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What are Common Business Deductions?

https://youtu.be/YDijN_wCwOc Okay, folks, it is Kevin Molen once again with Molen and Associates. But today, today, we are talking about a crucially important topic. We're talking about common business deductions. Now, I don't want this video to be an hour long, so...

How are PPP & EIDL Accounted for on my Bookkeeping & Tax Preparation

How are PPP & EIDL Accounted for on my Bookkeeping & Tax Preparation https://youtu.be/PZcIH7-GL2U Hey, folks. Kevin Molen with Molen and Associates here wanted to give you a quick update on how we are treating the payroll protection program, loans and grants...

Changes With Education Credits: A Breakdown of American Opportunity and Lifetime Learning Credits

What Has Recently Changed with Education Credits?Here are a few changes due to recent legislation for education tax credits. There used to be 3 education tax credits, now there are 2. The American Opportunity Credit (Spend $4k and get $2.5k in credit) and the Lifetime...

Taking Money Out of a Business & QBI

https://youtu.be/nMfyfhqciis We get a lot of questions about the best ways to take money out of a business and how this money is taxed. Essentially, for S-Corporation owners, there are two main ways to do this: Owner’s Draw or W2 Wages. However, there is a deeper, and...

How to File Your Stimulus Check on Your Tax Return…Correctly!

What do I do with the Stimulus Check Letter for 2021?Hey folks, I’m Kevin Molen with Molen & Associates. I wanted to give you a quick update on stimulus checks, as many of you would have seen based on the third round of stimulus that was passed and paid in 2021....

How do the Child Tax Credit Advance Payments Impact Your Taxes?

Am I Going To Owe More On My Taxes Due To the Advanced Child Tax Credit Advanced Payments?Hey folks, Kevin Molen with Molen & Associates here. I wanted to give you a quick update on the advanced child tax credit payments. Now, if you don't know what I mean when I...

No Taxation Without Representation!

Early American colonists adopted what is commonly considered their first slogan of “No taxation without representation”. While this slogan specifically regarded their requirement to pay taxes to Britain without having any political influence, it is still valuable,...

Why You Shouldn’t Let Your Children File Their Own Taxes

Common Mistake With Children Filing Their Own Tax ReturnHey folks, Kevin Molen with Molen & Associates here. I want to give you a quick update one of the things we're seeing a lot. It is dependent children who got their first summer job or maybe they're even...

Outsourced Bookkeeping Services: Long-Term Solution

Outsourced bookkeeping is a service which provides a well-managed full bookkeeping department experience for small businesses. It is the business practice of hiring a firm outside a company to perform services and create a product that traditionally was performed...

Required Minimum Distribution (RMD) Update for 2022

Don't Forget to Take Your RMDsHey folks, Kevin Molen with Molen & Associates here. I want to give you a quick update regarding a specific topic that some people are asking questions about, that really should be clear-cut. So, let's set the record straight - the...