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MKG Tax Consultants ofrece números de identificación de contribuyente individual ITIN, banca personal y para pequeñas empresas, y servicio de preparación de impuestos a inmigrantes hispanos que no cuentan con suficientes servicios bancarios y tienen acceso limitado a crédito al consumo de bancos, cajas de ahorro, tarjetas de crédito y prestamistas.

La banca como servicio de MKG Tax Consultants permite a los inmigrantes hispanos abrir cuentas bancarias convenientemente desde su teléfono móvil, enviar/recibir depósitos ACH, emitir instantáneamente tarjetas de débito virtuales y plásticas, pagar facturas, administrar el flujo de efectivo de forma segura en línea con un negocio asegurado por la FDIC cuenta bancaria.

El objetivo es brindar a las familias hispanas desfavorecidas y sin acceso a servicios bancarios acceso a crédito al consumo para poder financiar de manera asequible préstamos para automóviles, financiar sistemas solares, mejoras en el hogar, hacer un pago inicial para una casa, invertir y/o pagar deudas aprovechando su reembolso de impuestos como garantía utilizando una aplicación de banca y finanzas patentada.

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Mayor reembolso de impuestos posible o obligación tributaria más baja “garantía escrita de devolución de dinero”

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Honoring Black History Month

February 10, 2022

Setting Every Community Up for Refund Deposits (SECURD)

Fresno CA- African American entrepreneur Marshawn Govan stated that it  has been a long journey and an intense process for us to have a mobile app that represents our products and services as a black-owned Fintech company that is underrepresented in the United States. We are proud to launch our mobile app during black history month in 2022 by honoring the contributions that African Americans have made throughout history, while also recognizing that the fight for racial justice and equitable access to capital markets continues to this day.

The company is preparing to go public this year in 2022  to be listed on the OTC markets and is welcoming accredited investors. SEC Filing 

The company is currently raising capital on Wefunder to allow retail investors to invest as little as $100 in our company to build the next financial institution which will very soon redefine the tax industry for the better.

https://wefunder.com/mkgenterprisescorps

As more consumers rely on using their mobile phone devices nowadays Americans Check Their Phones 8 Billion Times a Day, making Banking-As-A-Service and online mobile tax preparation a game-changer. Banking as a Service is reconfiguring the banking value chain, enabling new digital banking.

Launched during black history month users can download MKG Tax Consultants  tax-filing app on Apple App Store

MKG Tax Consultants will enable startup businesses to open bank accounts conveniently from their mobile phone, send/ receive ACH deposits, instantly issue virtual and plastic debits cards, pay bills, manage cash flow securely online with an FDIC Insured business bank account. Most economists will agree that small businesses are the backbone of the nation’s economy.

They create more new jobs, provide goods and services that bigger businesses may see as not worth their while, and support their local communities. The importance of separating personal finances from business expenses. 

MKG Enterprises Corp Financial Services is a diversified financial technology company that provides tax refund financial products primarily to customers with limited access to consumer credit from banks, thrifts, credit cards, and lenders. As a leading mobile tax refund FinTech we provide tax advantage IRA accounts, crypto tax service and digital wallets.

Third-Party Digital currency wallets allow users to pay or receive US tax refunds in digital currencies such as Bitcoin, Ether, Pax Gold, USDC, USDP and more, with settlement made in Fiat (or the currency of your choice)

The company is licensed as a finance Lender & Broker by the California Department of Financial Protection and Innovation. CFL license No.60 DBO-45224 allows us to provide non-recourse tax refund loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit cards, and lenders.

The goal is to give underprivileged and underbanked families access to consumer credit to be able to affordably finance auto loans, finance solar systems, home improvements, make a down payment on a home, investing and/or pay off debt leveraging their tax refund as collateral using a proprietary banking & finance app.

Our strive for continued growth and success is to provide personal and business financial security and independence by providing insurance services that include auto, home, life, health, retirement plans and business insurance to safeguard your assets and protect against loss.

The app is suggested to allow a customer to more easily apply for and receive a short term loan that would be based upon customer’s expected Federal Tax Refund as collateral and repayment provided by MKG Enterprises Corp. and its affiliate’s MKG Tax Consultants. In regards to the New IRS Tax Law passed the PATH ACT delaying tax refunds until Feb 15

The PATH ACT of 2015

House Amendment #2 to the Senate Amendment to HR 2029, Protecting Americans from Tax Hikes (PATH) Act of 2015 – gop.gov

 

Features

• Data validations and pre-populated fields

• Complex computations and calculations

• Strong back-end integration

• Image capture & E-signature

• Automated workflows

• Offline data capture Results

• Entire data calculations and information can be filled in  30% lesser time than paper based forms • Reduced overall turnaround time of development by 20 – 25% (approx.)

• Acquiring 20% incremental customers and similar surge in number of transactions (approx.)

The problem MKG Enterprises Corp is solving to reduce cost and improve efficiency.

New required tax forms in order to file for tax year 2021

Stimulus Payments (Economic Impact Payments) IRS Letter 6475

If you received a 3rd stimulus payment in late January of 2021, the IRS will issue letter 6475 to file with your 2021 tax return.

https://mkgtax.wpengine.com/child-tax-credit-taxpayer-assistance/

The Credit Problem

Online lenders make consumer loans easier to access but often with high-interest rates and impractical repayment plans. These risky lenders may also use linked bank accounts to collect repayment of loans and extract daily payments. And since the lender is not attached to the success of the borrower they typically won’t offer flexible terms of repayment. Some borrowers get to a place where every dollar of revenue is committed to repaying the principal and interest on a loan, trapping their business in a cycle of debt that’s almost impossible to escape.

Plus, borrowers who can pay off the loan in full are often discouraged from doing so by prepayment penalties that serve to increase the borrower’s debt and the online lender’s profits. If the borrower can’t pay back a loan, lenders have obtained judgments and seized assets sometimes worth more than the loan itself. The borrower is then forced to declare bankruptcy.

The Solution:

Restoring the American Credit System, Credit is a cornerstone of the U.S. economy, and access to affordable credit is central to unlocking upward mobility and opportunity. 

The FICO score was invented in 1956 and remains the standard for determining who is approved for credit and at what interest rate. While FICO is rarely the only input in a lending decision, most banks use simple, rules-based systems that consider only a limited number of variables. Unfortunately, because legacy credit systems fail to properly identify and quantify risk, millions of creditworthy individuals are left out of the system, and millions more pay too much to borrow money.

MKG Tax Consultants Use Case 

  1. Chat feature to instant message your tax preparer, answer questions
  2. Free to download, apply for a tax refund accepted loan from your mobile phone.
  3. Eliminate the hassle to drop by tax office unexpectedly
  4. Skip the line, download our mobile app, prepare your taxes anywhere and get your max tax refund.
  5.  Improved customer service
  6.  Eliminate taking time off work.
  7. No waiting to see a tax preparer for hours.
  8. Compatible with ISO & Android
  9. Safe, convenient, secure, share information and upload documents with your tax preparer
  10. Covid free tax filing option

MKG Tax Consultants 

4021 N Fresno Street Suite 107 Fresno, CA 93726

559-412-7248 | 866-675-3933 | email: [email protected]

Website: https://mkgtax.wpengine.com

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$50 CASHBACK REWARDS for downloading our Banking-As-A-Service Tax-Filing App

$50 CASHBACK REWARD for downloading our Banking-As-A-Service Tax-Filing App.

$50 CASHBACK REWARD

OFFER IS VALID ONE PER CUSTOMER, tax returns must be electronically filed with MKG Tax Consultants and be eligible for an ERD electronic refund deposit.

SECURD Advance loans are available in 15 States APR depends on your resident state.

1. California 35.99% APR 2. Arkansas 3. Colorado 12% APR

4. Connecticut 12% APR 5. District of Columbia 6% APR 6. Florida 18% APR

7. Massachusetts 12% APR 8. New Jersey 16% APR 9. Oklahoma 10% APR

10. Oregon 12% APR 11. South Carolina 12% APR 12. Texas 10% APR

13. Virginia 12% APR 14. Wisconsin 18% APR 15. Wyoming 10% APR

SECURD Advance loans is an optional fixed-term loan offered by Cash Advance Short Term Repayment Option Lender. The SECURD Advance loans principal loan amount, applicable interest, and any fees will be deducted from federal and state tax refund proceeds. SECURD Advance is not an actual federal or state tax refund. Applying for a SECURD Advance does not guarantee approval. Qualifications and restrictions apply and all applicants may not be eligible for SECURD Advance.

SECURD Advance loans principal amounts offered are $500, 25%, 50%, or 75% of the expected net tax refund amount, up to $10,000 SECURD Advance loans have an APR of 35.99% based on a 30-day term. All SECURD Advance loans have an origination fee. Refund Transfer fees may also apply.

Download our mobile app today

MKG Tax Consultants 

4021 N Fresno Street Suite 107

Fresno, CA 93726

866-675-3933 email: [email protected]

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2022 Tax Changes

Tax brackets and tax rates

For many people, a tax refund is their once-a-year opportunity to take a big financial step — to pay down debt, to build savings or start investing, to buy a car or fund a vacation.

If you’re getting money back from Uncle Sam this year, and you’re thinking about how to make it work for you, MKG Tax Consultants Financial Advisors can help.

There are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your taxable income and filing status. For the 2022 tax year, the IRS bumped up the income thresholds for all filing statuses to account for inflation. You can compare the changes between 2021 and 2022 below.

2021 federal income tax brackets

(for taxes due in April 2022 or in October 2022 with an extension)

Expand the filing status that applies to you.Single filers

Tax rateTaxable income bracketTax owed
10%$0 to $9,95010% of taxable income
12%$9,951 to $40,525$995 plus 12% of the amount over $9,950
22%$40,526 to $86,375$4,664 plus 22% of the amount over $40,525
24%$86,376 to $164,925$14,751 plus 24% of the amount over $86,375
32%$164,926 to $209,425$33,603 plus 32% of the amount over $164,925
35%$209,426 to $523,600$47,843 plus 35% of the amount over $209,425
37%$523,601 or more$157,804.25 plus 37% of the amount over $523,600

Married, filing jointly

Tax rateTaxable income bracketTax owed
10%$0 to $19,90010% of taxable income
12%$19,901 to $81,050$1,990 plus 12% of the amount over $19,900
22%$81,051 to $172,750$9,328 plus 22% of the amount over $81,050
24%$172,751 to $329,850$29,502 plus 24% of the amount over $172,750
32%$329,851 to $418,850$67,206 plus 32% of the amount over $329,850
35%$418,851 to $628,300$95,686 plus 35% of the amount over $418,850
37%$628,301 or more$168,993.50 plus 37% of the amount over $628,300

Married, filing separately

Tax rateTaxable income bracketTax owed
10%$0 to $9,95010% of taxable income
12%$9,951 to $40,525$995 plus 12% of the amount over $9,950
22%$40,526 to $86,375$4,664 plus 22% of the amount over $40,525
24%$86,376 to $164,925$14,751 plus 24% of the amount over $86,375
32%$164,926 to $209,425$33,603 plus 32% of the amount over $164,925
35%$209,426 to $314,150$47,843 plus 35% of the amount over $209,425
37%$314,151 or more$84,496.75 plus 37% of the amount over $314,150

Head of household

Tax rateTaxable income bracketTax owed
10%$0 to $14,20010% of taxable income
12%$14,201 to $54,200$1,420 plus 12% of the amount over $14,200
22%$54,201 to $86,350$6,220 plus 22% of the amount over $54,200
24%$86,351 to $164,900$13,293 plus 24% of the amount over $86,350
32%$164,901 to $209,400$32,145 plus 32% of the amount over $164,900
35%$209,401 to $523,600$46,385 plus 35% of the amount over $209,400
37%$523,601 or more$156,355 plus 37% of the amount over $523,600

Capital gains tax

Capital gains taxes are assessed on profits generated from the sale of an asset. Short-term gains are taxed as ordinary income, while long-term gains are charged at either 0%, 15% or 20% based on filing status and taxable income. For the 2022 tax year, the IRS increased these income thresholds for long-term gains. See the differences below.2021 capital gains tax rates

Tax-filing statusSingleMarried, filing jointlyMarried, filing separatelyHead of household
0%$0 to $40,400$0 to $80,800$0 to $40,400$0 to $54,100
15%$40,401 to $445,850$80,801 to $501,600$40,401 to $250,800$54,101 to $473,750
20%$445,851 or more$501,601 or more$250,801 or more$473,751 or more
Short-term capital gains are taxed as ordinary income according to federal income tax brackets.

2022 capital gains tax rates

Tax-filing statusSingleMarried, filing jointlyMarried, filing separatelyHead of household
0%$0 to $41,675$0 to $83,350$0 to $41,675$0 to $55,800
15%$41,676 to $459,750$83,351 to $517,200$41,676 to $258,600$55,801 to $488,500
20%$459,751 or more$517,201 or more$258,601 or more$488,501 or more
Short-term capital gains are taxed as ordinary income according to federal income tax brackets.

Earned income tax credit

The earned income tax credit (EIC or EITC) is a refundable tax credit for low- and moderate-income workers. The amount depends on income and the number of children. People without kids can qualify. For 2022, the earned income credit range will be $560 to $6,935, depending on income and the number of children.

An important note: You may notice that the credit available to persons with no children has significantly decreased in 2022. This is because the American Rescue Plan Act temporarily boosted it from $543 to $1,502 in 2021; this expansion has not been carried over to the 2022 tax year.

2021 earned income tax credit

Number of childrenMaximum earned income tax creditMax AGI, single or head of household filersMax AGI, married joint filers
0$1,502$21,430$27,380
1$3,618$42,158$48,108
2$5,980$47,915$53,865
3 or more$6,728$51,464$57,414

2022 earned income tax credit

Number of childrenMaximum earned income tax creditMax AGI, single or head of household filersMax AGI, married joint filers
0$560$16,480$22,610
1$3,733$43,492$49,622
2$6,164$49,399$55,529
3 or more$6,935$53,057$59,187

Retirement plan contribution and income limits

Contributing to an IRA or a 401(k) can cut your tax bill significantly, and the amount you can contribute has increased for 2022. It’s important to note that traditional IRA income limits apply only if you (or your spouse) have a retirement account at work.

Traditional IRA income limits

Filing status2021 MAGI2022 MAGIDeduction
Single or head of household (and covered by retirement plan at work)$66,000 or less$68,000 or lessFull deduction
More than $66,000 but less than $76,000More than $68,000 but less than $78,000Partial deduction
$76,000 or more$78,000 or moreNo deduction
Married filing jointly (and covered by retirement plan at work)$105,000 or less$109,000 or lessFull deduction
More than $104,000 but less than $124,000More than $105,000 but less than $125,000Partial deduction
$125,000 or more$129,000 or moreNo deduction
Married filing jointly (spouse covered by retirement plan at work)$198,000 or less$204,000 or lessFull deduction
More than $198,000 but less than $208,000More than $204,000 but less than $214,000Partial deduction
$208,000 or more$214,000 or moreNo deduction
Married filing separately (you or spouse covered by retirement plan at work)Less than $10,000Less than $10,000Partial deduction
$10,000 or more$10,000 or moreNo deduction

Roth IRA income limits

Filing status2021 MAGI2022 MAGIMaximum annual contribution
Single, head of household or married filing separately (if you didn’t live with spouse during year)Less than $125,000Less than $129,000$6,000 ($7,000 if 50 or older)
$125,000 up to $140,000$129,000 up to $144,000Contribution is reduced
$140,000 or more$144,000 or moreNo contribution allowed
Married filing jointly or qualifying widow(er)Less than $198,000Less than $204,000$6,000 ($7,000 if 50 or older)
$198,000 up to $208,000$204,000 up to $214,000Contribution is reduced
$208,000 or more$214,000 or moreNo contribution allowed
Married filing separately (if you lived with spouse at any time during year)Less than $10,000Less than $10,000Contribution is reduced
$10,000 or more$10,000 or moreNo contribution allowed

401(k) income limits

In 2022, individuals under the age of 50 can contribute $20,500. This is up from $19,500 in 2021. For those 50 or older, the catch-up contribution limit in 2022 is up to $27,000 from $26,000 in 2021.

Child care tax credit doubles this season: How to claim up to $16,000

The child and dependent care credit allows taxpayers to directly reduce their taxes by the amount spent on expenses related to child or dependent care, such as day care, babysitters or related transportation. Thanks to a one-time expansion in the American Rescue Plan Act, parents who paid for child care in 2021 are eligible to receive up to 50% of their expenses back as a tax break or refund.

The expanded child care tax credit maxes out at $8,000 for one dependent and $16,000 for two or more. The catch? You’ll need all your receipts and other monetary proof to make sure you can claim the tax break when you file your income tax return. 

The child and dependent care credit is a tax break designed to let parents claim expenses from child care. For example, if you paid for a day care provider while you were working, that expense can be claimed as a credit when you file your taxes this year.

How is the child care credit different for 2021 taxes? In previous years, the maximum amount you could claim was $3,000 for one child or $6,000 for two or more. For 2021 expenses, you can claim up to $8,000 for one child or dependent and up to $16,000 for multiple children. The one-time expansion of the child care credit for 2021 also increases the maximum return rate for child care expenses from 35% to 50%.

What does that mean? In brief, for the 2021 tax year, you could get up to $4,000 back for one child and $8,000 back for care of two or more.

Before the American Rescue Plan, the child and dependent care credit was nonrefundable, meaning it could reduce your tax bill to zero but you would not receive a refund on anything extra. Now, the credit is fully refundable, meaning that you will receive money for it even if you don’t owe taxes. 

What counts as a qualifying expense for the child care credit?

The law defines expenses based on child care providers, but there’s some wiggle room that also accounts for expenses like transportation. Any organization or person providing care for your dependent counts as long as you’re paying them.

How do I claim child care expenses on my tax return?

Make sure you have a detailed account of all child care expenses — most importantly any receipts you received from day cares or after-school programs showing your expenses. When tax day approaches, complete Form 2441 and attach it to your Form 1040 tax return. 

According to the IRS, you’ll need to report the name, address and “taxpayer identification number” or TIN (it can be a Social Security number or the employer identification number) of the care provider on your return. You can use Form W-10 to request the information you need from your care provider.

What’s the maximum amount I can get back for child care expenses?

For expenses accrued in 2021, the IRS says you can claim up to $8,000 in eligible expenses for one dependent or up to $16,000 in eligible expenses for multiple dependents.

Keep in mind that the child and dependent care credit is not the same as the similarly named child tax credit. Advance child tax credit payments were disbursed on a monthly basis last year. If you’re eligible for the child tax credit and didn’t receive advance payments, you can receive between $500 and $3,600 per child as credit when you file your taxes. 

Does my income affect how much money I can claim or get back?

To qualify for the child care credit, a tax filer must have earned income, such as wages from a job or unemployment. If you are married and filing a joint tax return, your spouse must also have earned income. (Exemptions apply to full-time students and people receiving disability benefits.) The IRS says that generally you may not take the child care credit if you are married and filing separately.

The maximum amount of claimable child care expenses — $8,000 for one child or $16,000 for two or more — is not affected by income level. However, the rate of return for the child care credit decreases as income increases.

For the 2021 tax year, the credit rate starts to reduce when a taxpayer’s income or household AGI (adjusted gross income), reaches $125,000. The credit rate is reduced by 1% for every $2,000 earned over $125,000, up until $183,000, where it settles at 20% for everyone earning $183,001-$400,000. For example, an AGI of $145,000 would receive a tax credit rate of 40%.

For those making more than $400,000, the credit rate again reduces by 1% for every $2,000 earned over $400,000, and becomes zero for families earning $438,000 or more. For example, an AGI of $410,000 would receive a tax credit rate of 15%.

Which dependents qualify to be included in the child care credit?

According to the IRS, qualifying rules for dependents are fairly broad, but a dependent must fit one of the following criteria: 

  • Be under the age of 13, or
  • Be unable to care for themselves if 13 or older (for example, if you have a spouse or older dependent who is impaired and incapable of caring for themselves, and has lived with you for more than half the year, or
  • Be physically or mentally incapable of self-care — even if their income was $4,300 or more. 

In addition, the qualifying dependent must have a tax identification number, such as a Social Security number.

What do I need to know if I’m separated or divorced? 

Only the custodial parent can claim the child care credit on their taxes. The IRS defines the custodial parent as the parent whom the child lived with for the greater number of nights in 2021. The rules for separated or divorced parents are similar to those governing the child tax credit and shared custody.

If you need assistance contact MKG Tax Consultants

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