TAX RETURN BASICS / SINGLE FILING STATUS / NO DEPENDENTS / FORM 1040 PERSONAL RETURN / CPA STRENGTH

TAX RETURN BASICS / SINGLE FILING STATUS / NO DEPENDENTS / FORM 1040 PERSONAL RETURN / CPA STRENGTH


yo yo-yo CPA strength here with another
video yeah it’s gonna be my best video yet yeah I always tried do everything
better this is gonna be tax tips for if first so you know a little something
about your tax return this is going to be you make four dollars a week your
filing status is single and you have no dependents so like a super simple basic
thing you’re like I don’t even know what to do okay I just got my w-2 it says I
made twenty thousand eight hundred dollars what do I do well you go I RS
gov you can find everything you need here on irs.gov
all right poke around a little bit it’s touch the buttons what I do is I touch
every single button everywhere I go they just reformulated this so look I’m
looking for it form 1040 that’s what you’re gonna file they have a 1040a or
1040ez but it’s just smaller versions so I just do straight 1040 all 1040 for a
personal tax return this is what you’re gonna have to file if you’re a person so
if you listen to this you’re probably a person okay I mean I’m being sarcastic
yes you are well look this is the 1040 form that you would fill out you could
fill it out by hand and mail it in if you want I mean that’s the easiest thing
now now I wanted to show you there’s also a thing called a publication 17 and
that’s where you want to go to get the tax table which we’re gonna we’re gonna
I’m gonna show you later in the body of the the video so yeah this is the pub 17
and I mean you just know this on GP like I had no idea the pub 17 existed before
I started doing tax taxes tax returns but they do a new one every single year
and it’s like the the Bible for taxes I mean it’s straight from the horse’s
mouth from the IRS and it’s got hyperlinks to everything so when I’m
when I was bored I would just read this thing so I hope right everybody so here
we have a 1040 this is for 2016 but what are we’re gonna focus on could happen
for any year I just want you to know a little more than the average person
about the tax returns that they file every single year and
more than most people as anything so I’m not gonna really worry about too much
this top you just put your name social security at dress on here now you have
five filing statuses to choose from and each one there’s certain requirements or
whatever but we’re going with the basics because how can you do a more advanced
topic if you don’t know the basics so you know I love the basics we’re
sticking with the basics so we’re single that’s the filing status because it’s
just me it’s just myself that’s the exemptions I have so filing status
single exemptions just myself just one exemption I don’t have any dependents I
don’t take care of anybody yeah so so we have one exemption and our funds has two
single this’ll this’ll come to fruition on the second page now I wanted to make
this basic so I figured hey let’s take someone who has a job a 40-hour a week
job make ten dollars an hour which honestly is pretty decent I mean real
life I mean I’ve worked for $8 an hour in my 30s you know and before I got a
raise to $10 but anyways that’s besides point so if you make 400 ollars a week
on your w-2 you’re gonna get w-2 for 20 thousand eight hundred dollars see look
right here on line seven you take your attachment form w-2 so
that’s that’s where it goes as first little section here on the 1040 is your
income and that’s all the income that we have all the information that we need to
file a tax return is going to be on your w-2 and then to know how to do it the
IRS website so the IRS website and your w-2 is the only things you’re gonna need
well and of course to know what know what to do so 20,000 is a very basic tax
return so 20,000 $800 is how much we made that year now I’m not gonna bother
with any of this stuff these are above page front page deductions just gross
didn’t these are pretty rare if you just had a
w-2 one little job that’s all you did very basic you’re not gonna have any
adjustments here so really adjusted gross income is mostly just gross income
so that’s the same thing that’s the first page now I want you to notice just
see drastic growth in AGI it adjusted gross income is such a big number
excuse me I’m gonna push up in my chair sorry about that guys
the adjusted gross income is the bottom of the the bottom of the first page of
the 1040 top of the second page the same for the same number so it’s really a
huge number you know you’re gonna think it’s a big number they put it twice for
a reason all right so now we have twenty thousand eight hundred we’re gonna
subtract our deduction now we’re not gonna we’re not gonna itemize we’re just
gonna stand reduction what is it single sixty three hundred okay yeah we’re
single filing status so minus sixty three hundred leaves us with fourteen
thousand five hundred exemptions well how many exemptions did we have just one
just just just me just you one person one forty four thousand fifty so that
leaves us with the taxable taxable income of ten thousand four hundred and
fifty you know like okay so yeah so now we’re going to go to that tax table and
the pub 17 lets cut over to that yeah so how do we know the tax well we go to the
pub 17 we go to the tax table hyperlink over here this is the text this is the
tax table that you get so yeah I mean just read it line line 43 your taxable
income in what filing status you are so we’re single would we have ten thousand
four hundred and fifty so let’s look for see it has a fifty dollar fifty usually
a range here at least but less than so mm no worked worth 10,000 so let’s go
down to 10,000 here ah 10,000 450 right here look at that so 10,000 450 to
10,000 foot so that’s us right here this range that’s us right here so we owe
what is that one thousand one hundred and eight dollars one thousand one
hundred eight dollars is the tax we go alright so we’re back now we figured out
how to get the 11 oh wait I think I didn’t say that was the first slot lever
no wait there’s different ones it’s for the different filing statuses I forgot
to go over that but just just know because really you’ll be doing a tax
program or you know if you’re a tax program we’ll probably do this for you
but you could look in the tax table anyways so you owe your tax tax
liability you owe the government 1108 at this point now these are above line
credits where your tax liability can’t go lower than zero so you can have
negative liability so you could only zero out non refundable credits this is
what they call those here’s tigers or self-employment tax see we’ve already
figured everything out we don’t have that but that’s a huge one this is
fifteen percent on the back end this is really why I tell you to get an S Corp I
shouldn’t even have gone over that I’m trying to make this fast
now you’re like dude what I 11 thousand I love Oh eleven hundred and eight
dollars this year no you don’t look on your w-2 and it’s federal withholdings
and actually I mean nothing’s a secret here you can you can look on you know
like I said you make four hundred ollars a year so you’re gross your gross wages
is twenty thousand eight hundred for the year fifty two weeks
four hundred four hundred a year but that’s not what you take home because
you take home you – your taxes taxes being Medicare and Social Security
that’s seven point six five percent so if you make four hundred dollars that’s
about thirty dollars coming out of your paycheck
now I’ve I’ve said that the government took out a one thousand one hundred
eight dollars in federal withholdings every week which is really not gonna
happen in real life but for our purposes here because I want to show you you know
your tax liabilities 1108 but it depends on how much you’ve already given them on
your federal withholdings through the whole year that determines see your
total payments how much you’ve paid through the year here and here’s here’s
refundable credits but anyways you’ve paid one thousand one hundred eight
dollars through the year that’s about twenty a week – for thirty weeks of
taxes so you bring home three hundred and fifty so you know you have a job for
four hundred you have twenty dollars a week in federal income tax withheld and
then 30 in Social Security Medicare so you’re taking home 350 every week this
is what it would look look like come tax time you would actually zero out because
they say hey you owe us you we figured everything out and you owe us one
thousand one hundred eight dollars and you’re like oh okay that’s cool but hey
guess what I’ve given you one one thousand one hundred eight dollars
through the year so I I have zero I don’t owe you anything and you don’t owe
me anything so that is that is the tax return this
is a very very basic very basic tutorial or whatever I don’t know if is a
tutorial I just I just want you to know something about this which you know from
this is my going into my seventh tax season I realized that well III probably
a little skewed because I get the tax returns I do are obviously people who
don’t do it themselves so but it seems like people don’t know anything so they
wouldn’t they wouldn’t know if I’m doing a good job on their tax return or not
like they don’t know anything so how they could check it is beyond me so I
would like to see you just know some of the basics and that
way you know if you go some by all means if you have a simple one like simple
like this you’re single you just have one W two just try it yourself you know
I will just try yourself and if that seems too daunting you know
go to go to a professional tax preparer and you know but at least you can have
an idea of what the tax returns gonna come out to and which is more than
anybody else and let’s see you know I’ve worked for H&R Block for something like
this for a very simple simple tax return if it’s your first year they might do it
for free they might charge 40 50 bucks for this
now as a small tax preparer which I am I mean I have my own business I I I go
through a tax software company called pro series and I do a paid by a return
thing so this would cost me thirty dollars to print this out for a client
so I have to charge someone at least thirty dollars and you know so if you go
to a smaller place I would say this return could be I mean 75 to 100 dollars
you know just because they have to make some money anyways gosh I’ve talked way
too long oh my god I have I have some alerts from new after that’s app new
from Africa prison show that’s my favorite YouTube channel so I’m sorry
I’m gonna have to go anyways if you have questions please leave them down below
if you want to see me do a different scenario trying to make videos that help people
that’s what I’m trying to do here that is my main objective in making these
videos is helping the most amount of people because it makes me feel really
good to help people and you know what I’m gonna see you guys
tomorrow you guys have a great but whatever if you’re because I have fans
from across the world like when I when I upload at 8 a.m. I got I got this guy
saying oh he watches my video before he goes to bed at midnight so I’m like oh
my god so whenever you’re listening to this
watching this just man let’s let’s enjoy this life all right until tomorrow
deuces

54 Comments

  1. Reality is a Comedy says:

    I just hired a new guy who has done drugs in his past. He has a rough time with the blueprints and figuring measurements. I think of you and know he will get it soon. You have an inspiring story. Cleaning up your life and getting your degree I am sure was not easy. God bless you. I hope you know that Jesus loves you so much. I hope you have a blessed day.

  2. Shine Dawg says:

    Jesus loves his favorite accountant, CPA Strength!!!

  3. AustinBergman says:

    I love this. Please do more of these. I would love to learn more about tax prep.

  4. yoseph og says:

    Q: Havent done taxes in 4 years since i was 19 but been single and too many jobs. I can request a transcript but what other steps should be taken? Will I owe money?

  5. Adam Garcia says:

    What's up JD #'s!!!! Why is S-Corp better in your eyes?

  6. Pearl Jean says:

    thank you so much!

  7. Mushbone Clipper says:

    😒🔫

  8. Roar shaque says:

    Biggie Smalls😂😂😂😂

  9. I PARRY U says:

    Helped so much so I should be getting around 1300 $

  10. Jared Drogose says:

    Good thing I'm just a cybernetic organism covered in living tissue. Dundun dun dadun.

  11. James Holbrook says:

    So like when you start a job as a single guy should I put down 1 or 0

  12. trenton mackey says:

    My taxable income is in negative? Is that good? 19 years old first time filing taxes

    Worked at Walmart for 6 months. Made about 8900$ on the W2 with about 1k withheld for taxes.

    Will I get a refund still? I'm using a 1040 form but will opt to use the 1040 EZ to make it more simpler on myself.

    I need help on what I should do

  13. DC Big Oso YAH says:

    I know this is a stupid question,but when I mail my tax returns,do I stick my W-2 form in the envelope as well?

  14. Ya’Dad says:

    Now that I’m figuring taxes and other financial stuff out I realize my family has been spewing me a bunch of lies.My family consists of women so I don’t know why I’m surprised

  15. Carlos Plataz says:

    How can I e-file my w2 from 2016

  16. MB says:

    Hello here is a question regarding a tax year, so for my 2017 taxes means I will show documentation from 2016? or does a tax year encompass from April 15 2016 to April 15 2017? Bit confused with this any help would be welcome thank you

  17. maiya dingle says:

    What about EIC

  18. Carlos Brannan says:

    Hate doing my tax returns, especially when i don't get last years returns

  19. Eugene Amankwah says:

    God bless you!

  20. Aaron Sunde says:

    I’ve got a tax intern coming up that’s bro 🤘 keep these up, trying to look for advice your stuff is easy to understand! Also just built a home gym invested that monthly membership fee I’d pay of about $480 a year (40 per month for a nice gym membership fee)

  21. Pastor David Romelus says:

    Thank you for this video. I find it very helpful. I would like to request a more detailed video, please.

  22. Cucumberwarrior says:

    Hi. Great video. I have a few questions:

    1). How do you include your salary for a bi-weekly job on your tax return form?

    2). How do you include medical coverage you get from your job on your tax return form?

    3). How do you include student loans on your tax return form?

  23. kc says:

    Truly appreciated the upload 👍 👍

  24. DeAnte Green says:

    Thank you

  25. J D says:

    The Government removed the standard exemption. Damn! Even with my itemized deductions, Real estate taxes, mortgage interest paid, and State & Local taxes, this is the first year I owe! I realize the federal income tax withholding isn’t as much, but, damn, I’m not used to seeing a number where I owe the IRS money.

  26. James Cox says:

    you owe 1106$*

  27. Celia Gorleski says:

    For 2018 taxes, everyone uses the Form 1040. There's no 1040EZ or any other choice. There are no exemptions anymore so unless you're filing taxes for years before 2018, this isn't going to help you.

  28. RV Traveler says:

    Are you going to do one of these videos for the new 2018 1040? Please? (For single, no dependents)

  29. RV Traveler says:

    Also, I only made $11,000. Do I still need to file?

  30. RV Traveler says:

    I went there and I’m really confused. I’m only 20 and this is my first time filing. I feel so dumb, but need help.

  31. Kum Roger says:

    Hi CPA Strength, thank you for that simplified form of Single/No dependent personal tax, returns, please can i have a simplified version of a Dependent tax return of a married couple and 1 child? Thank you in advance.

  32. Jenn M says:

    What if you didnt work much and your AGI is smaller than your standard deduction? How would you subtract that on line 41? Do you even need to file if you only made like 2.5K for 2017?

  33. Luiggy Car says:

    Thanks for the video tutorial! I feel like a CPA now lol I'm now a subscriber to support your work, but I would like to know if this form will be used if I was paid in cash wages; without using the other forms for self-employed or freelancers.

  34. Lola Moon says:

    What’s a W-2 form?

  35. Cynthia VILLARREAL says:

    I'm receiving a check for $7,000 a year I didn't file for with hole how much do I owe the IRS?

  36. Cynthia VILLARREAL says:

    Taxable amount 6987.15 for 2018. Federal income tex withhold 0. How much do i have to pay back to the IRS?

  37. Cynthia VILLARREAL says:

    Sorry I forgot to put down that I am single and I'm not working haven't been for two years. I'm 67 and am receiving Social Security.

  38. Anthony C says:

    After prison sho that’s my shit man

  39. JHP Stories says:

    No sir, $400 a week isn't decent unless this was 19 years ago or longer

  40. young beast xxx says:

    I'm single and don't know the first thing about taxes is turbo tax a good app or is h and r block better

  41. 留学有话要说 says:

    tax return especially for Chinese student status please check out this https://www.youtube.com/watch?v=ETLYuY2khJw

  42. Raul J. Gomez says:

    Just uploaded a video on me going step by step doing my TAXES online using TURBOTAX.  😢. By documenting my journey on my channel, it’s been helpful keeping me accountable, but when having setbacks like this uhhh it can be disheartening.

  43. Multi Dimension says:

    File your taxes using turbo tax software https://amzn.to/2USGtms

  44. Rebecca Wolfe says:

    very helpful! i wish I watched this before spending like 4 hours just trying to figure it out lol

  45. Hair Razor Detox says:

    WAGES are legally defined in the code as Federal Pay No federal income no federal income tax. Your W2 Info is wrong if your not federal employee.

  46. tess dm says:

    thank you

  47. arteisia calvin says:

    Thank you sir, i knew very very little about taxes period. Itll be my first time getting taxes im so excited lol

  48. Adolfo Aguilar says:

    What about if you make more 400 a week? Ex 600-1200?

  49. Nay's Kitchen says:

    If you’re married how many exemptions? Just me and him.

  50. Stanger Granger says:

    If you don't have a job, do you still need to file??? I am currently a student without a job right now, but do I need to bother to do that??? Who are the people that need to file??? Thank you.

  51. Joshua MAZAA says:

    Why does the taxable income in the tax table go below 12,000 if that's the minimum you need to earn anyways to even be taxed?

  52. Ryan Ragan says:

    What do you mean by the prepaid government? Why would someone do that? If it lowers the refund, how is prepaying the government beneficial?

  53. Eman Alhasen says:

    I've a big problem with tax

  54. Samer Habill says:

    How l can get forms please🙏💪

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