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Category: Tax Alert

2022 Tax-Filing Season Begins Jan 24

Posted on by Gabriela Trujillo

The Internal Revenue Service (IRS) has announced that taxpayers can begin filing their 2021 tax returns on Monday, January 24, 2022

The Jan. 24 tax-filing start date for 2022 is 19 days earlier than 2021’s start date of Feb. 12.

At the same time, the IRS warns that the upcoming filing season could be frustrating for taxpayers and tax preparers alike due to pandemic-related delays, a backlog of unprocessed returns from 2021, and years of budget cuts that have made the agency’s job more difficult.

KEY TAKEAWAYS

  • Taxpayers can begin filing 2021 tax returns Monday, Jan. 24, 2022, 21 days earlier than last year.
  • The IRS has warned there could be delays in issuing refunds in 2022 due to issues related to the pandemic, budget cuts, and unprocessed returns from 2021.
  • The tax agency cautions taxpayers to file as early as possible after Jan. 24 and to make sure they have their paperwork in order.
  • The IRS suggests taxpayers look for help online and use phone lines only if necessary.
  • The agency says if you file electronically, choose direct deposit, and, assuming there are no issues with your return, you should get your refund within 21 days.

To avoid processing delays and speed refunds, the IRS urges people to follow these steps.

  • Gather your 2021 tax records including Social Security number, Individual Taxpayer Identification Number, Adoption Taxpayer Identification Number, and this year’s Identity Protection Personal Identification Number for calendar year 2022.
  • Check IRS.gov for the latest tax information, including the latest on how to reconcile advance payments of the Child Tax Credit or claim a Recovery Rebate Credit for missing stimulus payments.
  • Make sure you report correct amounts for any Economic Impact Payments or advance Child Tax Credits received in 2021.
  • If you need help, use online resources such as MKG Tax Consultants registered return tax preparer Tax Filing Mobile App instead of calling. Calling the IRS should be a last resort.
  • Even if you are not normally required to file a tax return, you need to do so in order to claim a Recovery Rebate Credit, to receive a tax credit from 2021 stimulus payments, or to reconcile advance Child Tax Credit payments.
  • File electronically and request direct deposit.

If you request an extension to file by April 18 (or 19), you have until Monday, October 17, 2022, to submit your 2021 tax return. You must pay your estimated taxes, however, by the regular tax filing deadline of April 18 (or 19)

Things That May Delay Your Refund

Even though you can file your tax return as soon as Jan. 24, 2022, by law the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The purpose of the law is to prevent fraudulent refunds from being issued.

Download MKG Tax Consultants covid free Tax Filing Loan Originator Mobile App and Get Your Max Tax Refund

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Setting Every Community Up for Refund Deposits SECURD

Posted on by Gabriela Trujillo

Join the MKG Tax Consultants Android and IOS app test-flight personal taxes and self-employed business owners.

Setting Every Community Up for Refund Deposits

Test-Flight Tax Filing App

Setting Every Community Up for Refund Deposits “SECURD”

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, digital wallets, crypto investing to retail investors to buy, sell or stake crypto.

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.

75 Tax Deductions (plus two bonus deductions)

1. Accounting fees

2. Advertising

3. Amortization

4. Auto Expenses

5. Banking fees

6. Board Meetings

7. Building repairs and maintenance

8. Business Travel

9. Business association membership dues

10. Charitable deductions made for a business purpose

“Good record keeping and thoughtful consideration will minimize you deductions. Another key point: Keep good records.

“Track every single expense related to your business and comb over them with your tax preparer at the end of the year to ensure you only take legitimate deductions,”

https://mkgtax.wpengine.com

Tax Filing Loan Originator Mobile App Loans up to $9,500

Posted on by Gabriela Trujillo

Banking-As-A-Service connect your bank account seamlessly and effortlessly to apply for a tax refund advance.

Join the tax refund evolution

Learn More

MKG Tax Consultants Toll-Free 866-675-3933

COMPETITORS LOAN FACTS

JACKSON HEWITT  “EXPRESS REFUND ADVANCE”

  • NOT GUARANTEED
  • MUST GET PRE-APPROVAL FOR LOAN ONLINE FIRST THEN GO INTO AN OFFICE TO FINISH APPLICATION  EXPRESS REFUND ADVANCE PAGE
  • NO FEE (EXCEPT $45 APPLICATION FEE)
  • UP TO $1300, DEPENDING ON YOUR PROJECTED TAX REFUND (THE ONLINE PRE-APPROVAL WILL LET YOU KNOW HOW MUCH YOUR TOTAL AMOUNT WILL BE)
    • $200-$400 IS AVAILABLE WITHIN 1 HOUR AFTER SIGNING THE PAPERWORK IF IT GOES ON AM EX CARD, 24-48 HRS IF INTO YOUR OWN ACCOUNT
    • YOU GET REMAINING AMOUNT ONCE TAX RETURN HAS BEEN ACCEPTED BY IRS AND YOU FILE WITH JACKSON HEWITT
    • PRE QUALIFYING QUESTIONNAIRE
  • TOTAL AMOUNT WILL BE DEDUCTED FROM TAX REFUND
  • BASED ON CURRENT INCOME, LAST YEAR’S REFUND, CREDIT, AND OTHER “TERMS AND CONDITIONS”
  • IF YOU DON’T FILE WITH THEM YOU WILL BE CHARGED UNKOWN INTEREST RATE AND IT IS TURNED INTO A “PAYDAY” TYPE OF LOAN.
  • NO INTEREST CHARGED TO TAX ADVANCE IF YOU FILE YOUR TAXES WITH THEM
  • REQUIRED DOCUMENTS NEEDED WHEN APPLYING FOR LOAN:
    • CURRENT CA DL/ID (PICTURE ID)
    • MOST RECENT PAYSTUB
    • PAYSTUBS MUST INCLUDE EIN SO THAT JH CAN VERIFY EMPLOYMENT
    • LAST YEAR’S TAX RETURN
    • SOCIAL SECURITY CARD
  • SELF EMPLOYED MUST HAVE EITHER 1099 OR PAYCHECK AS PROOF OF INCOME.  

H & R BLOCK “CASH ADVANCE”

  • BASED COMPLETELY ON CREDIT CHECK!
  • MUST BE ON EMERALD CARD!
  • IS A LOAN
  • UP TO $1000
    • A PERCENTAGE WILL BE PAID TODAY ON EMERALD CARD, REMAINING WILL BE PUT ON CARD WITHIN 24-48 HOURS
  • LOAN IS DUE IN FULL ON FEB 15, NOT TAKEN OUT OF TAX REFUND
  • $45 APPLICATION FEE
  • INTEREST IS EITHER 36% PER MONTH OR APR (THE PERSON I TALKED TO SAID IT WAS BOTH)
  • DON’T NEED TO FILE TAX RETURN WITH THEM

MKG TAX CONSULTANTS

Tax Refund Advances Get Up To $9,500 available exclusively on a mobile phone

Download our tax-filing app on Android or iOS

Android tax-filing App

https://keap.page/qmz602/app-launch.html

iOS-taxfiling app

iOS

There are fees or interest for this Tax Advance Loan. The “APR” Annual Percentage Rate “OAC” on approved credit.

Tier 1 $225 interest rate 2.5% APR 30%

Tier 2: $225-$900 interest rate 2.0% APR 24%

Tier 3: $900- $1,650 interest rate 1.5% APR 18%

Tier 4: $1,650-$2,500 interest rate 1% APR 12%

Tier 5: $2,510 interest rate 14% to 36% APR

Loans of at least $2,500, but less than $3,000, may not exceed a maximum term of 48 months and 15 days. Loans of at least $3,000, but less than $10,000, may not exceed a maximum term of 60 months and 15 days.

Availability is subject to satisfaction of identity verification, eligibility criteria, and underwriting standards. Choose from $500-$10,000 plus additional $2,510 auto title loan. California loans are made pursuant to MKG Money Service Business, Cash Advance Short Term Repayment Option Lender California Department of Financial Protection and Innovation Finance Lenders Law License 60DBO-45224

Refund Anticipation Check (RAC) is a tax refund-related deposit product provided by MKG Tax Refund. Fees apply. You must meet the legal requirements for opening a bank account. RAC is a bank deposit, not a loan, and is limited to the size of your refund less applicable fees. You can e-file your return and get your refund without a RAC, a loan, or extra fees.

American Rescue Plan Act of 2021

Posted on by Gabriela Trujillo
American Rescue Plan Act of 2021
MKG Tax Consultants believes in providing valuable resources to help you understand what the American Rescue Plan Act of 2021 means.

American Rescue Plan Act of 2021 The United States has provided about $6 trillion in total economic relief to the American people during the coronavirus pandemic, including the $1.9 trillion that was approved when President Biden signed the American Rescue Plan (ARP) Act into law on Thursday, amounting to about 27 percent of gross domestic product (GDP).



Much of the economic relief in the American Rescue Plan is administered through the tax code in the form of direct payments (stimulus checks) and expanded Child Tax Credit (CTC) in 2021.

Below we provide more detail on the three major tax-related benefits in the American Rescue Plan: a third round of direct payments, extended unemployment insurance (UI) benefits and a $10,200 unemployment insurance income exemption for 2020, and an expansion of the Child Tax Credit. $1,400 Stimulus Payments (Economic Impact Payments)

The American Rescue Plan provides the third round of stimulus payments up to $1,400 for adults and any dependent. Households with earnings of more than $80,000 for single filers, $120,000 for Head of Household filers, and $160,000 for married filing jointly will not receive any payment. The payments begin to phase out at $75,000 for single filers, $112,500 for Head of Household filers, and $150,000 for joint filers—meaning about 89 percent of filers will receive a payment.


Unemployment Benefits

The American Rescue Plan also extends the three federal unemployment insurance expansions first created by the CARES Act through September 6, 2021.

The American Rescue Plan increases the total number of weeks of benefits available to individuals who cannot return to work safely from 50 to 79, matching the expiration of the broader UI benefits. The law maintains the federal supplement at its current level of $300 a week for weeks beginning after March 14 and before September 6, 2021.

The American Rescue Plan provides 53 weeks of federal UI benefits after the state benefits end, up from 24 weeks.

The American Rescue Plan contains a new provision to exempt $10,200 of unemployment benefits received in 2020 from income taxes. The exclusion is retroactive, applying to unemployment insurance benefits received last year, largely to reduce the issue of surprise tax bills. It only applies to individuals with incomes below $150,000.


Expanded Child Tax Credit

 American Rescue Plan greatly expands the Child Tax Credit by allowing households with children to claim up to $3,600 for younger children or $3,000 for children age 6 or older regardless of earned income. While the CTC currently phases in with income and only $1,400 can be refunded to low-income households, the American Rescue Plan allows the full credit for low-income households, which raises marginal tax rates on these filers as they are no longer provided the credit as income rises. As such, it introduces a new disincentive to work for low-income earners, though the magnitude of the disincentive is disputed.

Example family of 3 dependents age 5, age 4, age 7 would receive $3,600 per dependent and $3,000 per dependent above age 6

Total Child Tax Credit $10,200 thus family would receive $850 monthly payments for 12 months once the IRS issues guidance on making payments to households.


MKG Tax Consultants 4021 N Fresno Street Suite 107Fresno, CA 93726 Office (559) 412-7248 Toll-Free 866-675-3933website: https://mkgtax.wpengine.com
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