4. Looking Forward and Looking Back

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 people education on how to manage your money and save taxes. In this episode, we talk about some tax and financial tips and how you should plan your financials over big life decisions.

 

 

Relevant points:

 

  • Planning your income for the next few years is important so that you don’t burn out your money
  • Affording something does not mean being able to make the payments each month, rather it should include how that new expense fits within your budget to achieve your financial goals.
  • Set up goals for the money you want to make and then work on how to achieve them
  • Plan on how to get your children from the state of constant worrying to the state of self-independence
  • You can push yourself to make small life changes that are not so bad for you and then from there you can push yourself and prove.
  • Set achievable goals and planning appropriately
  • Learn and apply the law based on your unique circumstances
  • QBI (qualified business income) is 20% deduction on your business profits

 

 

 

 

 

 

Time Stamps:

 

00:01:00 – Introduction

00:04:00 – Changing the system

00:08:00 – Emotional vs Factual decisions

00:10:00 – The question of can I afford it?

00:13:00 – Know your numbers

00:15:00 – Knowing your numbers

00:18:15 – Continuous improvement

00:20:50 – Setting a goal

00:24:00 – getting rid of the asset

00:28:30 – Look at your numbers to make better decisions

00: 31:00 – Comfort zone (Q&A)

00:37:30 – QBI – what it is?

00:41:00 – Outro

 

Relevant links:

 

info@molentax.com

molentax.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.”

Should I Open an HSA?

Should I Open An HSA Account? Are you considering a Health Savings Account (HSA)? If so, it is vital to understand what exactly an HSA entails. With this guide, you'll learn all about it: the advantages of an HSA and how it can help you manage your medical expenses....

Personal Finance Tips for Young Adults

As someone who has been working for most of their life, I wish there was someone out there who had shown me the correct way to save money for my future. Now that I am in my 30s, I have been getting better at saving money, but there are some personal finance tips that...

How to Track Expenses

There are many different methodologies, tools, tips, and tricks for tracking expenses, and it ultimately depends on your lifestyle and how actively and accurately you want to track them. This is information I’ve pulled from other sources and compiled into a few...

How To Accurately Record Commuting Mileage and Increase Tax Deductions

Increase Tax Deductions With the Business-Mileage Rule Using the Business Mileage tax deduction can be tricky. There are lots of situations that count while others do not. We don’t like commuting mileage. You should dislike it, too. It’s personal. It’s not deductible....

Bookkeeping 101

As a new business owner, you will certainly have some responsibilities you won’t be able to avoid. One of those non-negotiable part of your business is producing financial statements. It can be overwhelming trying to master a topic such as bookkeeping but don’t worry...

Bankruptcy – Everything You Need to Know

Everything you need to know Filing for bankruptcy protection is considered a statement on your ability to repay your debt to your creditors. Filing for bankruptcy will also put a halt to foreclosure or legal actions against you, and it stops creditors from calling and...

Top Tax Tips for 2023

Tax Refunds May Be Smaller This Year Plan now to learn these 2023 tax tips avoid surprises in the future! If you’re expecting a tax refund in 2023, it may be smaller than last year, according to the IRS. Your annual balance is based on taxable income, calculated by...

What is an EA?

Have you ever seen the title EA next to a tax professional’s name and wonder what it means? Or maybe you’re familiar with the title and you’re curious about the differences between an EA and CPA? Either way, in this blog I will be answering these frequently asked...

History of Federal Income Tax Rates: 1913 – 2021

The United States federal government levies taxes on the income of its citizens and legal residents. The Internal Revenue Service (IRS) is the agency responsible for collecting these taxes.  Federal income tax rates have changed several times since 1913, when the...

Familiarize Yourself With Tax Terminology

Yes, I know, tax terminology feels like a whole new language. For most people all of tax forms can be even more confusing than a foreign language. What’s the difference between itemized deduction and standard deduction? What’s Income tax?  These words and more tax...

Request an Appointment Today

1 + 4 =

Call us at

Pin It on Pinterest

Share This