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In the meantime, feel free to check out some of our most recent blog entries:
QBO vs QBD, which is better for me?
Determine if QBO or QBD is Right for You QuickBooks is a software produced to assist with the daily management of business procedures. If you are a business owner or self-employed, QuickBooks can help you get organized, make proper business decisions, and be prepared...
Top 5 Bookkeeping Tips
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...
Getting Financially Naked…
GET FINANCIALLY NAKED WITH YOUR SPOUSE “Money is almost as taboo a subject as sex and arguably, just as important in a relationship” One of the most important principles that needs to reside within a marriage is communication. When I served a mission for my church...
What documents do I need to bring to my tax appointment?
Essential Documents for Your Tax Appointment: A Guide Tax season comes once a year. Not sure what to bring to your Tax appointment? This is one of the most frequently asked questions we receive here at Molen and Associates. Here are some tips on how to get ready....
What to Look for When Selecting a Credit Card
Features to Look for in Your Next Credit Card Americans are taught the dangers of credit cards from an early age. Young adults are often warned about ballooning debt, extreme interest rates, and lifelong consequences. Even if a debtor passes away, the burden will fall...
Why Are Reinvested Dividends Taxable?
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...
Why is Healthcare So Expensive?
Tips for Dealing with Expensive Healthcare Ever wonder why healthcare is so expensive? Why is it needed? How steep are penalties if we avoid getting coverage? What’s the real point of it? Is there a book labeled “Healthcare for dummies”? How often does a regular...
What is Behind the Trend in Trade Schools?
What is Behind the Trend in Trade Schools? The education curriculum of a trade school emphasizes on practical training and knowledge for a career than a general education like a traditional college. A couple of reasons why many people are becoming more interested in...
Common Tax Forms Explained: W2, 1099MISC, and W9
Tax Form Essentials: W2, 1099MISC, W9 Explained Filing Form W-2 The due date for filing 2018 Forms W-2 is January 31, 2019 whether you file electronically or using paper forms. You may request one 30-day extension to file Form W-2 by submitting a complete application...
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...