How to maximize your tax benefits for your home office? For over four decades, Molen & Associates, a trusted tax and accounting firm established in 1980, has been aiding small-business proprietors and entrepreneurs in optimizing their tax advantages through the home office deduction. This deduction can lead to substantial savings on taxes, provided the IRS guidelines are met and meticulous records are maintained. Running a small business from the comfort of your own home is the epitome of flexibility and convenience. However, did you know that your home office can do more than just provid ..read more

Navigating the 2024 Tax Landscape: What You Need to Know   Introduction: As we gear up for the upcoming tax season, it’s crucial to stay ahead of the curve and be aware of the changes that will shape the 2024 tax landscape. In this blog post, we’ll explore key updates that individuals and businesses should keep in mind as they prepare for their 2023 taxes and plan for the year ahead.   Individual Tax Updates: 1. **401(k) Limit Increase:** – The 401(k) contribution limit rises to $23,000, providing individuals with enhanced opportunities for retirement savings. 2. **IRA Contributions ..read more

How to master the 199A Deduction? Tax season often resembles a maze, with twists, turns, and seemingly endless complexities. But fear not, fellow entrepreneurs, for we’re about to shed light on a powerful tool that can guide you through this intricate terrain—the 199A Deduction. In this comprehensive guide, we’ll demystify the 199A Deduction, empower you with knowledge, and equip you with strategies to save time, money, and headaches on your taxes. Get ready to embark on a journey toward mastering the art of tax savings. Demystifying the 199A Deduction: Navigating Toward Savings: The term “19 ..read more

How to cruise a write off? First things first, let’s remember our general rules that before we can deduct a business expense it must be ORDINARY and NECESSARY, meaning “An ordinary expense means it’s typical in your business, both [in terms of] amount [as well as in] frequency and purpose. Necessary means it helps you increase your profits or expand your business. Our Team will guide you, please continue reading below. Cruise Ships You can deduct up to $2,000 per year of your expenses of attending conventions, seminars, or similar meetings held on cruise ships. All ships that sail are conside ..read more

Tax matters can be a labyrinth of complexities, especially for small business owners juggling a multitude of responsibilities. The mere thought of facing the Internal Revenue Service (IRS) can send shivers down the spine. But fear not – there’s a potent guardian in the realm of taxes, ready to shield your business from the storm: IRS representation. In this blog post, we delve into the formidable power of IRS representation, showcasing how it can be your business’s ultimate shield against tax-related challenges. Understanding IRS Representation In its essence, IRS representation is your busin ..read more

he Corporate Transparency Act (CTA), enacted as part of the Anti-Money Laundering Act of 2020, introduces significant changes in beneficial ownership reporting requirements for certain entities operating in the United States. These regulations, set to take effect on January 1, 2024, aim to enhance transparency and combat financial crimes by mandating the disclosure of beneficial ownership information. In this blog post, we will delve into the key aspects of the CTA, explore who is required to report, and discuss the implications of noncompliance. Understanding the Corporate Transparency Act T ..read more

The IRS is turning its attention to S-Corporations (S-Corps) and the salaries paid to shareholder-employees. Ensuring that you are paying yourself a “reasonable compensation” is crucial to staying compliant with the law and avoiding potential financial consequences. At Molen & Associates, we have introduced a program to help you navigate this complex issue, providing valuable insights and generating comprehensive reports based on IRS-approved approaches. In this article, we will explore the importance of reasonable compensation, how to calculate it, and the consequences of not adhering to ..read more

Tackling your taxes as a small business owner can often feel like a high-stakes game of strategy and a little guesswork. One of the key moves in this intricate game is mastering the art of quarterly tax payments. If you’re looking to stay ahead in the tax arena and avoid last-minute scrambles, navigating quarterly payments is a smart move that can save you time, money, and ensure a smoother tax season. In this blog post, we’re diving deep into the world of quarterly payments, arming you with the knowledge to make informed decisions and strategically position your business for success. Underst ..read more

Hey there, hardworking small business owners! Tax season is no walk in the park, but we’ve got a game-changing secret to share that could put more money back in your pocket. If you’re tired of paying hefty self-employment taxes and want to keep more of your hard-earned cash, it’s time to explore the wonders of an S-Corporation (S-Corp) by slashing the Self-Employment Tax. In this article, we’ll delve into how an S-Corp can help you minimize self-employment taxes and maximize your profits. Say goodbye to headaches and hello to tax savings! The Self-Employment Tax Conundrum As a self-employed i ..read more

Tax planning services from Molen & Associates help you make smart decisions regarding your taxes. We provide individualized advice and information that can save you money and protect your wealth. Our tax planning strategies go beyond just filing your taxes – we look for ways to reduce your overall tax burden, maximize deductions, and plan for the future. We specialize in income tax planning for both businesses and individuals. We help you identify your short and long-term goals, as well as the best strategies to reach them. For business owners, this could mean taking advantage of available ..read more