Understanding How Tax Returns Work in 9 Minutes

What if you make $40k but can’t seem to save enough money because it all goes to food cars and rent?

To note: Under our Marginal Tax System, different slices of your income are taxed at different rates, reducing your overall effective tax rate - its not just deductions. In this video, he mentions those making $42K pushing them over to the 22% bracket. Its ONLY taxable income over $41,775 ($225) is taxed at 22%, with the remaining amount taxed at both 12% ($31,500) and 10% ($10,275). This assumes they've already taken their standard deduction or itemized deductions.

Big government spending on sweetners and unicorns = higher taxes = higher inflation = government subsides to quell inflation, The rising interest rate can surely control inflation, but won't prevent erosion of the eroding purchasing power of the US dollar. I have learnt my lesson this time. The banks can't be making money off my money, while inflation eats into it. I have set aside 650k to invest in the stock market now, since that keeps up with inflation, but I don't know how to get started.

Do I have to declare a horse with a clock in his stomach that my company gave me?

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What? That's the average?

hehe I love Investopedia

Nice review, thank you 😊

Kris your voice is the same as Huberman’s 😲😲😲

I did this with one house

thank you Kris

So glad I found your channel

This guy just can’t come off as slimey to save his life 😅 I like the guy but I just can’t anymore

I am confused by the difference between a deduction and a credit. I was under the impression that a credit came directly off of your tax bill as opposed to a deduction that came off of your income. Am I wrong?

how much does your guidance cost?

Just a heads up so you don’t go look into it, that first time homebuyers credit has not passed yet:) congress hasn’t passed it yet:) just saving ya some time if you were wondering

Great as always Kris

The best advice at the best time! I appreciate this!