Hello, welcome to the first class of regulation and read. One wrinkle of reducing income tax that individuals need to pay to Uncle Sam. Now, Uncle Sam, that's the expanded form for us and we can start reg1 with form 1040. So, that's the form that all individual taxpayers need to file with the IRS, or Internal Revenue Service, which is a bureau of the US Treasury Department. Now, the IRS's job is to collect internal revenue for the US federal government, or as we would refer to it, Uncle Sam. Now, to start with, Uncle Sam wants to know what all you withhold on your income during the year, your gross income. So, we can look at your salaries, we will look at your business income, so all that money you've been working really hard for. Or did you sparkly invest your money in bonds or stocks? We got into sync or dividend income. What about some rental property, which got you passive income? Or did you just sell your $100,000 house for a million dollars? That's capital gains for you. Now, even if you went to Vegas and, with your intellectual genius, you made half a million dollars in gambling winnings, all that is gross income on your form 1040. So, when you actually fill up your 1040 and you have your gross income in place, just be surprised that you earn so much money because now you see nothing. It's all gone. You've spent it all. You've been paying your student loans. You've been paying alimony to your divorced spouse. Now, partially, it takes a toll on you. You've been paying medical expenses. You've been paying tons of other taxes to your state government, to your local government. Yet, you will pay interest on your home loan, or let the...
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Video instructions and help with filling out and completing Are Form 1120 C Installment
