Transform Your Business with 5 Key Bookkeeping Tips Every business owner needs a solid bookkeeping system in order to stay in business. No matter how small your business is, you should make sure that your books are updated, accurate, and readily available as it...
The Taxation of Reinvested Dividends Explained Have you ever received a tax document showing you a taxable amount of dividends? You probably didn’t receive a check for those dividend amounts, but you’re still required to pay taxes on them. Why is that and how does it...
Public Safety Officer Tax Deduction With it being National Police Week, we thought we would share a quick tip for Police and any other Public Safety Officers. What we colloquially refer to as the “PSO Deduction” at Molen & Associates is a deduction for retired...
Profit and Loss Statements: A Path to Financial Clarity A profit and loss statement (P&L or P/L) is a vital document for your business. It is simply a list of your total gross income and expenses. There is no true ‘format’ for a P&L, because each business is...
Discovering Truths: A Unique Medical Deduction Today, I want to show an example of an unusual even that had a very large tax impact. While this specific example is very rare, the principles behind the story apply to most of our clients. Every few decades there is...
