10. Help! I'm Starting a Business

10. Help! I’m Starting a Business

Help! I’m Starting a Business

Welcome to Questioning Your Cents where you can get your real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.

We are your host Kevin Molen and Charles Steinmetz. Our job is to help education you on how to manage your money and save taxes. In this episode, we will discuss tax and financial considerations when starting a business.

Important Points:

Intro

Sole proprietor vs. multi member business differences

Why are you starting a business?

Most business owners are skilled service providers

Are you good at “business” or just the product or service you provide?

How are businesses like dishes?

Why you need to know your financial numbers

Do you have to do everything in your business? No!

Work your strengths and hire out your weaknesses

Do you need an LLC? When should you set on up?

Why do people set up an LLC? 1. My friend told me to 2. To get a tax ID number 3. Legitimacy 4. Liability protection

Does an LLC truly give me legal liability protection?

What are the major types of businesses?

Schedule C or Sole Proprietor
Partnership
S Corp
Corporation

How are different businesses taxed?

How do self employment taxes work?

What is a pass through entity?

Partnership have more flexibility but there are still self employment taxes

S Corps normally have preferential tax treatment, but more hoops to jump through

What is double taxation for C-Corporations?

When is it worth it to set up an S-Corp?

How do I pay employees?

What is the difference between an independent contractor and an employee?

New 2020 1099 form for independent contractors 1099 NEC

Why you shouldn’t mix personal and business expenses

Why is a good paper trail needed?

Is it better to pay more in taxes or be more profitable?

Comfort Zone:

Can I still deduct charitable contributions?

5 types of itemized deductions: 1. Medical expenses 2. Sales tax 3. Property tax 4. Mortgage interest 5. Charitable donations

Ouro

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Check out this episode!

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

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The Molen & Associates Difference

Mike Forsyth

Caitlin Daulong

Sy Sahrai

Credits vs Deductions: What is the Difference?

IRS Audits: Understanding the Process, Red Flags, and Preparation

Energy Tax Credits: Tax Incentives for Energy-Efficient Home Improvements and Renewable Energy Installations

Foreign Income and Taxes: Understanding the Foreign Earned Income Exclusion and Tax Implications for Expatriates

Understanding the Alternative Minimum Tax (AMT): Who It Affects and How It Works

Tax Implications of Inheritance: Understanding Estate Taxes, Inheritance Taxes, and Step-Up in Basis Rules

Healthcare and Taxes: Navigating Health Savings Accounts (HSAs) and Medical Expense Deductions

Tax Credits for Families: Navigating the Child Tax Credit and the Child and Dependent Care Credit

Retirement Contributions and Taxes: Understanding the Tax Implications of Contributing to IRAs and 401(k)s

Texas has been declared a Federal Disaster. What does this mean?

Request an Appointment Today

281-440-6279

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