13. Business Entity Elections

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

We are your hosts, Kevin Molen and Charles Steinmetz. Our job is to help educate you on how to manage your money and save on taxes. In this episode, we discuss the different types of business entities.

 

Important Points:

Different Types of Entities

Three Options as a Sole Proprietor:

  1. Do Nothing
  2. DBA
  3. LLC

Pass Through Entities:

  1. Partnership
  2. S Corporation

C Corporation

 

Why do you set up an LLC?

Pros and Cons of an LLC

Tax vs Legal structures

What is a pass through entity?

Why are partnership agreements important?

When is it beneficial to become an S-Corp?

 

Comfort Zone:

  1. I Inherited a home and am now selling it. How is this treated for tax purposes?
  2. Why is my tax refund being delayed?

 

Videos referenced:

Stimulus Checks Round 3 – https://molentax.com/stimulus-checks-round-3/

Child Tax Credit Changes – https://molentax.com/american-rescue-plan-changes-to-child-tax-credit/

Texas Federal Disaster – https://molentax.com/texas-declared-federal-disaster-what-does-this-mean-for-my-taxes/

Unemployment Taxation – https://molentax.com/american-rescue-plan-unemployment-taxation/

 

Contact us:

info@molentax.com

281-440-6279

 

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

 

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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