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In this episode Marcus Mire, CPA lays out tax basics by addressing some of the most commons questions and misunderstandings he has heard from clients over the years.
-Marcus explains how the “Progressive” tax system works in regards to tax brackets. He explains that you only owe the percentage of taxes for the amount earned in that bracket.
– Most money you earn outside of stocks is considered “Ordinary” income.
– At the 10 minute mark Marcus clears up misconceptions about the Tax implications of an LLC and how “Flow through” tax works.
– Forming an LLC my offer legal benifits but it makes little difference in your tax liability.
– At the 15 minute mark Marcus explains itemized deductions vs standard deductions.
– Types of itemized deductions generally stay the same with minor policy changes year to year.
– Minute Mark 20 Marcus outlines the difference between tax deductions and credits.