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

This is perfect for you if you file your own taxes through TurboTax or other home tax preparation software.

Leave your tax comments below.

Check out our other videos on the most common questions I get during tax season about income tax preparation.

I'll also give you tips to ensure you don't cause problems with the IRS and also how to avoid paying too much tax in certain situations. In this tax return video, I'll actually answer your tax questions so you can feel confident and confident about filing your taxes. This is your tax cheat sheet, and we'll discuss taxes on sole proprietorships, deductions for charitable donations, medical expenses, itemized deductions, the W4 form, and much more.

We also give you peace of mind knowing when to file your tax return jointly or file a marital return separately. We also take gambling losses so you can offset them against your gambling winnings to reduce the taxable income you recognize from your W2-G.

We reimburse the childcare discount and also the babysitting tax. We even cover audit risks and taxes for sole proprietorships. Yes, we reimburse a small part of the sole proprietorship tax.

We also cover HSA and HSA distributions. We discuss the taxation of stock options and the issue of cost basis which can be corrected with additional information from the brokers or from the taxable income statement.

Also, don't forget that in 2020 you can still make a 2019 Traditional IRA contribution and still receive a tax deduction. We also discuss Schedule E regarding rental property taxes or rental taxes. Don't forget about depreciation costs and claiming depreciation costs for refinancing costs. We also have a separate video about the revaluation of depreciation for rental properties.

And even if you think you won't be able to meet the tax deadline, we recommend that you request an extension. You can save on IRS and state penalties if you file an extension of the unfiled penalty.

As you can see, we discuss all tax advice and tax tips for filing your income tax return and how you can save money on taxes. We hope you benefit from this video. Comment, subscribe and give a thumbs up. And again, don't forget to update your W4.

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ClearValue Tax and affiliated 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 tax, legal or accounting advice and should not be relied upon. You should consult your own tax, legal and accounting advisors before entering into any transaction.

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

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