Mar 8, 2019
In today’s Back to Basics Episode, we chat with Dr. Victor
Mangona, from 39Point6.com,
about 7 Common Tax Terms and how they can help you this tax season.
Pay close attention as he shares his best tips with you for tax
season and all the updates to the tax code for 2018 and how they
will affect you.
In this episode, you will learn:
- Tax Term #1- Withholding- Taxes the government takes out of
your paycheck throughout the year towards your annual tax payment.
This also prevents you from paying a penalty at the end of the
- Tax Term #2- Gross Income- All of the money you get paid by
your employer before all of your deductions are taken out by your
- Tax Term #3- Exemptions- All of the money you earn that you are
not obligated to pay taxes on.
- Tax Term #4- Standard Deduction- The amount of money you are
not obligated to pay tax on that is set by the government based on
the size of your household. This has gone up significantly in
- Tax Term #5- Itemized Deductions- These include: mortgage
interest, state tax, charitable deductions, sales tax, and property
taxes. These have to equal more than the standard deduction for you
to claim these on your taxes. You can also use a Donor Advised Fund
for charitable giving to optimize your deductions too.
- Tax Term #6- Taxable Income- Income that is eligible to be
taxed after you take out all of your exemptions and
- Tax Term #7- Tax Credits- These credits give you actual dollars
back towards your tax obligation. An example of this would be
purchasing an electric car, child tax credit, education, solar
panels, and some home improvements.
Dr. Victor Mangona practices radiation oncology in Dallas, Texas
and he produces 39Point6.com, a website and Youtube channel, that
provides educational content on personal finance, investing and
Links we discussed in the show:
- Check out 39Point6.com
for amazing advice on all things related to investing, personal
finance, real estate and taxes.
Special thank you to this week’s show sponsor:
Set for Life
Insurance! If you are in need of life or
disability insurance, or if you need a second opinion to be
sure you are insured appropriately, call Jamie
Fleischner at Set for Life!
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