The Individual Income Tax Return, Gross Income and Exclusions and Business Income and Expenses Quest

In this video, we discuss the individual income tax system, including the different tax filing statuses and the importance of understanding the relationship between the taxpayer and their dependents. We also explain the process of calculating tax liability, including the use of tax tables, the standard deduction, and the choice between itemized deductions and the standard deduction. Lastly, we discuss the factors that determine if an individual needs to file an income tax return, the Home Office deduction, and the process of completing a Schedule C.