Income Tax Basics - Don't Pay More Tax Than You Need To!

Income taxes aren’t fun, but they must be done. While there may be about a million other things you’d rather do than your taxes, understanding how they work could save you thousands of dollars each year.

In this video, Curt provides a high-level overview of income taxes for the average consumer and why understanding the process is so critical to your financial prosperity.

Here is a link to the written form of this post: https://martinmoney.com/how-do-income...

And here are some links we referenced in the video:
Adjusted Gross Income & Modified Adjusted Gross Income: https://martinmoney.com/adjusted-gros...
The Next Dollar Roadmap: https://martinmoney.com/next-dollar-r...
   • Deferred Compensation Explained! Five Stra...  
   • Social Security Is A Terrible Retirement P...  
   • 7 Ways to Reduce Required Minimum Distribu...  

00:00 - Start
00:54 – Calculating Income Taxes
02:05 – Tax Avoidance vs Tax Evasion
03:40 - Income
06:28 - Deductions
08:19 – Tax Credits
09:21 – Cathy Credit & Debbie Deduction
10:38 - Withholding
12:17 – Why Does This Matter?
13:22 – Wrap Up

Our 401k Playlist:    • 401(k) Accounts  
Our HSA Playlist:    • Health Savings Accounts  
Our IRA Playlist:    • IRAs  
Our Roth IRA Playlist:    • Roth Accounts  
Our website: https://martinmoney.com/

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Other Related Blog Posts from https://martinmoney.com/:
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Disclaimer: This video is for information and entertainment only. None of the contents should be considered legal, accounting, or other professional advice. You should reach out to a qualified professional before making your own financial decisions.

I try to respond to comments and questions, but I will never provide personal advice through YouTube.