Winter is coming…and so is tax season. While Tax Season is not quite as scary as that last season of Game of Thrones, navigating your taxes alone can be pretty mind numbing. With frequent tax law changes, even more so now in this unprecedented year of 2020, the tax code can be very complicated. Be […]
Being a small business owner is no small feat. We empathize with the struggles each small business has gone through in 2020 just to stay afloat amidst all the shutdowns and the ongoing pandemic. With tax season right around the corner, MKA is here to help ensure that you do not pay more than you […]
Ever got a phone call from a random number claiming to be an IRS agent trying to intimidate you into paying some huge sum of money? Hopefully none of you have fallen for it! This tactic used by con artists who try to impersonate the IRS and steal your money. According to the Better Business […]
At MKA, we are more than just an accounting firm. We care about our community, and for that reason, philanthropy is a one of our company’s focal points. MKA has done work with various non-profits in Central Florida, many of which are clients of ours. So, as a result of our avid community involvement, we […]
In the week of March 21st, millions of American were applying for unemployment. Simultaneously, the rate of job loss in the U.S. exceeded job loss during the worst weeks of the Great Recession. This comes after the longest economic expansion on record came to a halt with the global spread of covid-19. So, has the […]
This presidential election has been unprecedented with everything going on in the world. The fact that it is happening during a global pandemic has made it even crazier. With the state of the world being so, well, 2020 right now, there is a lot to consider before you cast your vote. So, with so many […]
If you own a small business, consider the following strategies to minimize your tax bill for 2020. Net Operating Losses (NOLs). The CARES Act relaxed many NOL limitations that were implemented under the Tax Cuts and Jobs Act. If your business expects a loss in 2020, you can carry back that loss to the prior […]
Here are some planning strategies that may lower your individual income tax bill for 2020. Take Advantage of Generous Standard Deduction Allowances. If your annual deductions will be close to your standard deduction, consider making additional expenditures to exceed your standard deduction. That will lower this year’s tax bill. Next year, you can claim the […]
Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money to someone close, here are some tips to do it right in the eyes of the tax code. Charge Interest, […]
If you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy. Others do not. Here are some suggestions: Proper Tip Reporting Has Three Components (Think 1-2-3) Keeping a […]
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