Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

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.”

The Ultimate Guide to Streamlining Your Small Business Finances

Streamlining your small business finances doesn't have to be a complex puzzle. Running a small business is a thrilling endeavor, but it often comes with a multitude of financial responsibilities that can leave even the most passionate entrepreneurs feeling...

Navigating Self-Employment Taxes with Molen & Associates

Embarking on the path of self-employment is a dream many aspire to, and you're one step ahead with both the vision and resources to make it a reality. To ensure your entrepreneurial venture thrives without being encumbered by tax-related complications, Molen &...

Maximizing Tax Benefits for Your Home Office

How to maximize your tax benefits for your home office? For over four decades, Molen & Associates, a trusted tax and accounting firm established in 1980, has been aiding small-business proprietors and entrepreneurs in optimizing their tax advantages through the...

2024 Tax Updates

Navigating the 2024 Tax Landscape: What You Need to Know   Introduction: As we gear up for the upcoming tax season, it's crucial to stay ahead of the curve and be aware of the changes that will shape the 2024 tax landscape. In this blog post, we'll explore key...

Mastering the 199A Deduction: Your Ultimate Guide

How to master the 199A Deduction? Tax season often resembles a maze, with twists, turns, and seemingly endless complexities. But fear not, fellow entrepreneurs, for we're about to shed light on a powerful tool that can guide you through this intricate terrain—the 199A...

Cruising to a write off

How to cruise a write off? First things first, let’s remember our general rules that before we can deduct a business expense it must be ORDINARY and NECESSARY, meaning “An ordinary expense means it’s typical in your business, both [in terms of] amount [as well as in]...

Shielding Your Business: The Power of IRS Representation in Tax Matters

Tax matters can be a labyrinth of complexities, especially for small business owners juggling a multitude of responsibilities. The mere thought of facing the Internal Revenue Service (IRS) can send shivers down the spine. But fear not – there's a potent guardian in...

Corporate Transparency Act – Beneficial Ownership Reporting: Are You Prepared?

The Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, introduces significant changes in beneficial ownership reporting requirements for certain entities operating in the United States. These regulations, set to take effect on...

The IRS is Cracking Down on S-Corp Salaries: How To Ensure Your Reasonable Compensation is Safe

The IRS is turning its attention to S-Corporations (S-Corps) and the salaries paid to shareholder-employees. Ensuring that you are paying yourself a "reasonable compensation" is crucial to staying compliant with the law and avoiding potential financial consequences....

Should You Be Making Quarterly Payments?

Tackling your taxes as a small business owner can often feel like a high-stakes game of strategy and a little guesswork. One of the key moves in this intricate game is mastering the art of quarterly tax payments. If you're looking to stay ahead in the tax arena and...

Request an Appointment Today

4 + 5 =

Call us at

Pin It on Pinterest

Share This