Taking Money Out of a Business & QBI

Taking Money Out of a Business & QBI

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 possibly more important...
Expanded Child Tax Credit

Expanded Child Tax Credit

2022 Update on Advanced Payments for the Child Tax Credit 2021 Launch of the Advanced Payments of the Child Tax Credit Unenroll for Advance Payments of Child Tax Credit The American Rescue Plan had more benefits for taxpayers than just the 3rd stimulus payment. The...
Expanded Child Tax Credit

American Rescue Plan Changes to Child Tax Credit

Is the Child Tax Credit Increasing Due To the American Recovery Act? Hey, folks, just want to take a quick minute or two to talk about the changes to the child tax credit. So the American rescue plan was just signed into law just recently by President Joe Biden....
American Rescue Plan Unemployment Taxation

American Rescue Plan Unemployment Taxation

Has Unemployment Insurance Been Extended? Hey y’all! I wanted to take a quick minute to talk about the unemployment changes as part of the new American rescue plan, which was just recently passed by President Joe Biden. This does a couple of things. So the first...
8. Tax Season Update

8. Tax Season Update

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...

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