Gabriela Trujillo - MKG Tax Consultants

Tax-Time Financial Products that African-American Households are 36 percent more likely to use the products than white households

Posted on January 25, 2021January 25, 2021 by Gabriela Trujillo

More than 20 million American taxpayers spent at least an estimated half a billion dollars in 2017 on financial products that are based on their anticipated tax refund, according to the National Consumer Law Center. Tax-time financial products, typically offered by banks and made available by providers of tax preparation services, include refund advances and refund anticipation loans (credit products) and refund transfers (deposit product). In fiscal year 2017, the Internal Revenue Service (IRS) processed more than 150 million individual federal income tax returns, and issued almost 120 million refunds totaling almost $383 billion, according to IRS.

Trends in the market for tax-time financial products since 2012 include
• the decline of refund anticipation loans (short-term loans subject to finance charges and fees),
• the rise in use of refund transfers (temporary bank accounts in which to receive funds), and
• the introduction of refund advances (loans with no fees or finance charges).

More recent product developments include increased online access to products for self-filers, higher refund advance amounts, the introduction of new products, and for tax year 2019, the reintroduction of fee-based loans. Specifically, taxpayers who made less than $40,000 were significantly more likely to use the products than those who made more. African-American households were 36 percent more likely to use the products than white households. Product users tend to have immediate cash needs, according to studies Government Accountability Office. For these users, tax-time financial products generally provide easier access to cash and more cash at a lower cost than alternatives such as payday, pawnshop, or car title loans.

MKG Tax Consultants provides Tax Refund Financial Products to customers with limited access to consumer credit from banks, thrifts, credit cards, and lenders determined by their tax refund status instead of their FICO score as a bank product or RAC refund Anticipation Check to the under bank by providing no upfront tax preparation fee’s and consumer loan products.

TaxPro PTIN Multi-Pay System – MKG Tax Consultants News, View Points, Taxes & Finances

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Economic Impact Payments 2

Posted on January 15, 2021January 15, 2021 by Gabriela Trujillo

EIP2 deposits that were erroneously sent to closed refund transfer accounts were required to be returned to the IRS. The bank does not have these payments, and the IRS will be issuing these payments directly to taxpayers.

Most taxpayers EIP2 stimulus payments will be processed by IRS and sent via your bank account or by check by February 1st based on the information you provided with their 2019 tax return.

Once payments are made by IRS, the Get My Payment tool on the IRS website

https://www.irs.gov/coronavirus/get-my-payment

will be updated to reflect the payment amount after February 1st.

Banks or tax preparers DO NOT have the funds – the US Treasury has the money and will be delivering it to taxpayers through the IRS process as stated above.

If you moved or changed address the you can go online to the USPS website and submit a change of address.

USPS Change Of Address – Skip the Post Office Line

What is the Recovery Rebate Credit?

The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe.

The Recovery Rebate Credit was eligible to be paid in two rounds of advance payments during 2020 and early 2021. These advanced payments of the Recovery Rebate Credit are referred to as the first and second Economic Impact Payments.

Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They already received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if:

Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and.

Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.

Who can claim the Recovery Rebate Credit?

Eligible individuals who did not receive the full amounts of both Economic Impact Payments may claim the Recovery Rebate Credit on their 2020 Form 1040 or 1040-SR.

Generally, you are eligible to claim the Recovery Rebate Credit if you were a U.S. citizen or U.S. resident alien in 2020, cannot be claimed as a dependent of another taxpayer for tax year 2020, and have a Social Security number valid for employment that is issued before the due date of your 2020 tax return (including extensions).

You must file Form 1040 or Form 1040-SR to claim the Recovery Rebate Credit even if you are normally not required to file a tax return. Anyone with income of $72,000 or less can file their Federal tax return electronically for small fee through MKG Tax Consultants eFile Program.

https://mkgtaxconsultans.com

The safest and fastest way to get a tax refund is to combine electronic filing with Direct Deposit.

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Marshawn Govan, RRTP

MKG Tax Consultants

4021 N Fresno Street #107

Fresno, CA 93726

Phone (559) 412-7248

Toll-Free 1-866-675-3933

Tax, Accounting, Audit, Assurance & Advisory Service

Website: mkgtaxconsultants.com

File your taxes and apply for an Easy Advance $500-$6,000

Posted on January 7, 2021January 19, 2021 by Gabriela Trujillo

Find out how much money you can get, fast and easy as Steps 1-2-3

Step 1–Apply online

Step 2–Click here for 24/7 Live Chat or upload documents

Step 3

Chat on WhatsApp

https://wa.me/15593093260

To be eligible for the $3,000 loan amount, your expected Federal refund less authorized fees must be at least $4,000. An Easy Advance (EA) is a loan secured by and paid back with your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers.

Loan options are based on your expected Federal refund less authorized fees. If approved for an EA, a Finance Charge will apply. Loan is subject to underwriting and approval. EA proceeds are typically available within 24 hours of IRS acceptance of tax return or within 24 hours for those filing before the IRS start date; however, if direct deposit is selected, it may take additional time for your financial institution to post the funds to your account. Visit your tax preparer to learn about the cost and timing of all filing and product options.

Available with preparation of 2020 federal tax return through Feb. 28, 2021.

More than 20 million American taxpayers applied for tax refund financial products in 2017 on financial products that are based on their anticipated tax refund, according to the National Consumer Law Center.

Tax-time financial products, typically offered by banks and made available by providers of tax preparation services, include refund advances and refund anticipation loans (credit products) and refund transfers (deposit product).

In fiscal year 2017, the Internal Revenue Service (IRS) processed more than 150 million individual federal income tax returns, and issued almost 120 million refunds totaling almost $383 billion, according to IRS.

Non-Essential Business Owners Newswire

Posted on December 14, 2020December 14, 2020 by Gabriela Trujillo

?Today most nonessential business owners are faced with two choices in this pandemic shutting down, closing up shop or staying open for survival refusing to comply with Statewide COVID-19 limited capacity rules orders remaining open struggling to operate risking their livelihood.

Most businesses need to raise money at some point to grow or stay alive. MKG Tax Consultants Crowdfunding Advisory Service can be a great way to fund your business through thousand of potential investors.

Most Platform requirements requires companies development stage have products already on the market and demonstrate growing revenue year over year and have $300,000+ the previous year. Companies must be legally equipped as an LLC or Corporation, Company must seek to raise up to $1.07M under Regulation Crowdfunding or seek to raise up to $50M under Regulation A+ with option to simultaneously run side-by-side Regulation D offering to raise unlimited amounts of money from accrediated investors.