TAX ADVICE for People Making UNDER $40,000 a Year

This video is about tax advice for people making under $40,000 a year. We want to provide you valuable tax advice to make sure you are optimizing your tax return in order to pay less tax, get out of IRS penalties, and use all available tax credits to your advantage. Ultimately, if you want to pay less taxes to the IRS and make sure you are filing your tax return in the most tax efficient manner, then this video is perfect for you. We'll talk about how to get out of IRS tax penalties. This tax penalty avoidance can be done with the first time penalty waiver or by providing reasonable cause. We'll talk about selecting the correct filing status for your tax return, which includes making sure you're claiming head of household if you are supporting a dependent. We'll make sure that you file a tax extension in order to avoid the failure to file penalty with the IRS. And we'll also cover the Earned Income Tax Credit. This may not be as exciting as the TurboTax 2020 Super Bowl Commercial. That's probably got to be the best tax commercial 2020 for all people are tax people. Anyways, we hope you can utilize this tax advice for your turbotax 2020 tax preparation or just for your general knowledge. Please check out our other videos about 2020 tax changes and how these tax changes 2020 affect you and your tax returns this tax year and going forward. Please also check out our W 4 videos about how to fill out a W4 2020, which we will provide a link for at the end of this video. And please stay tuned for our series on tax tips and tax updates 2020 and 2020 tax law changes. Thank you so much!