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In the meantime, feel free to check out some of our most recent blog entries:
Credit, Debt and Personal Finances 101
In an era of credit cards, services that allow you to “buy now, pay later”, and access to loans at your fingertips, it is easy to indulge in lifestyle you can’t necessarily afford on your budget. Before your fall too deep down the rabbit hole – or if you may already...
Should I Pay My Child With A W-2 or 1099?
It's a great strategy to hire your children as legitimate employees in your business. In fact, the higher the taxes you have to pay, the more you can save when you hire your children. When your children work for you in your business, you can deduct their salaries from...
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...
How is my Bonus Taxed?
Are you bringing in a bonus this year? Fantastic! You should be proud of your hard work. I teach my three kids the same fundamental principle every week. Hard work pays off. It’s completely ingrained in them now. From anywhere in the house if I yell out “Hard work!” I...
How to Avoid Tax Scams
It can be scary to find out you've been the victim of any kind of scam. The world is abounding with scams from all walks of life and some of the scariest are the scams pretending to be the IRS. How on earth do you know if you're being scammed from the IRS? Pull up a...
Student Loan Forgiveness Updates & Taxes
Recently, you may have heard about student loan forgiveness on the news or read about changes online. President Joe Biden has canceled $11.5 billion of student loans since coming into office. The American Rescue Plan affects many student loan borrowers and may have a...