by Chad Mangum | May 28, 2019 | Tax Basics
Self-employment Deduction Benefits One of the great benefits of being self-employed and working from home is the Home Office Deduction (video version here). To qualify for the home office deduction, your home office needs to be used exclusively on a regular...
by Chad Mangum | May 20, 2019 | Tax Basics
Income Tax Table You’ll need an income tax table to follow along with the examples. Here’s a very succinct version of the 2019 Income Tax Table used in the examples below. (The actual standard deduction used below is rounded for simplicity. The real values...
by Chad Mangum | May 20, 2019 | Tax Basics
Sliding Brackets Income tax brackets are considered a “sliding bracket”. Various portions of your income are taxed independently of each other. For example (rounded numbers used for simplicity), if you’re single, the first $10,000 of taxable income is...
by Chad Mangum | May 15, 2019 | Tax Basics
What are Estimated Quarterly Taxes? Taxes are a pay-as-you-go system. For people who are self-employed, the government requires taxes to be paid at least four times per year (thus “quarterly” taxes). Quarterly taxes include all taxes owed (income tax,...
by Chad Mangum | May 3, 2019 | Tax Resolution
Tax Resolution What is Tax Resolution? Tax Resolution is the area of taxes where a credentialed tax specialist (like an Enrolled Agent) is able to represent you before the IRS to resolve your tax issues. Tax issues can be things such as collections, penalty abatement,...
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