Why Non-profits and Philanthropy are Great for our 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. As a result of our avid community involvement, we have…
Continue Reading Why Non-profits and Philanthropy are Great for our Business
Did covid-19 cause a recession in the U.S.?
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…
Continue Reading Did covid-19 cause a recession in the U.S.?
How the election results will affect your taxes!
This presidential election has certainly been unprecedented with everything going on in the world, and 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 for who…
Continue Reading How the election results will affect your taxes!
Year-end Planning Moves for Small Business
If you own a business, consider the following strategies to minimize your tax bill for 2020. Net Operating Losses (NOLs). The CARES Act temporarily relaxed many of the NOL limitations that were implemented under the Tax Cuts and Jobs Act (TCJA). If your small business expects a loss in 2020, know that you will be…
Year-end Planning Moves for Individuals
Here are some strategies that may lower your individual income tax bill for 2020. Take Advantage of Generous Standard Deduction Allowances. For 2020, the standard deduction amounts are $12,400 for singles and those who use married filing separate status, $24,800 for married joint filing couples, and $18,650 for heads of household. If your total annual…
Is a Tax Trap Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s…
