What Are Income Taxes & Why Do We Pay Them? | U.S. Tax Basics Explained

This is day 8/22 of our FREE financial literacy mini series over on our Youtube channel—head there for the full series!Income taxes can feel confusing (and kinda painful), but understanding what they are and why we pay them is a huge part of leveling up your financial literacy.In this episode of The Financial Dad, I sit down with my dad — a Certified Financial Planner with over 30 years of experience — to explain how income taxes work, where your money goes, and how taxes affect your paycheck, your side hustle, and your financial goals.If you’re a young adult, creative, or entrepreneur and no one ever taught you this stuff — this video is for you.💸 What we cover:What income taxes are and who pays themThe difference between gross and net incomeWhat taxes actually fund (and where your money goes)Tips for W-2 workers vs. freelancersWhy understanding taxes = keeping more of your money long term📈 Subscribe for weekly, no-fluff money talks: www.youtube.com/@Thefinancialdad💬 Drop your tax questions in the comments — we’ll cover them in future episodes!👍 Like + share to help more people understand their money📢 Disclaimer:The information in this video is for educational and informational purposes only. It is not intended as financial, legal, or investment advice. Please consult with a qualified financial advisor, accountant, or professional who understands your specific situation before making any financial decisions.#TheFinancialDad #IncomeTaxes #TaxBasics #FinancialLiteracy #MoneyTips #TaxesExplained #PersonalFinanceThe Financial Dad™ is a podcast for young adults and aspiring entrepreneurs to teach you the things you didn't learn in school or at home—from quarterly taxes to W9s to retirement plans to insurance and saving—we’ve got you covered.Hosted by:Tim Smith, CFP®, Bridget Sicsko (PR Strategist) + Hally Smith (Actress) *This is strictly for educational purposes and does not suffice as advice.* 👉Subscribe: https://www.youtube.com/@Thefinancialdad👀Follow:https://www.instagram.com/thefinancialdad_/ Website: https://thefinancialdad.com/✍️Trusted Resources:QuickbooksNotionRiverside