The War and Treaty’s Michael and Tanya Trotter grew up in Cleveland, Ohio, and Washington, DC, respectively, but both have family roots in the South. They also grew up in the musical traditions of their churches – Tanya in the Black Baptist Church and Michael in the Seventh Day Adventist Church – where they learned the power of song to move people. After becoming a father at a very young age, Michael eventually joined the armed forces and served in Iraq and Germany, where he took up songwriting as a way of dealing with his experiences there. Meanwhile Tanya embarked on a singing and acting career after a breakthrough appearance in Sister Act 2 alongside Whoopi Goldberg and Lauryn Hill. Now, after a long and sometimes traumatic journey, Michael and Tanya are married, touring, winning all sorts of awards, and set to release their fifth album together, and their fourth as The War and Treaty. Sid talks to Michael and Tanya about the new record, Plus One , as well as their collaboration with Miranda Lambert, what it was like to record at FAME studios in Muscle Shoals, and how they’re blending country, soul, gospel, and R&B. Learn more about your ad choices. Visit podcastchoices.com/adchoices…
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Manage episode 358184024 series 2814316
Contenido proporcionado por MKG Tax Consultants. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente MKG Tax Consultants o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Keeping your money secure is our top priority at MKG Enterprises Corp banking technology, and we’re excited to provide added protection to our customers.
What is an insured cash sweep program?
- It’s a program offered by FDIC-insured banks. Deposits that exceed FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure the entirety of a depositor’s balance.
- Insured cash sweep programs exist to protect depositors and their money by maximizing FDIC insurance and by limiting deposit exposure across a single bank.
MKG Enterprises Corp is a banking technology company and does not directly handle customer deposits; we use chartered partner banks to provide banking services.
56 episodios
CompartirManage episode 358184024 series 2814316
Contenido proporcionado por MKG Tax Consultants. Todo el contenido del podcast, incluidos episodios, gráficos y descripciones de podcast, lo carga y proporciona directamente MKG Tax Consultants o su socio de plataforma de podcast. Si cree que alguien está utilizando su trabajo protegido por derechos de autor sin su permiso, puede seguir el proceso descrito aquí https://es.player.fm/legal.
Keeping your money secure is our top priority at MKG Enterprises Corp banking technology, and we’re excited to provide added protection to our customers.
What is an insured cash sweep program?
- It’s a program offered by FDIC-insured banks. Deposits that exceed FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure the entirety of a depositor’s balance.
- Insured cash sweep programs exist to protect depositors and their money by maximizing FDIC insurance and by limiting deposit exposure across a single bank.
MKG Enterprises Corp is a banking technology company and does not directly handle customer deposits; we use chartered partner banks to provide banking services.
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TaxPro Multi-Pay System Join the PTIN Pay revolution today and experience a new era of compensation for tax preparers. Don't miss the opportunity to earn what you deserve and take your career to new heights. About PTIN Pay: PTIN Pay is a pioneering compensation initiative designed to elevate the earning potential of tax preparers. By introducing a performance-based model, PTIN Pay aims to recognize and reward the valuable contributions of tax professionals in the industry. For more information visit https://mkgtaxconsultants.com/ptin-pay/…
Be the revolution in business funding. Sign up as a Finance Agent and get paid to help business owners get the capital they need. 4 Reasons to Become a Finance Agent Make money and expand your business and offerings. Industry leading payouts No cap on the commission you can earn. Recieve expert training on cutting edge funding programs Help business owners get the funding they need to succeed. Help both start-ups and existing businesses Offer funding programs for every situation Contribute to business growth Individualized support and coaching. You are connected with a dedicated Agent Manager. Lead tracking back office included with every account. Wide variety of marketing resources available: email templates, scripts, program flyers, lead tracking technology. Proprietary software built to grow a finance business. You are connected with a dedicated Agent Manager. Lead tracking back office included with every account. Wide variety of marketing resources available: email templates, scripts, program flyers, lead tracking technology.…
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1 IRS provides tax relief for victims of severe winter storms, flooding, landslides and mudslides in California 3:43
Victims of severe winter storms, flooding, landslides and mudslides in California beginning March 9, 2023, now have until Oct. 16, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, landslides and mudslides that reside or have a business in these 42 counties qualify for tax relief. Alpine Fresno Lake Mono Plumas San Mateo Sonoma Amador Glenn Los Angeles Monterey Sacramento San Luis Obisco Stanislas Butte Humboldt Madera Napa San Benito Santa Barbara Trinity Calaveras Imperial Mariposa Nevada San Bernardino Santa Clara Tulare Del Norte Inyo Kern Mendocino Orange San Francisco Santa Cruz Tuolumne El Dorado Kings Merced Placer San Joaquin Sierra Yuba Counties The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 9, 2023, and before Oct. 16, 2023, are granted additional time to file through Oct. 16, 2023. As a result, affected individuals and businesses will have until Oct. 16 to file returns and pay any taxes that were originally due during this period. This includes 2022 individual income tax returns due on April 18, as well as various 2022 business returns normally due on March 15 and April 18 . Among other things, this means that eligible taxpayers will have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts. The Oct. 16, 2023, deadline also applies to any payment normally due during this period, including quarterly estimated tax payments, quarterly payroll and excise tax returns. In addition, penalties on payroll and excise tax deposits due on or after March 9, 2023, and before March 24, 2023, will be abated as long as the tax deposits are made by March 24, 2023. Contact MKG Tax Consultants for a free extension filing Office (559) 412-7248 https://mkgtaxconsultants.com/about-us/contact-us/…
Keeping your money secure is our top priority at MKG Enterprises Corp banking technology, and we’re excited to provide added protection to our customers. What is an insured cash sweep program? It’s a program offered by FDIC-insured banks. Deposits that exceed FDIC insurance coverage are swept into one or more FDIC-insured banks as a way to insure the entirety of a depositor’s balance. Insured cash sweep programs exist to protect depositors and their money by maximizing FDIC insurance and by limiting deposit exposure across a single bank. MKG Enterprises Corp is a banking technology company and does not directly handle customer deposits; we use chartered partner banks to provide banking services. https://mkgtaxconsultants.com/banking-as-a-service/…
A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency . As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits. In extreme cases, the bank's reserves may not be sufficient to cover the withdrawals. Silvergate Bank's quick demise through a self-liquidation is prompting a closer look at the many red flags that ensnared the California bank even before the collapse of cryptocurrency exchange FTX late last year forced a run on deposits. The state-chartered Silvergate's voluntary liquidation, announced Wednesday, will allow the La Jolla, Calif.,-based bank to wind down its operations, sell remaining assets and pay off its depositors. The process is being monitored by California's Department of Financial Protection and Innovation. Among the many lessons to be learned from Silvergate's collapse is that a liquidity crunch can quickly engulf a bank, particularly if management makes the wrong bet on interest rates, experts said. Silvergate's monoline business model was concentrated in the crypto industry, where the risks and correlated aftershocks were not fully understood. "They didn't think deposits would dissipate so quickly in an environment where the securities portfolio was deeply underwater," said Todd H. Baker, senior fellow at the Richman Center for Business, Law and Public Policy at Columbia Business School and Columbia Law School. Silvergate's management "underestimated how much they were exposed in multiple ways to interest rate rises, and they probably underestimated how aggressive the regulators would be trying to essentially get a handle on their overall situation," Baker added. Silvergate had an unusual business model, holding billions in zero-interest deposits from crypto exchanges. Both FTX and Alameda Research had accounts at Silvergate. It also operated the Silvergate Exchange Network cryptocurrency trading platform that served as a payments network for crypto companies to swap fiat currencies with each other. When the bank shut its network last week , crypto depositors fled en masse. The deposit and industry concentration, interest rate squeeze and lack of any other meaningful business were self-inflicted wounds.…
Silicon Valley Bank failed on Friday March 10, 2023 following a run on deposits, after its parent company’s share price crashed a record 60% on Thursday. Trading of SVB Financial Group’s stock SIVB had been halted early Friday, after the shares plunged again in premarket trading. Treasury Secretary Janet Yellen said SVB was one of a few banks she was “ monitoring very carefully .” Reaction poured in from several analysts who discussed the bank’s liquidity risk . California regulators closed Silicon Valley Bank and handed the wreckage over to the Federal Deposit Insurance Corp. later on Friday. Signature Bank of New York, (the main subsidiary of Signature Bank Corp. SBNY, was closed by state regulators and taken over by the FDIC on Sunday. Below is the same list of 10 banks we highlighted on Thursday that showed similar red flags to those shown by SVB Financial through the fourth quarter. This time, we show how much they reported in unrealized losses on available-for-sale, or AFS, securities — an item that played an important role in SVB’s crisis. Below that is a screen of U.S. banks with at least $10 billion in total assets, showing those that appeared to have the greatest exposure to unrealized securities losses on AFS securities, as a percentage of total capital, as of Dec. 31. The latest industry developments include an emergency lending facility set up by federal regulators to help banks avoid selling securities for losses if they need to raise cash to cover deposit outflows. The regulators have also said all depositors of Silicon Valley Bank and the failed Signature Bank of New York would have access to their money — even uninsured deposit balances . First Republic Bank FRC (listed below) announced it had secured funding from the Federal Reserve and JPMorgan Chase & Co. JPM. Banks are now able to pledge securities as collateral at par (or face value) for borrowings through federal regulators’ new emergency lending facility, which means banks can avoid selling government bonds and mortgage-backed securities at a loss if they need to raise money. First, a quick look at SVB Some media reports have referred to SVB of Santa Clara, Calif., as a small bank, but it had $212 billion in total assets as of Dec. 31, making it the 17th largest bank in the Russell 3000 Index RUA as of Dec. 31. That makes its collapse the largest U.S. bank failure since that of Washington Mutual in 2008. One unique aspect of SVB was its decades-long focus on the venture-capital industry. The bank’s loan growth had been slowing as interest rates rose. Meanwhile, when announcing its $21 billion in securities sales on Thursday, SVB said it had taken the action not only to lower its interest-rate risk, but because “client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.” SVB estimated it would book a $1.8 billion loss on the securities sale and said it would raise $2.25 billion in capital through two offerings of new shares and a convertible bond offering. That offering wasn’t completed. So this appears to be an example of what can go wrong with a bank focused on a particular industry. The combination of a balance sheet heavy with securities and relatively light on loans, in a rising-rate environment in which bond prices have declined and in which depositors specific to that industry are themselves suffering from a decline in cash, led to a liquidity problem. Source cited: MoneyMarket…
Employer Retention Credit Warning Many businesses have received phone calls and emails from third-party companies marketing ERC refunds. The ERC is an inherently risky tax credit that will lead to a high likelihood of an audit over the next five years. The Internal Revenue Service has warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit. If the business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest. No matter who filed the amended 941 form the business is still responsible for the information reported. As a reminder, only recovery startup businesses are eligible for the ERC in the fourth quarter of 2021. Additionally, for any quarter, eligible employers cannot claim the ERC on wages that were reported as payroll costs in obtaining PPP loan forgiveness or that were used to claim certain other tax credits. If you claimed the Employee Retention Credit be prepared for an audit. Contact us Today! Our Enrolled Agents have extensive IRS Audit Representation.…
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Offering 12 Months Outsourced CFO Subscription Betting BIG on Small Businesses Game Time! MKG Tax Consultants provides startup crowdfunding advisory services to meet the SEC Eligibility Requirements for Form CF submissions to regulated funding portals for issuer offering or selling securities in reliance on the exemption in Securities Act Section 4(a)(6) and in accordance with Section 4A and Regulation Crowdfunding (§ 227.100 et seq.) One of the biggest changes the SEC has implemented is the legality of “finders” receiving commissions or payments for brokering deals and introducing investors to issuers, syndicators, developers, etc. Before this change, only broker-dealers were allowed to receive compensation for such deals. With the new changes, these finders can now legally receive these commissions and other transaction-based compensation from issuers. Fresno Venture Capital Fundraising https://www.fresnoventurecapitalfund.com/betting-big-on-small-business-game-time/ The ability to legally monetize your connections is something many have been waiting for for quite a long time! Exempt private offerings have traditionally served an important role in providing capital for smaller and medium-sized companies, often along their path to the public markets. Schedule a free consultation today Contact MKG Tax Consultants Office (559) 412-7248 e-mail support@mkgtaxconsultants.com…
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How to buy a house with cryptocurrency Cryptocurrency is proving to be less of a trend and more of a force that’s here to stay. Bitcoin (BTC) reached an all-time high of over $68,000 in November 2021 after starting the year at just under $30,000, and the crypto industry as a whole grew to a total market cap of more than $2 trillion. It makes sense that cryptocurrency investors are thinking big when it comes to tapping into the power of their crypto stashes. Can you use cryptocurrency to buy a house? If you’re considering using Bitcoin, Ethereum, Dogecoin, Litecoin or one of a number of other cryptocurrencies to purchase a home, you’re not alone. It’s becoming increasingly common, but there are some challenges to be aware of, and the volatility of the cryptocurrency market can make some transactions complicated. How do you buy a home with cryptocurrency? There are a few options for using cryptocurrency to buy a home. Convert cryptocurrency to cash One of the simplest ways to use your cryptocurrency nest egg to buy a home is to sell the cryptocurrency for fiat money (dollars) using a service like BitPay, then use that money to purchase a home. However, keep in mind that you’ll need to keep the fiat money in an account in your name for at least two months before it’s considered an asset that can be used to purchase a home, and a deposit that large may get flagged by the IRS. Any money you make from selling cryptocurrency may also be subject to capital gains tax, so check with your financial advisor or tax attorney. Convert your crypto to U.S. currency Before it can be used to buy a house, cryptocurrency must be converted to U.S. currency. MKG Enterprises Corp Third=Party Originator is beta-testing to accept cryptocurrency stable coins for its borrowers as a down payment and closing costs, that would be converted to U.S. dollars and offer its borrowers the ability to create a digital wallet to convert their crypto to fiat however much borrowers intend to use and have the money in their bank account prior to closing. Seasoning Your lender’s underwriting team will need to verify that the crypto assets were in your digital wallet or digital exchange account for at least 60 days prior to when you sold them What are the cons to buying a home with cryptocurrency? As enticing as cryptocurrency may be, it’s still something of an unknown entity in the real estate industry. When considering buying a home with cryptocurrency, watch out for these drawbacks: Not all sellers accept cryptocurrency. While trust is growing in Bitcoin, Ethereum and their competitors, few sellers are ready to go all-in and accept cryptocurrency as payment for a real estate transaction, so it may limit your home-buying options. Cryptocurrency exchanges may be subject to capital gains taxes. The IRS considers cryptocurrency a type of property, property that must be sold in order for you to realize its value in dollars. Be sure to consult a tax professional to find out how using cryptocurrency to buy a home may affect your tax liability. You may have fewer legal protections in a cryptocurrency transaction. For users of cryptocurrency, two of its main selling points are security and anonymity. But that means transactions are difficult to trace, so if anything goes wrong, you could face a sticky legal situation. Be sure to consult a legal professional to learn how to protect yourself. Most mortgage lenders may not accept cryptocurrency-derived dollars for a down payment. Again, because cryptocurrency is anonymous, when it’s sold and converted to cash, there’s no paper trail that lenders can use to trace a sudden windfall of money in your account, and they may be hesitant to approve your loan without documentation of funds. The value of cryptocurrency is constantly changing. Imagine offering four Bitcoin for a home, having the offer accepted, and then watching the value of Bitcoin double right before the contract is signed. Need we say more? The bottom line If you want to buy a home with cryptocurrency, do your homework and be prepared to face some hurdles. If you’re not sure you’re cut out to be a cryptocurrency pioneer, consider giving the real estate industry a few years to get more comfortable with digital currencies before dropping any cryptocurrency on a house. USDC / MKGE token is now paired on Uniswap as a ERC-20 Stable Coin Buy Crypto/ Token MKGE with Credit/Debit Card https://mkgtaxconsultants.com/buy-crypto/ USDC/MKGE Pool: https://info.uniswap.org/#/pools/0x83e1c656f5949a54d2bbfd34ac104a2135fa1282 Token: https://info.uniswap.org/#/tokens/0xa7a293966e2463b7af7f5c6f3b660423e3a9c16b MKG Enterprises Corp Third-Party Originator NLMS ID 1370394 Book A Meeting: https://calendly.com/marshawngovan https://mkgenterprisescorp.com Risk Disclosures Bitcoin, ERC-20 tokens and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Information provided by Metropolis Decentralized Exchange is not intended to be, nor should it be construed or used as investment, tax or legal advice, a recommendation, or an offer to sell, or a solicitation of an offer to buy, an interest in cryptocurrency. • An investment in cryptocurrency is not suitable for all investors. • An investor could lose all or a substantial portion of his/her investment in cryptocurrency. • An investment in cryptocurrency should be discretionary capital set aside strictly for speculative purposes. • An investment in cryptocurrency is not suitable or desirable for all investors. • Cryptocurrency has limited operating history or performance. • Fees and expenses associated with a cryptocurrency investment may be substantial. The above summary is not a complete list of the risks and other important disclosures involved in investing in cryptocurrency. Any investment in cryptocurrency is subject to all the risks and disclosures set forth in the Customer Transaction Agreement and other definitive customer agreements.…
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When you borrow money to buy a home, you’ll see many numbers thrown around . Most buyers focus on the purchase price of the home. It’s an indicator of whether or not you can afford the price. But since you probably won’t pay cash only, you must consider the loan amount. The loan amount is the money you borrow to buy the home. It usually differs from the purchase price since most lenders don’t always provide 100 percent financing. Considering the loan-to-value ratio is important too. This value compares the purchase price and the loan amount and is a number lenders talk about often. Understanding these numbers helps you make solid real estate investment decisions. While focusing on the purchase price makes sense, it’s the loan amount that plays the most important role in your decision, here’s why. What’s The Purchase Price? The purchase price is the amount you agree to pay the seller . It’s the amount on your sales contract or the amount your real estate agent worked so hard to get the seller to agree to. For example, a home is listed for $300,000, but your real estate agent gets them down to $285,000. Your purchase price is $285,000. That’s what you agree to pay. Now, you probably don’t have $285,000 lying around, so you need financing, which is where the loan amount matters. The Loan Amount Isn’t The Purchase Price The loan amount differs from the purchase price because most lenders won’t give you 100 percent of the sales price. We’ll use our $285,000 sales price example from above. Traditional lenders or banks will typically give you 80 percent of that amount, so $228,000 if you live in the home as your primary residence. Primary residence properties have a lower risk of default because you live there, but you must come up with the remaining $57,000. Lenders require your own investment to reduce the risk of default. They call it having ‘skin in the game’. Traditional loans require a 20 percent investment. Lenders feel if you have 20 percent of your own money invested, you’ll be more likely to pay your bills on time and not default on the loan, risking your property. MKG Enterprises Corp. Third-Party Originator NLMS ID 1370394 Call 559.412.7248 to speak to a loan officer Website: https://www.blink.mortgage/app/signup/p/mkgenterprisescorp…
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GSFA Platinum borrowers with certain occupations are eligible to apply for a DPA Gift instead of a Second Mortgage. The DPA Gift never has to be repaid. Qualifying occupations in CA include: Medical and Healthcare workers; Peace Officers, Sheriff, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity; Firefighters, CalFire, paramedic, and Emergency Medical Technicians (EMTs), including administrative staff that supports firefighters; and Current members of the California State Teachers Retirement System (CalSTRS) or University of California Retirement Plan (UCRP), employees of a California accredited Private, Charter or Public School District or California State University, Junior College or Private College, including school administration and staff. Program Highlights Financial assistance for down payment and/or closing costs (Now up to 5.5%). Homebuyer doesn't have to be a first-time homebuyer to qualify. Perfect credit not required. FICO scores as low as 640 can qualify. Flexible income limits (low-to-moderate income). Various first mortgage loan types available to fit the needs of the homebuyer (FHA, VA, USDA and Conventional financing) The GSFA OpenDoors Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA), up to 7% of the First Mortgage Loan amount. On a $300,000 Mortgage Loan, 7% in assistance is $21,000. The program is limited to owner occupied primary residences only. There is no first-time homebuyer requirement and the qualifying guidelines are flexible. Program Highlights Financial assistance up to 7%, to use for down payment and/or closing costs. Homebuyer doesn't have to be a first-time homebuyer to qualify. Perfect credit not required. FICO Scores as low as 620 can qualify. Flexible income limits (low-to-moderate income). Various first mortgage loan types available to fit the needs of the homebuyer. (FHA, VA, USDA and Conventional financing) Mortgage Loan Officer Marshawn Govan NLMS# 1370676 Appointments, Call, Message Direct (559) 354-3100 Schedule a down payment assistance consultation: https://calendly.com/marshawngovan Get Prequalified https://www.mkgenterprisescorp.com/home-purchase/…
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Get Prequalified for a Home Loan Find out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose. What documents should you have ready when contacting a loan officer? When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you: Pay stubs last 30 days Bank statements last 3 months Employment history Previous tax returns 2 years Get prequalified for a mortgage loan https://www.mkgenterprisescorp.com/home-purchase/ CalHFA - Am I Eligible? https://www.calhfa.ca.gov/apps/AmIEligible/ CalHFA FICO requirements 660 https://www.calhfa.ca.gov/homebuyer/programs/index.htm The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage. Fannie Mae Area Median Income Lookup Tool https://ami-lookup-tool.fanniemae.com 80% AMI divided income limit by 12 Calculate DTI = 45% of AMI income limits Example $50,240 /12= $4,187 X 0.45 = $1,884.15 must include interest + principle + property taxes and PMI Determines borrowers Capacity ability to make interest and principal repayments on a loan, using his or her disposable income or cash flow. Conforming 30 Year Fixed An interest rate of 5.625% (5.89 APR) is for the cost of 1.875 points ($4,687.59) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,439.15. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00% An interest rate of 6.25% (6.345% APR) is for the cost of points paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,539.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 60.00% Mortgage Loan Officer Marshawn Govan NLMS ID 1370676 Text: (559) 500-6030 This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.…
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E – Employee An employee has a job. This is where most people earn their income. The job itself is owned by a business, which could be a single person or a large corporation. The employee gives his or her time, energy, and skills to an employer in exchange for a pay check and benefits. Employees can make a little or lot of money. But when an employee stops working (or when the business stops), their income stops, too. This long-term lack of control over income is the primary problem of the E quadrant. An employee’s financial destiny, security, and freedom is dependent upon the whim and the success of their employer. S – Self-Employed Many employees get tired of their lack of control and choose to work for themselves. The self-employed still work, but they own their job. The S quadrant includes dentists, insurance agents, restaurant owners, realtors, handymen, and many other trade workers. Many self-employed people earn very large incomes, but like the employee, when they stop working so does their income. Self-employed people do have a lot more control than an employee, but that also means they have more responsibility. As a result, success usually means working harder and working longer. Over the long run this can lead to burn out and fatigue. B – Business Owner Those in the B quadrant own a system and lead people. The systems and people who work for the business can run successfully without the business owner’s constant involvement. The same types of businesses could be run by S owners and B owners. For example, a plumber could own and work in his own plumbing business, or a business owner could create a plumbing business and hire quality plumbers, administrators, and a manager to run the systems of the plumbing business. The wealthiest individuals in the world typically own businesses. These include Bill Gates of Microsoft, Jeff Bezos of Amazon, and Mark Zuckerberg of Facebook. I – Investors Investors own assets that produce income. This is the quadrant for truly passive income. Investors in this quadrant have usually accumulated money earned in one or more of the other three quadrants, and they let the money go to work and produce even more money for themselves. Investors often purchase shares of companies owned by those in the B quadrant. The capital from the investors helps to fuel the systems created by the business owner, and this fuel can lead to even greater growth (and more income) for everyone involved. There are multiple paths to financial independence, but most of them ultimately lead to the right side of the quadrant – B and I. So, if you want to achieve greater financial independence and freedom, it will pay to start learning the skills and mindset required to make this move to the right side. Become a guest on MKG Tax Consultants News, View Points, Taxes & Finances podcast covers the latest trends in the market from real estate, taxes, finances, crowdfunding, crypto investing, wealth building strategies and asset protection with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry. https://fresno-capital-formation.captivate.fm/booking…
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MKG Tax Consultants News, View Points, Taxes & Finances
Tax-Smart Strategies, Get our Tax-Filing App on Android and iOS - Now available for personal and business tax preparation, Get approved to buy a home, purchase mortgage insurance and protect your family with life insurance. Powered by: MKG Tax Consultants MKG Enterprises Corp is revolutionizing the tax industry to tackle the housing affordability crisis to build the next financial technology company with a mission driven purpose to strengthen our community by closing the wealth gap created by systemic disparities in the financial industry. 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, bitcoin investments, IRA, 401K, 403B, HSA accounts towards the down payment on a house using a proprietary tax-filing banking as a service best in class mobile app, there are even some benefits: 401K, 403B, IRA loans aren’t taxed as early withdrawal penalty and they have low interest rates. Choose the Best Mortgage Option Right For You. First-Time Homebuyers Down Payment Assistance Work with the Largest Home Lenders In America Connect with a mortgage broker in your community. Three tax-smart home buying moves: mortgage prequalification vs preapproval and using an IRA to purchase a home. I. Pre Qualification is an early step in your home buying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check. Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals. II. Pre Approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re pre approved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days. Find out how much house you can borrow before you start looking – and how you can make the strongest offer possible on the property you choose. If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified or preapproved for a mortgage. It’s time to understand exactly what each of those terms means and how they might help you. And when you’re working towards a goal this big, you want every advantage. III. Using a 401(k) and 403(b) to purchase a home is borrowing from your retirement —this is the more tax favorable option. When you take out a 401(k) or 403(b) loan, you do not incur the early withdrawal penalty, nor do you have to pay income tax on the amount you withdraw up to $10,000 tax free earnings. But you do have to pay yourself back—that is, you have to put the money back into the account and will pay yourself interest. The interest rate and the other repayment terms are usually designated by your 401(k) plan provider or administrator. Generally, the maximum loan term is five years. However, if you take a loan to buy a principal residence, you may be able to pay it back over a longer period than five years IRAs Unlike 401(k)s or 403(b)s IRAs have special provisions for first-time homebuyers—people who haven't owned a primary residence in the last two years, according to the IRS. First, look to take a distribution from your IRA—if you have one. You may be able to withdraw IRA contributions without penalty due to a qualified financial hardship. You can also withdraw up to $10,000 of earnings tax-free if the money is used for a first-time home purchase. As a first-time homebuyer, you can take a $10,000 distribution without paying the 10% withdrawal penalty , although that $10,000 would be added to your federal and state income taxes. If you take a distribution larger than $10,000, a 10% penalty would be applied to the additional distribution amount. It also would be added to your income taxes. Publication 590-B Distributions from Individual Retirement Arrangements (IRAs) Complete owning a home contact form below: https://keap.app/contact-us/7554800076011265 Contact Mortgage Loan Officer Marshawn Govan NLMS ID 1370676 Phone (559) 337-5990…
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MKG Tax Consultants News, View Points, Taxes & Finances
Loans for unique situations If a traditional home loan doesn’t fit your style, MKG Enterprises Corp has other options that may suit your needs. First-Mortgage Down Payment Assistance Programs • Minimum down payment of 0% to 3% • Down payment can be a gift • Minimum FICO® Score of 640 • Loan amounts up to $647,200 GET PREQUALIFIED Mortgage Loan Officer Marshawn Govan NLMS ID 1370676 California Forgivable Equity Builder Loan Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians. The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan of up to 10% of the purchase price of the home. The loan is forgivable if the borrower continuously occupies the home as their primary residence for five years “Interest rates on the CalHFA first mortgage will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage. Borrower Requirements Be a first-time homebuyer Occupy the property as a primary residence; non-occupant co-borrowers are not allowed. CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization. Property Requirements Be a single-family, one-unit residence, including approved condominium, planned unit developments Guest houses, granny units and in-law quarters may be eligible Manufactured housing is permitted Condominiums must meet the guidelines of the first mortgage Choose the Best Mortgage Option Right For You. First-Time Homebuyers Down Payment Assistance Work with the most popular down payment assist programs in California. Contact Loan Officer https://www.mkgenterprisescorp.com/contact-us/ Phone (559) 337-5990…
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