As a business owner of a partnership, understanding how your compensation and earnings are reported and taxed is crucial for managing your finances and staying compliant with IRS regulations. Unlike S-Corporations (S-Corps), partnerships cannot pay their owners a W-2...
Why Corporations and S-Corporations Cannot Deduct Shareholder Expenses Directly on the Corporate Return When it comes to managing business expenses, corporations and S-corporations face specific rules and limitations, particularly concerning the expenses...
When it comes to filing taxes, understanding the difference between tax credits and tax deductions is crucial. Both can significantly reduce your tax liability, but they work in different ways. This article will delve into the distinctions between tax credits and...
With the storm and power outages last week, Texas has been declared a Federal Disaster. What does this mean? When a state is declared a federal disaster area by the President of the United States, it triggers a series of federal assistance measures under the Robert T....
Navigating the World of Business Expense Deductions: A Comprehensive Guide for Small Businesses In the dynamic landscape of small business operations, understanding the nuances of business expense deductions can significantly impact your financial health and tax...
🎄Holiday Cheer Alert! Molen & Associates Out of Office🎄
Hello and Happy Holidays!
Our Molen & Associates team is officially dashing through the holidays starting on December 20, 2024 and will return to office on January 2, 2025. We’ll be sipping cocoa, decking the halls, and recharging our calculators so we can start the new year fresh and ready to tackle all things tax & accounting!
In the meantime, feel free to drop us an email at info@molentax.com, and we’ll get back to you as soon as we are able.
Wishing you a joyous season filled with peace, laughter, and plenty of holiday treats. See you in the new year!
