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

8. Tax Season Update

[iframe style=”border:none” src=”//html5-player.libsyn.com/embed/episode/id/18150470/height/100/width//thumbnail/no/render-playlist/no/theme/custom/tdest_id/2442602/custom-color/3f9143″ height=”100″ width=”100%” scrolling=”no” allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen]

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 what is new this year for tax season.

 

Important Points:

2020 Tax Season Update

Late start to tax season with delayed efile opening

IRS is taking longer than normal to process returns

Tips to get your return processed faster

Stimulus check information rounds 1-3

Recovery rebate credit

American recovery act

Child tax credit expansion

Daycare or dependent care credit expansion

Unemployment changes

How will unemployment benefits be taxed?

How long does it take to get your tax refund back?

 

 

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://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.”

In-Kind Donations: Understanding Their Impact on Taxes and How to Account for Them

In-Kind Donations: Understanding Their Impact on Taxes and How to Account for Them In-kind donations are a valuable way for individuals and businesses to contribute to charitable organizations. These non-cash contributions can take many forms, from donated goods and...

Tax Loss Harvesting: A Strategic Guide to Reducing Your Tax Bill

Tax Loss Harvesting: A Strategic Guide to Reducing Your Tax Bill Investing in the stock market comes with its share of ups and downs, but even losses can offer a silver lining through a strategy known as tax loss harvesting. This technique allows investors to turn...

How to Deduct Your Travel Expenses for Business

Maximizing Your Tax Savings While Traveling Traveling for business can be a great opportunity to mix work with leisure while benefiting from significant tax deductions—if done correctly. However, many small business owners overlook travel deductions, missing out on...

Almost the Last Chance to Claim the 2021 Employee Retention Credit (ERC)!

Time is running out for eligible businesses to claim the valuable Employee Retention Credit (ERC) for 2021. If your business hasn’t taken advantage of this substantial tax credit, there’s still a window of opportunity—but it’s closing fast. The deadline to amend your...

Understanding RMDs: What They Are and Why They Matter

Understanding Required Minimum Distributions (RMDs): What They Are and Why They Matter When planning for retirement, it's essential to understand the various rules and regulations that govern how you can access and manage your retirement savings. One of the most...

What If an S Corp Owner Can’t Pay Reasonable Compensation?

What If an S Corp Owner Can’t Pay Reasonable Compensation? One of the most common questions we receive from S corporation owners is: "What happens if I can’t afford to pay myself reasonable compensation?" The answer is both simple and complex. While business owners...

S Corp Owns Rental Property: What Happens If You Die?

What if you die and your S Corp owns rental property? Owning rental property through an S Corporation (S Corp) can offer various tax advantages and liability protection during your lifetime. However, the situation becomes more complicated when the owner of an S Corp...

Understanding EIN Numbers: Common Pitfalls & Everything You Need to Know

Understanding EIN Numbers: Common Pitfalls & Everything You Need to Know - EIN Filing & Business Success Success with Business Formation & EIN Filing: When starting a business, one of the first steps is obtaining an Employer Identification Number (EIN)....

How Can I Make the Most of my Tax Meeting?

Maximize Your Tax Advisor Meeting: A Comprehensive Checklist We meet with a lot of clients and complete a lot of tax returns during tax season, so time is very precious! We want to make the most of each minute we spend with you, so we have compiled a list of a few...

How to Determine Your Tax Withholding: A Comprehensive Guide

How to Determine Your Tax Withholding: A Comprehensive Guide Understanding how to properly set your tax withholding is crucial for managing your finances and avoiding surprises at tax time. Whether you’re an employee deciding much to withhold in each paycheck or a...

Request an Appointment Today

11 + 6 =

Call us at

Pin It on Pinterest

Share This