Questioning Your Cents

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 manage your money and save on taxes. In this episode, we discuss Social Security and Medicare with our special guest, Peter Huynh who is the VP of Operations for Trusted Benefits Group.

Important Points:

Is Social Security taxable?

At what age do I not need to file a tax return?

Do costs for Medicare increase as you make more money?

IRMAA - Income-Related Monthly Adjustment Amount

Can you appeal to reduce the amount you pay for Medicare?

What are common questions and misnomers with Medicare?

How do late enrollment penalties work with Medicare?

What are the 4 D's of Medicare? Dollars, Drugs, Doctors, Deadlines

Comfort Zone:

What are the different types of Medicare? Type A, B, C and D

What is the difference between Medicare and Medicaid?

How do you contact Peter Huynh?  (346) 704-5840 or [email protected]

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss how to build wealth and keep it with a special guest – Zac Majors with Centric Advisors.

Important Points:

Thoughts on the current market and tax changes

Early career investing – best tips and common mistakes

Later stage investing – trying to catch up

Comfort Zone:

• What is better – Roth or traditional?
• Should I contribute to a 401(k) or Brokerage account?
• What makes a good financial advisor?
• How do I avoid taxes on highly appreciated stock?
• Insights into how the 2021 Biden changes will change the market

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss the different types of business entities.

Important Points:

Different Types of Entities

Three Options as a Sole Proprietor:

1. Do Nothing
2. DBA
3. LLC

Pass Through Entities:

1. Partnership
2. S Corporation

C Corporation

Why do you set up an LLC?

Pros and Cons of an LLC

Tax vs Legal structures

What is a pass through entity?

Why are partnership agreements important?

When is it beneficial to become an S-Corp?

Comfort Zone:

1. I Inherited a home and am now selling it. How is this treated for tax purposes?
2. Why is my tax refund being delayed?

Videos referenced:

Stimulus Checks Round 3 - https://molentax.com/stimulus-checks-round-3/

Child Tax Credit Changes - https://molentax.com/american-rescue-plan-changes-to-child-tax-credit/

Texas Federal Disaster - https://molentax.com/texas-declared-federal-disaster-what-does-this-mean-for-my-taxes/

Unemployment Taxation - https://molentax.com/american-rescue-plan-unemployment-taxation/

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss self-employment, side jobs and how they are taxed.

Important Points:

Side jobs, Self-employment, MLM, temporary or contract workers

Real estate agents, Law enforcement extra jobs and truck drivers often times fall into these categories

Do you have to report small side job cash on your tax return?

What is a 1099-K and what is it used for?

When do you need to begin claiming your income?

How do I correctly track my income and expenses?

1099-NEC vs 1099-MISC

When do you need to issue a 1099 to a worker?

How do business expenses work for side gigs?

What do ordinary and necessary mean for business expenses?

Security extra job and law enforcement deductions

Why are tax deductions like Web MD?

Facts and circumstances determine what is tax deductible?

Can I deduct expenses as a W2 employee?

What happened to the form 2106? Unreimbursed employee expenses

How is side income taxed?

What are estimated tax payments? Are they the same as quarterly payments?

How do underpayment penalties work?

Do I have to file taxes quarterly on self-employment income?

Comfort Zone:

Is Social Security taxed?

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss financial planning & other investing strategies.

Important Points:

Don't try to time the market as an investor

Age based investing

Target retirement funds

Risk tolerance

Fact vs emotion-based investing

Why putting more money under your mattress doesn't work

Wealth accumulation vs. Wealth protection phases

How do taxes play a role in investing?

Long term capital gains tax rates

Municipal bonds vs. corporate bonds and taxation

Why would it be great to pay $1 million in income taxes?

Sector investing and diversification

How does portfolio rebalancing work?

Investing is both an art and a science

Why is it so bad to have your money in cash?

Inflation explained

What is hedging

Comfort Zone:

As a school teacher, can I deduct my classroom expenses?

At what point can I take my money out of my Roth IRA without paying a penalty?

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

Help! I'm Starting a Business

Welcome to Questioning Your Cents where you can get your real-world, pragmatic tax & financial advice for business owners, entrepreneurs and independent contractors.

We are your host Kevin Molen and Charles Steinmetz. Our job is to help education you on how to manage your money and save taxes. In this episode, we will discuss tax and financial considerations when starting a business.

Important Points:

Intro

Sole proprietor vs. multi member business differences

Why are you starting a business?

Most business owners are skilled service providers

Are you good at "business" or just the product or service you provide?

How are businesses like dishes?

Why you need to know your financial numbers

Do you have to do everything in your business? No!

Work your strengths and hire out your weaknesses

Do you need an LLC? When should you set on up?

Why do people set up an LLC? 1. My friend told me to 2. To get a tax ID number 3. Legitimacy 4. Liability protection

Does an LLC truly give me legal liability protection?

What are the major types of businesses?

• Schedule C or Sole Proprietor
• Partnership
• S Corp
• Corporation

How are different businesses taxed?

How do self employment taxes work?

What is a pass through entity?

Partnership have more flexibility but there are still self employment taxes

S Corps normally have preferential tax treatment, but more hoops to jump through

What is double taxation for C-Corporations?

When is it worth it to set up an S-Corp?

How do I pay employees?

What is the difference between an independent contractor and an employee?

New 2020 1099 form for independent contractors 1099 NEC

Why you shouldn't mix personal and business expenses

Why is a good paper trail needed?

Is it better to pay more in taxes or be more profitable?

Comfort Zone:

Can I still deduct charitable contributions?

5 types of itemized deductions: 1. Medical expenses 2. Sales tax 3. Property tax 4. Mortgage interest 5. Charitable donations

Ouro

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss when to file an amendment to your tax return.

Important Points:

What is an amendment?

When NOT to amend your tax return?

When should you file an amendment?

            Correcting an error

            Taking advantage of missed deductions

Pros and Cons of filing an amendment

What if you don't file an amendment for a problem?

Filing an amendment electronically or on paper

What is the internal revenue manual?

Comfort Zone:

            What filing status should I choose?

            If I pay for my daughter's college tuition, can I get credit for what I pay?

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, we discuss what is new this year for tax season.

Important Points:

2020 Tax Season Update

Late start to tax season with delayed efile opening

IRS is taking longer than normal to process returns

Tips to get your return processed faster

Stimulus check information rounds 1-3

Recovery rebate credit

American recovery act

Child tax credit expansion

Daycare or dependent care credit expansion

Unemployment changes

How will unemployment benefits be taxed?

How long does it take to get your tax refund back?

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 manage your money and save on taxes. In this episode, tax deadlines, penalties and extensions.

Important Points:

S Corp and Partnership tax deadlines March 15

Individual and Corporate tax deadlines April 15

Franchise deadline May 15

S Corp and Partnership tax extension deadline September 15

Individual and Corporate tax extension deadline October 15

Required Minimum Distribution deadline December 31

Estimated tax payments to be made on a quarterly basis

Consequences of missing deadlines

Late filing penalties

What does filing an extension mean

Benefits of being a timely tax filer

How to pay the IRS

How do installment agreements work?

What are the rules for claiming children after being divorced?

Contact us:

[email protected]

281-440-6279

Find us on social media:

https://www.facebook.com/molentax

https://www.instagram.com/molen.tax/

https://www.youtube.com/channel/UCTHFFst-BRli8M_aTyXhAuw

https://www.linkedin.com/company/molen-&-associates

https://twitter.com/molentax

https://www.molentax.com

http://questioningyourcents.com

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 people with education on how to manage your money and save on taxes. In this episode, we talk about what to look for when hiring a tax advisor or tax professional.

[email protected]

www.molentax.com