by Chad Mangum | Aug 8, 2019 | Tax Basics
I briefly discussed LLCs, S Corporations, and C Corporations in a previous article. In this article, I’ll expound more on S Corps, their basic operating principles, and demonstrate potential tax savings. The Inception of an S Corporation S Corps are an... by Chad Mangum | Jun 9, 2019 | Tax Basics
This is probably one of the more anticipated questions, especially around tax season. What can you deduct as a business expense? Most of it is pretty easy and straight forward. But first, a few quick notes. Keep records of everything you want to...
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,...
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