make sure you are reporting the taxes correctly, otherwise, you'll be overpaying your taxes!
Check out the one about the IRS audit chances discussing tax deductions for a sole proprietor too! Yes, we go over tax write-offs and how to categorize certain write-offs. We even have one about cryptocurrency tax and the Schedule C too! Definitely check out the crypto tax video. Our tax refund video is a great educational video as well. And we even have videos about rental property taxes.
Perfect! Now have fun with your TurboTax 2020 your tax 2020 and all of your taxes 2020! Don't forget all applicable tax credits and tax deductions when completing your tax return.
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. Contact your accountant!
For more information, check out our helpful website: clearvaluefinance.com/
"Do you like throwing away money, is that a hobby of yours?" Bahahha
Thank you for these amazing educational videos. My husband urged me to watch you for days but had been busy with the biz. I finally got to watch and i am forever a fan. This was helpful in a million ways. Thank you for your sharing with us your incredible knowledge.
Man - hello from Travala community. This is the best tax video I've seen. 90% applies to me and very actionable! Thanks for doing this.
This is GOLD! Thank you for providing such a valuable service!
Man i love your videos, your doing society a huge favor! Much love
Thank you Junior for that feedback and kind words, I really and greatly appreciate it! Thank you for all your support!
@@clearvaluetax9382 Black Conservative Patriot clued me in to this channel.
@@clearvaluetax9382 so my husband is a Construction worker and recieve 1099 at the end of the year. Are you saying it would benefit him to become a LLC for tax purposes?
@@clearvaluetax9382 Hello CVT..my name is Shelinda Baltimore and I red your help..I'm a single mother of 2 children and 1 grandchild I'm trying to earn extra money and I'm trying to if you could point me in the right direction
@@clearvaluetax9382 I'm trying to come up and use wat the government is giving and advance .. do you think it's a good time to buy a house
😂 "now you know #1 I can read"
LOL, I'm happy to see that at least one person appreciated my humor lol. Thanks Annache.
I knew someone was gonna post this 🤣🤣
Brian I am addicted to your videos!!! 😲Í Love your “dry humor”. You are so serious that you are funny 😆. Thanks for all the information you share with us.
Thanks Brian, I appreciate what you are doing for many of us. Have a Nice Weekend!
Thank you Brian for the tip at 5:47 and all your videos!
Great video. As an accounting student, these tips are touched upon in Income Taxation class. Especially that 1st one.
I like Brian. I like his videos. The condescension is a bit harsh, but it does add clarity to his delivery. I can see that his frustrated tone is borne from experience at trying to help people over the years. My tip for Brian, although this video is a few months old and he'll likely never see it... A bit more charm will serve you well. And for your more recent videos, it's apparent you are making an effort toward doing just that. I'd like to see you continuing your updates even as the world is taking steps toward phased re-openings of business in every sector. The context you've shared is even-keeled, level-headed, and on point. Thanks! And keep the videos coming.
These are such a blesssing, I’ve been looking for this info e everywhere.
Thank you.
You and your wife are so wonderful, helpful, knowledgeable, and humorous.
Man, your info is real good. Thank you.
Hello Brian, I really enjoy watching your videos. Absolutely love how you explain stuff! This is how I would love to have EVERY conversation with EVERY customer that comes to my register. I work for a convenience store.... lol
I need not to explain more! Lol
Amazing tips, I'm pretty new here your videos so far are absolutely amazing.
Another great video, CVT! Thank you!
Thank you zzz! I appreciate it!
I have recommended this site to my family and friends
Dude I really appreciate your channel, I’m subscribed and I make sure to like these videos!! 💪🏾💪🏾
So helpful. Every second is meaningful. Full of great info!!
Love your tips! You're brilliant!
Wow! Very informative and thank you!
Love this, great attitude keep the videos coming. thank you
So good to hear about the Airbnb part...I am not incorporated and was researching what to do for the upcoming year taxes
Thanks watching and for your support Niss!
@@clearvaluetax9382 thank YOU!
I watch all your vidios!! They are such a help!!! Thank you.
Brain love your humor on taxes and tk u for ur great tips
Good info. I did get a 1099B without the cost basis shown. I manually enter all my forms in Turbotax and I check the reported info with my spreadsheets. So I was able to fill in that cost basis box as I saved the original papers that the fund company sent. Hopefully, that will be the end of that when the IRS gets the info.
Excellent Dave, always good to check!
Thank you for this value info. There is one thing that I missed and will need to revise my taxes.
"Let's do it again, thirteen more times" 🤣 learning so much. Thank u!
Word i was like thats a lotta money haha. He was like pocket that tax free income, scene cut haha.
Thank you for your videos.
Love your videos. Very informative, new subscriber.
Very informative channel thank you for all this information that we would otherwise have to pay for. 💯💯
Brian, this is awesome info !!! TY !!!
Luv the explanations .. your the bestest 👍
Fantastic resource thanks
Very informative. Thank you Brian!
Thank you Cecilia for the feedback and for your support!
Another great informative video. Thanks!
Subscribed! The one thing that needs to be addressed however is that the short term rental sites like Airbnb do you report to the IRS if you have had some thing like 100 or more guest stays or $100,000 a year in bookings. I believe that they are just sending the gross amounts and not excluding stays that are 14 days or less so with this trigger an audit if they are reporting a lot more income than you are? Of course you should be able to support this if questioned
Enjoy your videos😃
So much helpful tips and information 😳
I really enjoy your mannerisms and the way you deliver message😃
You make it lively💓💓💓
You're awesome thank you Roslyn
2:57 😂”... Gee Thanks, lets do it again 13 more times.” ... ...RIGHT!
“Do you like throwing away your money, is that a hobby of yours” I love this guy😂
Yo you have to love this guy!!!! Hes freaking awesome 😂🙌
Thank you Brian Kim! You are my hero!
Awww you are so kind and your dog is so cute!
This channel is gonna blow up 🤞🏼🤞🏼
Mr clean is smart as hell . Love you
I would add "form 8959", which, I guess, is often overlooked. One can overpay Medicare taxes if he or she gets compensation in stock.
Good point BearKiev!
Freaking awesome 👏 info bro 😎
Dude, I want you to be my CPA. Great videos!
Thank you Michael J for your support! I want to be everyone's youtube CPA.
I enjoy your videos. Please start giving us a link to the videos of yours that you mention in your videos. Thank you for all you do.
Awesome content man. New subscriber here. Keep it up.
learn something new from you again, thanks
Thank you Chi Tsang for your support, I appreciate it!
*Awesome tips, helpful informations!*
Thank you Midnight Cravings, I appreciate it!
Great video sir! 👏🏼
Thank you Friki_Rican (PR)!
WOW! Thank you!
YOU are amazing! I am thinking I can do my business taxes and not throw money away!
Listening to you makes me wanna do my taxes!
Great video! Can you please explain where we should report Airbnb income? Schedule C or Schedule E and why? Maybe a video on this question would be great!!
Hi NuCreation! That goes on Schedule E. It can be argued if you are acting as a management company (with a lot of properties) that it can be reported on Schedule C. However, Schedule E is more advantageous (not subject to self-employment taxes). But it's Schedule E because rental activities are reported on Schedule E.
Tip #1 my CPA told me that I couldn't use this. My wife and I own an LLC structured as a partnership. We found out about the ability to rent our home to our business for meetings and office parties so I asked my CPA how this worked. He told me that I couldn't do that. We do all employee training and meetings at our home, typically fewer than 10 per year. Can we bill our business for this?
Good advice.
You're amazing bro 🤯 following like now 😅
Ok ok u got me to lol. 😄I was seriously listening, then he says I can read.
Should I pay it back when I file federal tax if my situation is like this:
Marketing Place insurance covered Jan to April 2019 during the time I don't have income;
After April, I canceled it because I found a job and my company provided the insurance;
So do I need to pay it back for the 1st quarter Premium Tax Credit since my AGI higher than I estimated?
What should I do when I E-file Federal Tax?
When it comes to taxes, Brian is big brain.
Thank you!
Thank you Brian for these great tips! Here's my question for you. If I have property tax credit during the year or at the closing, shall I net it against the property taxes paid for the year?
Hi Kristi, if you receive a credit as the buyer, you reduce the property taxes you paid for the credit you received. If you gave the credit as the seller, you add that to any property taxes you paid. I hope that helps!
@@clearvaluetax9382 Very helpful! Thanks a million!
Okay Brian I get it you’ve been explaining so much on your videos . I like really set down go over a few things with you how can we do this ? Especially with the cove 19 going on ? Is it possible need SAP
So glad I found you!!!!!!. My teenager worked in 2019. She made a little over $5,000, when she was 17. In December 2019, she turned 18. So, do or should (required) claim it on our taxes or should she file it personally?
Thank you for your excellent advice. I'm a single senior and just last yr I had to have a reverse mortgage on my home. Am I able to rent out a room and receive deductions on my taxes? Thanks so much!
@ClearValue Tax Thank you so much for your videos. I have a CPA and you've taught me more on the net in 4 hours than she has done over 3 years. Do you do out of state clients? But no seriously.
Thank you for sharing great tax saving tips. Just wondering whether you can share some tax saving tips for parents with grownups. Thank you 🙏 by the way do you help to file individual tax returns and what is the process. Thank you 🙏
Yes, renting out space to your company is called a leaseback. However it is to my understanding that according to the tax code, the unearned income generated from the rental is converted back into earned income as you are a material participant in the business you rented to.
Is there an exemption for C Corps that I missed?
Good video concept: tax avoidance tips
Hi Brian, I'm a subscriber. Thanks for the good info. Would you consider making a video on filling out the FTC f1116? It seems so convoluted. Thank you.
Hi guapo! Form 1116 is a real pain in the butt, I would agree. Yes, that's a great idea to make this video. Thank you for the suggestion Birbo! I'm always looking for topics to cover.
Wonderful Brian, thank you.
Thank you Brian for the information. It's very useful.
What is your advice for a landlord who wants to sell his house. Still paying mortgage. Had lived in it till 2015 and have rented it since then.
Thanks in advance.
Loving your videos! For one person operation company, do you recommend setting up S-Corp or Single Member LLC? Is there one that's more beneficial in tax saving? paperwork saving?
Hi Ostrich0404, it really depends on your profit levels. Generally speaking, if you're making about $80,000+ of profits, you should be operating as an S-Corp.
Wow. You're awesome. Thanks! I see why the rich dont pay taxes. You give free advise for those who really need it....fantastic! Keep us informed please.
Hi Brian, some questions about your video!
Just to clarify, in order to be able to take advantage of the minimal rental use, you would have to be registered as S corp or LLC, not sole prop, right?
Also, I thought SALT deduction was limited to $10000 per year. Would you be able to explain just a bit deeper what you meant by there's no cap on state level in terms of deducting property tax?
You are a guru, man, I hope all CPAs are like you. I've had bad experience with previous CPAs where they just were not willing to put in the work to actually look through my finances.
Brian you're the man .So smart amazing
Brian you are cool accountant you know your business on getting the most benefits out of filing ones taxes. Thanks
Thanks Bryant, thanks for that comment, you are awesome!
@@clearvaluetax9382is there a way to consult with you regards to my 2019 taxes?
"Do you like throwing away money? Is that a hobby of yours?" Damn okay😂
Great.. bought a house last year...you can bet I'm going through the HUD statement.....thanks
You earned another subscriber because you can read. Also I need to open up a business.
Do you like throwing away money 😭😂 is a hobby of yours 😭😂 your so funny Brian and thank you for these amazing tips
Thank you
So educational!
How much do you charge to do taxes?
Love the surly tone - I feel that every time I do taxes. Are you hiring, bc after this last expat run with 3 separate corps I am on fire - Kristen
Lol this guy is good. Thank you
Ayy great tips.. perfect timing I’m working on my own taxes right now. You reminded me of a couple things.
Awesome The Wong Mindset! I hope it helped!
You are freaking awesome...can you talk more about the EIDL....I GOT IT BECAUSE OF YOU!!! Thank you so much for all you do....I want to make sure I understand what comes with it and how to report it
question about renting less than 14 days: is it 1 time per year? or you can rent as many as you wish but not longer than 14 days? so you can rent 2 times a month with 1 day break?
Brain, very helpful infors... thanks
Thank you Ken! I appreciate that feedback and thank you for your support!
Brian we have a small business selling motorcycle Hitches and Racks. So when we go to bike rallies what all can we claim to help us on taxes? Travel & paying for hotel or eats?
Hi Brian, thanks for the great tips. On the Tip 10, foreign tax credit, I claimed as credit but got a letter from IRS asking for filling out 1116 form.... I am at a loss as how to fill that out? Any amount over 300 dollars will trigger form 11116.
Hi Brian.. You said to structure as a "s corporation" but I'm new to this whole self contractor - gig worker thing and so I'm wondering how would one start that process? Is there an application or something?
Do u teach any courses? U are an awesome teacher!!
I want you to do my taxes! Great video thank you. I live in California is that possible???
Does the cost basis of a rental change every year due to improvements or only when you sell it???
Hey great video! my question is I have a FSA through my employer, not a child dependent FSA, just a regular flexible spending account. do I need to report that on my taxes or does it already show on my W2?
That's taken care of on the payroll level and you won't need to input that on your tax return. Thanks for watching sdot leem!