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A member of our team will be in touch with you, shortly. We appreciate your interest!
In the meantime, feel free to check out some of our most recent blog entries:
A $3,000 Deduction Just for Retired Public Safety Officers and First Responders
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...
How to Make a Profit and Loss Statement
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...
How to setup a payment plan for your taxes?
Setting Up Your Tax Payment Plan: A Complete Guide The IRS doesn’t care how they are paid. They will go through hoops to ‘help’ you pay them. You can take a personal loan, or even charge a credit card right on their website to pay in full. Sometimes paying in full is...
Trust, But Verify – Don’t Believe Everything You Hear
Trust, Verify, and Empower: A Modern Approach to Truth I’ve worked for Molen & Associates for more than 20 years. Over the course of my career I’ve learned that the greatest enemies to understanding the federal income tax are unverified sources such as family...
How long should I hang on to my old tax records?
Tax Records Retention: What You Need to Know While this is a straightforward question, there is a standard answer for most people, but others may have reasons to hold onto their records for longer. The easy answer for IRS purposes is 3 years. All you need to do is...
Case Study: A Surprising Medical Deduction
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...
How To Get a Copy of Previous Year’s Tax Information
Simplifying Tax Access: How to Find Last Year’s Info It may be that you haven’t filed in two years, or forgot about that job you worked, or many other reasons – but you need to get tax information from a year or more ago… and you don’t have it. What are your options?...
Tax Breaks for Homeowners: What is Deductible, and What’s Not?
Tax Benefits for Homeowners You Shouldn't Miss It is not an uncommon question to be asked what someone can deduct with their home. With the new tax laws, many answers are still quite similar, while the benefits may change for others. First the easy question, can I...
The 3 Most Common Mistakes in Preparing Your Own Taxes
Tax Preparation: Learn from These Common Mistakes None of us are perfect and we all make mistakes. Many mistakes are made simply due to insufficient information, or information not easily understood. Here I’ll explain the 3 most common mistakes we see on self-prepared...
5 Quick Tips To Prepare For Your Taxes
Five Steps to Streamline Your Tax Prep If you’re anything like me, you love practical solutions to your problems. If you’re preparing for your tax appointment only a few weeks in advance, you definitely have a problem! Here are my 5 quick tips for helping you...
Turbo Tax vs. Tax Professional
Turbo Tax vs. Tax Professional: Making the Right Choice Ok, full disclosure. We are a tax firm. We want your business and we are in the business of doing taxes. With that being said, I will try to give you an unbiased approach to the best method of getting your taxes...
What is an EA?
The Evolution of the Executive Assistant Role An EA or an enrolled agent is a federally licensed tax practitioner who has the right to represent taxpayers before the IRS. EAs prepare taxes, help with audits and tax appeals, advise, represent and prepare tax returns...
What do I need to bring to my tax appointment?
Maximize Your Tax Appointment: What to Bring Tax season is here, and you are starting to think… Man, what do I need to remember to bring this year? The good news is: we have a simple tax checklist you can find HERE. We also send you everything you need to know in your...
How much money should I withhold from my paycheck?
Ways to Optimize Your Paycheck Withholding Strategy This topic is one of those should be really simple things, that is so far from simple it is absurd. The simplest way to answer it, would be the very basic – it needs to be enough to satisfy the tax impact your...
The 5 Most Common Tax Questions
The 5 Tax Questions Everyone Should Be Asking At Molen & Associates your tax preparation experience begins with a one-hour interview with one of our many competent tax professionals. You sit across the desk from them and as you hand them documents they ask you...