Kami L. Molin, C.P.A

LLCs are similar to corporations in that they offer limited liability protection to its owners. LLCs also have fewer corporate formalities and greater tax flexibility. However, one of the disadvantages is that profits may be subject to self-employment taxes.

With the beginning of Tax Season, you'll want to make sure you file your taxes correctly. Here are three common mistakes that you'll want to avoid. https://www.forbes.com//3-common-mistakes-you-dont-want-/

Despite the individual tax filing due date being delayed until May 17, 2021, there is no delay in paying first quarter estimated tax payments for the 2021 tax year. So it is time to review your tax situation for the 2021 tax year and make an estimated quarterly tax payment using Form 1040-ES.

Small business owners can benefit from Limited Liability Company (LLC). With the LLC business structure, personal assets are protected in the event a business gets sued. https://www.investopedia.com/terms/l/llc.asp

One of the main benefits of turning your hobby into a business is deducting all your qualified business expenses, even if it results in a loss. However, if you don’t properly transition your hobby into a business in the eyes of the IRS, you could be waving a red flag that reads, Audit Me! The agency uses several criteria to distinguish whether an activity is a hobby or a business.

Who Pays Taxes Quarterly? https://financialhotspot.com//03/05/how-quarterly-taxes-w/

Plan your business trips to ensure your miles are deductible. Commuting miles to and from work are not deductible. However, if you stop off at a supplier first, then the mileage from the supplier to your workplace is a deductible expense.

Investing for college is filled with uncertainty, but with these tips many risks can be mitigated. https://www.forbes.com//how-to-reduce-your-college-savin/

The Alternative Minimum Tax: The AMT is a separate tax calculation that disallows many of the deductions and credits used to calculate regular income tax. It also adds back certain income that is not normally taxed. The most common AMT adjustments are for certain itemized deductions and adjustments, such as state and local taxes. Also, if you exercise incentive stock options, sell investments with large long-term capital gains, or take depreciation on business property, you may be hit with the AMT.

Reminder: Required Minimum Distributions aren’t needed for 2020 for most plans. For more info, check out https://www.irs.gov//coronavirus-relief-for-retirement-pla

A capital gain is what results when you sell certain property at a profit. In general, everything you own for personal or investment purposes is a capital asset, including your home, stocks, bonds, and collectibles. Capital assets do not include business property, such as inventories, notes, and accounts receivable.

It’s been an unpredictable year with many changes and challenges. Here are few reminders from the IRS you should consider when filing your taxes, contact us if you have more questions. https://t.co/KsngTsZ7yZ?amp=1

Tax planning involves implementing various strategies that ultimately minimize the amount of taxes your business pays. Learn more about these efficient techniques. https://financialhotspot.com//tax-planning-tips-for-your-/

The Safe Harbor Rule is a Concept in statutes and regulations whereby a person who meets listed requirements will be preserved from adverse legal action. Frequently, safe harbors are used where a legal requirement is somewhat ambiguous and carries a risk of punishment for an unintended violation.

We are committed to providing highly comprehensive and individualized tax and accounting services that our clients need to manage their finances and business planning.

Guidance on deferred employee payroll tax issued https://www.journalofaccountancy.com//employee-payroll-tax

If you are evaluating franchising your business, consider the following risks and rewards of franchising. https://www.franchiselawsolutions.com/franch/risks-rewards/

5 Tips on Claiming Charitable Donations on Your Taxes https://financialhotspot.com//5-tips-on-claiming-charitab/

Reducing costs and increasing revenue is the only way to keep your business growing, but many businesses are in the habit of overspending for basic business needs. Here are some common areas where businesses over-spend. https://www.inc.com//seven-areas-where-businesses-habitual

Small companies often face difficult financial times and may struggle with cash flow. Here are solutions to the four most pressing small-company financial problems. https://www.inc.com//four-solutions-to-small-business-mone

Lean Six Sigma Specialists (LSSS) can help your business optimize efficiency on every level! #business #leansixsigma

If you’re looking for more of a gradual transition into retirement, or aren't sure you are ready to stop working, you might consider phased retirement where you gradually reduce your workweek hours and responsibilities. https://www.thebalance.com/is-a-phased-retirement-right-for

Why the increase in your Social Security check could among the smallest ever next year. https://www.usatoday.com//social-security-bene/5798699002/

Find out how you can get the most with your Health Savings account. https://financialhotspot.com//getting-the-most-from-your-/ Getting the

Be on the lookout for new version of SSN scam. https://www.irs.gov//taxpayers-should-be-on-the-lookout-fo

Here are 5 ways families can manage their money as kids continue classes. https://www.usatoday.com//how-parents-can-hel/5752099002/

When will I start receiving the extra aid in unemployment? Your money questions answered https://www.usatoday.com//coronavirus-stimulus/5489266002/

How to build team diversity: https://www.startups.com//expert-ad/building-diverse-teams