Transcription
Yo, what's up guys? I'm back with another video! We all know it's a new tax season, so it's time for me to upload new tax videos for 2025. But before I start uploading tax videos for 2025, I want to do something a little different this year. I want to give you all a chance to tell me exactly what type of videos you need to help you the most. What states are you guys filing from? What states are you guys looking to see? Any questions like that, just let me know! Since all the videos I upload are for you guys, I want to get your input and try to answer some of your questions as best I can.
I've received a lot of questions in the past mixed in with a bunch of comments, but right now is the perfect time to get your questions answered. All you have to do is leave a comment with your question. The questions that are similar, the questions that get asked the most, I'll try to get to first, and then I'll work my way around to get to all the other questions and include them in the next tax video.
Also, I have a couple more things to say. I know some of you already filed taxes ahead of time, but from my understanding, they go by the last application you submitted. I'm not saying submit 10 applications, but if you make a mistake, you can simply submit a second application with the corrections. So it's never too late to file a corrected tax return if it's still processing or pending. But if you filed for a smaller tax return, I would not suggest refiling and trying to go for a bigger amount; that might cause too many red flags. But then again, you really never know with these tax returns because they're unpredictable. Any tax return, no matter what amount, has the ability to get approved, so remember that.
Secondly, if you're filing a tax return with no job and still want to get a nice tax refund, any video I have on this channel can work for you, no matter what year I uploaded it. Meaning you can use a video from 21 or 22, and it still can work for you today, as long as you have the correct percentage amounts and the withheld boxes and pass all the checks during the tax return process. Then it's always a chance for you to get approved and get the money deposited into your bank account.
Now, with that being said, I'll put some of the most useful no-job methods that I put out on this channel in this video. And no, these videos are not from 25, but they still work the same exact way to this day. But like I said, I'll put more videos out upon request, so get to the comments, start asking your questions so I can make a video about it! I didn't want to make this video too short and end up creating a YouTube Short. So like I said, I'll end this video with some of the most useful tax videos from previous seasons. Thank you all for the 52,000 subs! Road to 100,000! Until the next video, talk to y'all soon! Much more HD out!
Yo, what's up guys? I'm back with another video. This time I want to show you guys how someone could get a refund of over $91,000. I know some people don't care how much they get back; they just want to get a refund, but this is a way how you can get a refund for over $91,000. So the first thing that I did was I put down an amount that was in a 37% tax bracket, so I put down $582,500 deduction because once you get further into the application, it'll do it automatically. But that's the number that we'll put inside of box 2 for the federal income tax withheld. Next, I just put the same number inside of SS wages and the Medicare wages. And then after that, I just went and got the percentage for these numbers because you want to see what is 6.2% of the SS wages, and then you want to see what is 1.45% of the Medicare wages. Then we come down and do the state, and remember for the state's ID number, it's the same exact number for the company's EIN. And then we'll put our state wages, and then we'll see the tax withheld from that. But I want to talk to you a little bit about what you're about to see. In order to get one of the biggest refunds possible, you can't really go by the tax rate that they give you. [Music]
So what I'm about to do now is I'm about to click continue, and this is the refund that they'll give you with the method that I use with the calculator. So with that method, they're trying to give me back $4,991. You can disregard the Illinois refund because that will change further into the application. So like I said, for someone that just wanted to get one of the biggest refunds possible, you can't use that percentage. So since we're in the 37% tax bracket, let's just go and see what is 37% of $582,000, and that right there alone equals to be $215,930. That's a nice increase! So what I'll do is I'll go back and see what is 40% of $582,500. How about we go back and do 45% of our number? This is the percentage that we got, so we'll put it inside box 2. And if that's still not good enough, let's just go back and see what is 48% of our number. So we got our number, and we'll put it inside of box 2. Now you'll get back $8,619, and believe it or not, some people will actually get it back, but they will not be back to the comments. Trust me, and you guys that do get it always do seem to message me, but just not publicly. But trust me, I get it, but I just wanted to show you guys the way to do it correctly and also the way that people are getting those big refunds. If you have any more questions, just leave a comment down below or hit me on IG. I do get a lot of messages on IG; it's pretty much flooded, but I'll check into it and I'll see what you guys are saying. Until next time, okay?
Right here, as you can see, you can put a W-2 form, and you can also put self-employed or side hustle form 1099-NEC, K, and MC. So you could click one or both of them and then click continue. And I'll just fast forward this part, too. As you can see, I'm pretty much putting anything just so I can show you guys this. As you can see, you still can fill out a W-2 as a sole proprietor because you still can be a W-2 employee. So right here's the W-2, and you'll just enter the information the exact same way as you would if you were an individual, and you'll still be able to get a refund doing it this way, but instead you use your EIN number. Also, if you're ever confused about percentages, all you have to do is put ridiculous amounts, and it'll tell you exactly what amount you need for the year. So I'm pretty much putting 100,000 in every box, and for the withheld, I'm putting 50,000. So like I said, I pretty much just put anything so I can show you guys, and now I'll go down to State and do the same thing. And remember for state, it does matter what state you file for; whatever state you choose will determine how much money you will get back for a state refund. But we'll put 50,000 and then press continue. See, right here it's telling you everything you should have: 6.2% of 100,000 is $6,200, and then right here says 1.45%, you should have that's 1,450. So basically, it'll show you the percentage. You'll fill this tax form out the same exact way that you would if you file as an individual, like my other tax videos. If you haven't seen them yet and this is your first one, I'll put the links down below for you. Everything is pretty much just on one page, so you can go up and down the page and you can see everything already. So for this example, we'll need to find the EIN number, but if you already have a W-2 because you have a job already, you can use that W-2 EIN number and everything. All you have to do is play with the numbers a little bit, and you can get a bigger refund. But right now we'll go find the EIN number, and I'll show you how to do that. What I like to do is I like to go to the top 100 companies in the US and find a company from that list. In this example, I use Home Depot because Home Depot is pretty much almost everywhere, so you can't mess with that one. After you choose a company, you want to come to the Edgar website, and then you want to go to company filings, and then you want to go to company and person lookup and type it in here. After you click the company, you'll come to this page, and then you want to go to company information, and everything about this company is right here. So next you want to get the EIN number, then you want to come back to the application and you want to put it inside of number B. Next, you have to put the company's name, address, ZIP code, city, and state. And then when you get done with that, it's time to scroll down to the wages. So for this example, we'll just put that we made $78,500 for the entire year. So now we have to see how much federal income taxes were withheld from this amount. Obviously, a higher amount would give you a bigger refund, but you want to go by percentages. In my opinion, I would say try not to go over $220,000 because there are bigger penalties if you go over, and also you have a better chance of getting a refund with a lower amount. So let's find a percentage that looks good and doesn't make our refund go over $20,000. So let's go for what is 25% of $78,500, which equals out to be $19,625. So we'll put that inside of box number 2. And for box number 3 and 5, like I always say, I like to keep it about $5,000 to $10,000 more than your actual wages. So we'll make both of these numbers the same and let's just do $82,400. Now we have this to see what is the tax withheld from the Social Security. And if you look here, the percentage is 6.2%. So now we have to go back to our percentage calculator and we have to do what is 6.2% of $82,400, equals out to be $5,096. So we go back to box number 4 and we'll put $5,096. Now we have to see what is the Medicare tax withheld. And if you look here, it's 1.45%. So now we have to see what is 1.45% of $82,400, and as you can see here, $1,191. So you just want to look over and make sure everything looks right, and then we'll go down to the state part. If you don't want to, you don't have to file for a state; it'll actually make the application go a little bit quicker, but it doesn't hurt to. So for right here, you want to choose your state. Now you want to put your employer state ID number, and it will be the same EIN number from the state that you looked up on the egro website, so you you just want to copy and paste and then you want to put it into here. Next we have to put the state wages, and for this example we'll just put 85,000. Now we have to see what is the state withheld from this amount, so we'll go over to the state tax website, and you can see right here it's 5.75%. So then we have to go over to the percentage calculator and we have to see what is 5.75% of $85,000, which equals out to be $4,887. So we'll put that number inside the box 17. And now everything is finished. You just want to take a scroll up and down the page and make sure everything looks correct, and then when you get done, click continue. This right here is your W-2 way statement, and you should get the refund amounts on the top right side. Now right here it says you'll get a federal refund of $10,800, but what I want to do is I want to go back and change the percentages and let's try to get under 20,000. Like I said, try not to go over 20,000, so we'll try to get somewhere around 20,000. So let's go back back and change the percentages and now we go back to the W-2 info. All you want to change on this part is the federal income tax withheld; you don't have to change anything else. So let's go to our calculator and find a different percentage of our number of $78,500. So we'll put 78,500, and then let's find a percentage. Last time we used 25%, and we got about a $110,000 refund. We want to get it a little a little bit higher, so let's try to go to 33% and see what we get. Tax withheld from our 78,500 will be $25,905. So we'll take that and we'll put that inside the box 2 for the federal income withheld, then we'll scroll down and hit continue, and there you go, it's telling us $116,360 for a federal refund. That's close to our 20,000, but let's just see if we can get it a little bit higher. So we'll go back and we'll try a different percentage. Click on the three dots and then click edit. This time we'll go with 35%; that should get us a little bit closer to 20,000, and that equals out to be $27,475. So we'll put that inside a box 2, then we'll go down and click continue, and then as you can see right here, it's almost the $188,000 refund. I took the state off because I just wanted to focus on federal on this part. I use Pepsi Bottling Company and I use their EIN and I use their street, their zip code, and everything else to fill in automatically. That now you want to put in the income. So in the income, you want to look at the tax bracket because this box you can literally put any number you want, but you have to make sure that it's within the tax bracket you're looking for. So for this example, I'm using $83,500. And to find out how much taxes were withheld from this amount, you want to go to the tax brackets and you want to see how much it is. So we put 83,500, so it's over 41,775 but not over the 89,000. So therefore, it's $4,875 plus 22% of what goes over the 41,775. So let's just do 83,500 minus 41,775 and see what we get. So we got 41,725. So there you have it: the access amount is 41,725. We need to know 22% of that. We need to know what 22% of that is. So what we do is we'll do minus 22% in our calculator, and it should give us the total $9,179.50. Then you want to add that to the $4,875 originally, and that's $14,054.50. And that's the number you want to put inside the federal income tax withheld. Now we move on to the Social Security wages and the Medicare wages. So these are going to be identical, and you can put them anywhere $3,500 to $55,000 below the actual wages. As you can see right here, I put it about $4,500 away at $79,000. Now we have to see how much taxes do we take out. So for Social Security, we have to take out 6.20. You want to go to our calculator and you want to put 79,000 minus 6.20%, and that's our number $4,898. And that's the number you want to put on the line. Then we move on to Medicare. We can see here is 1.45%. So we go back to our calculator and we type in 79,000 minus 1.45%. There you go, $1,145. But you can just round it up or down to the nearest dollar. And that's with all the boxes; you could just round all of these boxes to the nearest dollar. They don't want to deal with cents, just nearest dollar. And now we scroll down to the state, but telling you right now the state won't be ready until the 9th or the 10th of January, so you can get it ready, but you won't be able to file yet. You can only file right now the federal. So for the state, put your state, and then for the state ID number, you want to put the same exact EIN for Pepsi that we put above. And for the state wages, you just want to put it about $10,000 above box 1. So if you need to go back up to box 1 and put it about $10,000 above it, and then you want to go see how much taxes will be taken out. In your state, for Illinois is 4.95%, so I'll go to my calculator and I'll type in 93,000 minus 4.95%, and there you go, $4,603. But we just rounded off to 4,603, and you want to put that in box 17, and then you want to scroll up and down the page and make sure everything is correct. When you're done, click continue. This is the part where it'll show you how much Federal fund you'll get, $2,843. And I did not skip any pages in this process; I wanted you to be able to see how it looks firsthand. Click continue for... and this right here is exactly how much you'll be getting back for federal. On this page, you want to put all of your employer information. For this example, I'll be using Carvana. If you didn't know, Carvana is the marketplace where you can buy cars online. And then you want to go down to the wages. For this example, I'll be putting down that I made $96,000. You can put down whatever amount you want, but you don't need to go super high to get super high refunds. You can do it low, and you can still get the same amount. Now we have to see how much taxes are withheld. Okay. Now we go to the single tax bracket, and we can see here that our amount is over $89,700 but not over $182,100. So automatically, the taxes withheld is $15,213.50 plus the access of what goes over the $89,700. Minus 89,700 and that will give us our number that goes over the 89,000. And there you go, it's $6,925. So now we have to see what is 24% of this. So we'll do 6,925 minus 24%, and it should give us the total $1,662. Now you want to add that plus the $15,213.50, and that's our total amount right there, $16,875.50. And now we move on down to the Social Security wages. I always say we need to put this $3,000 to $5,000 below the federal, so we'll put 92,000. And then we'll go down to the Medicare and put the same exact number, 92,000. Now we have to see how much taxes are withheld. And right here it says 6.2%. So we'll go to our calculator and we'll do 92,000 minus 6.2%, and that should give us our number. And there you go, $5,704. We'll put that in box 4. For the Medicare, we'll do the same thing; we go look, and right here it says 1.45%. So we'll go back to our calculator again, and we'll do 92,000 minus 1.45%, and our number is $1,334. You want to put that in box 6, and we're done with that part. Now we're going on down the state. Select whatever state you want. I'll select Illinois, but it does impact your refund; whatever state you put, it's a total different refund. For the employee's ID number, we'll be using Carvana again. For the state wages, you want to put it about $5,000 to $10,000 above the federal. Now we have to go see in the state you selected how much taxes are being withheld. Right here it says 4.95%, so I'll go to my calculator and I'll type in 93,000 minus 4.95%, and there you go, $4,603. But we just rounded off to 4,603, and you want to put that in box 17. And that's done. You want to click continue, and your amount should pop up on the right side. Okay, this is how much federal and state you'll get back using the correct percentages. But let me show you how you can get back over $47,000. I'm not saying it won't work, cuz for some people it will work, but you have a higher chance with the correct percentages. Now you can do this with TurboTax, H&R Block, any tax platform you choose. The amount for federal is 39.5%, and the amount for state is 28.5%. I just wanted to show you guys this clip to show you that you can get over $47,000. It's a lot of people out there saying you get $30,000, $35,000, but you can actually get $47,000. And there you go, about $24,000 for federal and for state. So you want to start with the EIN. The EIN I have is Five Below Inc.; it's a store. So for the employer's name, I'll put Five Below Inc. Inc., and then the address, ZIP code, city, and state that should fill in automatically, but let's see. And then the address and ZIP code, and then the state should fill in automatically in the city. And now we head down to the wages, and for box 1, we'll put 142,000. And now we have to see how much tax is taken out, so we head over here. We can see it's over the $95,375 but not over the $182,100. So automatically, we have to put the $16,290 tax, and then we have to get the access of 95,375 and get the 24% of that, then add that to the 16,290. So we'll do the 142,000 to find out the access. So we'll do the 142,000 minus 95,375 to find out the access, and there you go, the access is $46,625. And we'll go back to our calculator and we'll do minus 24%, and see what that is: $11,190. So we have to add that to [Music] 16,290. So we'll do 11,190 plus 16,290, and there you go, $27,480. And that's the amount we'll put in box 2. So now we have to move down to the Social Security wages and the Medicare wages. For that, you want to put it about $3,000 to $6,000 below, and you want to do that for both boxes, box 3 and box 5. So we'll do 138,000. Now we have to go see how much taxes is taken out of box 3 and box 5. So for social wages, it's 6.20%. So now we have to take 6.2% from 138,000. So we'll do 138,000 minus the 6.2%, and see what we get. There you go, 8,556. So we have to put 8,556, and that's the tax withheld for the Social Security. So now we go to the Medicare and find out that there you go, 1.45%. Now we go back to our calculator and we do 138,000 minus the 1.45%, so it's $2,001. Now we move down to the state part. You want to put your state, and then for the EIN number, you can just go up and copy it and bring it back down and put it inside the box for the state, too. Now for the state wages, I just put it about $10,000 more than the federal wages, so I'll put 152,000. Now we have to find out how much taxes is taken out of this 4.95%. So now we have to go back to our calculator and we have to put 152,000 minus 4.95%, and there you go. Now we put that in box 17. After you click next, it should show you how much you'll get back. Right there, $2,672.
Yo, what's up guys? I'm back with another video on how to file taxes even if you did not have a job for the entire year. This right here is a small review; if everything looks right, but looks good. Now we have to fill in the W-2 info. For this example, we'll use $82,500, but remember for this amount you can play with it if you want to. Now, instead of using the exact percentages, we'll use some percentages that we know work for sure, and those percentages are pretty much anywhere between 20% and 30%, but for this video we'll use 25%. So now we have to go into our percentage calculator and we have to see what is 25% of $82,500, and we get $20,625. And now remember you can play with this percentage; anywhere between 20 and 30% is my recommendation. So next we'll have to put a number inside of box 3 and box 5. Now I like to put the same exact number inside box 3 and box 5 that's a little bit more than the federal wages. Now remember these numbers can be different, but the percentages have to be correct. So for the SS wages, you have to see what is 6.2% of the number that you put inside box 3. In my case, what is 6.2% of $88,000? And that comes out to be $5,456. Next we go down to box 5, the Medicare wages, and now we have to see what is 1.45% of whatever number you put inside box 5. Once again, in my case I put $88,000, so what is 1.45% of $88,000? And that equals out to be $1,276. And now we have to move down to the state, but like I said before, you do not have to file for the state; it's only a bonus. So you want to select your state from the drop-down menu, and then you want to put your employer state ID number, which is the same number that you used before for the EIN. I had someone saying in the comments that this is not the same number as the EIN, but it is. And then after that, you want to put the state wages inside of box 16, and in this example we'll use $90,500, but remember you can play with this if you wanted to. And for box 17, state income tax, you want to look up your state and see what the income tax rate is. You can just do a quick Google search, but I have a page right here showing every state income tax; I'll leave below in the description for you also. So it says here for New York, the lowest is 4% and the highest is 10.9%. We'll just go with the highest of 10.9%, and now we have to see what is 10.9% of our number inside box 17. In our case, we'll do what is 10.9% of $90,500? That equals out to be $9,854.50. So we'll just put that inside of box 17 under state income tax. When you get done, you want to look over everything and make sure everything is correct. Then on the next page, you just want to click "none of these apply to me," continue. This right here is your W-2, and you can also add more, but I don't see why. So click done for now. Let's find other income, and you just want to keep on clicking no and then click continue. And then the next page, it'll show your federal refund amount, and if you did file for the state also, your state is not included yet. So now that the biggest part is out of the way, I know you're probably tired of hearing me talk, so just keep on following along. [Music] e e e e e e e yeah. And I have is Five Below Inc.; it's a store. So for the employer's name, I'll put Five Below Inc. Inc., and then the address, ZIP code, city, and state that should fill in automatically, but let's see. And then the address and ZIP code, and then the state should fill in automatically in the city. And now we head down to the wages, and for box 1, we'll put 142,000. And now we have to see how much tax is taken out, so we head over here. We can see it's over the $95,375 but not over the $182,100. So automatically, we have to put the $16,290 tax, and then we have to get the access of 95,375 and get the 24% of that, then add that to the 16,290. So we'll do the 142,000 to find out the access. So we'll do the 142,000 minus 95,375 to find out the access, and there you go, the access is $46,625. And we'll go back to our calculator and we'll do minus 24%, and see what that is: $11,190. So we have to add that to [Music] 16,290. So we'll do 11,190 plus 16,290, and there you go, $27,480. And that's the amount we'll put in box 2. So now we have to move down to the Social Security wages and the Medicare wages. For that, you want to put it about $3,000 to $6,000 below, and you want to do that for both boxes, box 3 and box 5. So we'll do 138,000. Now we have to go see how much taxes is taken out of box 3 and box 5. So for social wages, it's 6.20%. So now we have to take 6.2% from 138,000. So we'll do 138,000 minus the 6.2%, and see what we get. There you go, 8,556. So we have to put 8,556, and that's the tax withheld for the Social Security. So now we go to the Medicare and find out that there you go, 1.45%. Now we go back to our calculator and we do 138,000 minus the 1.45%, so it's $2,001. Now we move down to the state part. You want to put your state, and then for the EIN number, you can just go up and copy it and bring it back down and put it inside the box for the state, too. Now for the state wages, I just put it about $10,000 more than the federal wages, so I'll put 152,000. Now we have to find out how much taxes is taken out of this 4.95%. So now we have to go back to our calculator and we have to put 152,000 minus 4.95%, and there you go. Now we put that in box 17. After you click next, it should show you how much you'll get back. Right there, $2,672.
Yo, what's up guys? Today I'm showing you how to file taxes even if you didn't have a job for the entire year. This right here is where the employer's EIN comes in handy. So when you get to the employer EIN section, you want to put your employer's EIN number in and then click continue. Now, from this part, you're looking at everything about your W-2. You want to put what it says in box C on your W-2 for the employer name, street, and ZIP code. Okay? You want to click continue. And now for this part, this is the part where you get the money. You don't necessarily have to follow the W-2 if you don't want to, or you can just make something else up. You can follow this; you can do whatever you want to. The key, and the key is here, is to put any number you want, try not to go over 100,000, and then you want to do all the percentages. I put 72,000 for wages, and I know for a fact if you waged about 100,000, they'll take about 20,000. So I figured if they take about, if you waged about 75,000, they would take 15,000. So I did 14,200 for 72,000. And for the 76,000 for the social wages, you want to make sure, like I just