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Video instructions and help with filling out and completing 2021 tax tables pdf
Hey what's up YouTube thanks for tuning in I'm Chad just want to run through some of the individual tax reform changes that could be coming our way next year now look I'm not a CPA or a tax guy I'm just pretty good with numbers so kind of hang in there with me hopefully I can help clear some stuff up for you alright first we got to define some terms here so deductions they reduce the amount of income you pay taxes on so if you have $100,000 adjusted gross income $10,000 in deductions you're only going to pay taxes on $90,000 now for exemptions they work similar to deductions but they're given on a per person basis depending on how you file so if you file a single it's a four thousand one hundred fifty dollar exemption married with no kids eighty three hundred and then just so on from there then you have credits these are going to be a dollar-for-dollar reduction in the taxes you owe so if you end up going twelve hundred dollars in taxes after those deductions and exemptions and then you get a thousand dollar child credit you're only going to owe $200 all right now we got that standard deduction so this is just that set dollar amount you can use to reduce your income after that there's itemized deductions so these are our expenses you have during the year and if they add up to more than that standard deduction amount you can use this higher number to reduce your income so some of the more popular ones are the mortgage interest property taxes state taxes and charitable donations so right now 70 percent of taxpayers use that standard deduction so only 30 percent of taxpayers are going to be affected by the changes these itemized deductions even then it's kind of depend on which ones you use and the actual dollar amount for those individual deductions all right now we got non-refundable tax credits so again these are used to reduce the amount of taxes you actually owe but on these if you owe less taxes than the actual credit you're getting you don't get it back as a refund you just use it to reduce your liability down to zero some of these are going to be adoption tax credit and the child tax credit after that you have refundable tax credits so these are like an actual payment you've made to the IRS so you're entitled to get it back as a refund even if you oh little to no taxes so some of these are going to be additional child tax credit and the Earned Income Tax Credit now for this one I just put up some stats from the 2014-2021 tax years so the first three are from 2021 and the rest are 2021 again I'm a numbers guy so just wanted to share these with you all right now we get into.