Marshawn Govan, President and CFO of MKG Insurance Agency and MKG Tax Consultants, has unveiled a comprehensive banking app that rolls many services, from taxes to crypto, under one banner.

Published On March 10, 2022 - 11:35 AM

Written By Frank Lopez at The Fresno Business Journal

https://thebusinessjournal.com/fresno-entrepreneur-launches-one-stop-banking-app/

The tax season is upon us, and while every taxpayer encounters some confusion when filing, the uphill tax battle is even steeper for businesses.

A local tax and insurance consulting agency has launched an app to make the filing process for personal and business owners quicker and simpler.

MKG Insurance Agency and Tax Consultants, with two locations in Fresno, released its banking-as-a-service tax app for both the IOS and Android platform in February.

President and CFO Marshawn Govan said it was important to launch the mobile app during Black History Month to honor the contributions African-Americans have made throughout history — and to recognize the fight for racial justice going on to this day.

The app allows users to open bank accounts from their mobile phone, send and receive ACH (Automated Clearing House) payments, pay bills and manage cash flow securely online with an FDIC-insured business bank account.

The new app is a rebuild from an old version with an IBM license—meaning MKG didn’t own the source code for app. The new app was built specifically for MKG, meaning there is no limit for the license and no costs to renew it.

Most tax companies with mobile apps use third-party developers, leasing the software as a service.

“We are originators and developers of what we have in the market,” Govan said. “We can also branch out, white label it and offer that as a software service to other tax companies — to a bank looking to become a green product.”

The app also helps consumers start the process of buying a home.

Govan said the goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.

While it is unique that a local tax and insurance agency has its own specifically developed app, MKG also offers crypto tax service.

Users will be able to buy, sell and exchange crypto currency. The company even launched its own crypto-token — Token MKG Enterprises Corp.

According to Govan, no other tax firm is offering a crypto token.

The app also features money-wiring services such as Cash app and Venmo.

Users that are business owners will be able to open a business banking account, send and receive money and make check deposits — much like other banking apps on the market.

Currently MKG is doing regulation crowdfunding, allowing retail investors that might not be accredited to invest smaller amounts. With smaller investment amounts, Govan said it gives them an opportunity to share in the company’s future growth without them having to invest a large part of their finances.

https://wefunder.com/mkgenterprisescorps

MKG is preparing to go public in 2022 to be listed on the OTC market. Govan said that investors have the opportunity to invest now before it grows.

Govan said there are a lot of barriers for Black people and other underserved communities regarding financial equity, and the FinTech industry is not one where Black...

There are many valuable tax deductions for freelancers, contractors and other self-employed people who work for themselves. Here are 15 big self-employment tax deductions to remember.

Schedule C Tax return filing for Sole Proprietor

https://mkgtaxconsultants.com/shop/

If you work from your home or use part of it in your business, then self-employment tax deductions like this one could get you a break on the cost of keeping the lights on.

What you can deduct: A portion of your mortgage or rent; property taxes; the cost of utilities, repairs and maintenance; and similar expenses. Generally, this deduction is only available to the self-employed; employees typically cannot take the home office deduction.

How it works: Calculate the percentage of your home's square footage that you use, in the IRS’s words, “exclusively and regularly” for business-related activities. That percentage of your mortgage or rent, for example, becomes deductible. So if your home office takes up 10% of your house's square footage, 10% of those housing expenses for the year may be deductible. IRS Publication 587 outlines a lot of scenarios, but note that only expenses directly related to the part of your home you use for business — say, fixing a busted window in your home office — are usually fully deductible.

What else you can do: Choose the simplified option, which lets you deduct $5 per square foot of home used for business, up to 300 square feet — that’s about a 17-by-17-foot space. You won’t have to keep as many records, but you might end up with a lower deduction, so consider calculating it both ways before filing.

If you bought medical insurance policies on your own for yourself or your family, you might qualify for a self-employment tax deduction on the premiums.

What you can deduct: Medical and dental insurance premiums for you, your spouse, your dependents and your children who are younger than 27 at the end of the tax year. Long-term care insurance premiums also count, though there are specific rules. IRS Publication 535 has the details.

How it works: It’s an adjustment to income rather than an itemized deduction, which means you don’t necessarily have to itemize to claim it. But you might be let down, because if you’re eligible to enroll in your spouse’s employer’s plan — even if you choose not to, maybe because it’s more expensive than your own — you can’t take the deduction.

What else you can do: Find out if you can deduct the premiums as a medical expense. This typically works only if you pay your premiums out of your own pocket, and your deduction is limited to expenses that exceed 7.5% of your adjusted gross income. So if your A G I is $100,000, your first $7,500 of medical expenses isn't deductible.

You have to stay smart to run a growing business, and there are self-employment tax deductions for that.

What you can deduct: The costs of “qualifying work-related education,” including things such as tuition, books, supplies, lab fees, transportation to and from classes and related expenses.

How it works: The expenses are deductible only if the education “maintains or improves skills needed in your present work.” In other words, if you’re taking classes to change careers or you're working toward the minimum educational requirements for

Marshawn Govan, President and CFO of MKG Insurance Agency and MKG Tax Consultants, has unveiled a comprehensive banking app that rolls many services, from taxes to crypto, under one banner.

Published On March 10, 2022 - 11:35 AM

Written By Frank Lopez at The Fresno Business Journal

https://thebusinessjournal.com/fresno-entrepreneur-launches-one-stop-banking-app/

The tax season is upon us, and while every taxpayer encounters some confusion when filing, the uphill tax battle is even steeper for businesses.

A local tax and insurance consulting agency has launched an app to make the filing process for personal and business owners quicker and simpler.

MKG Insurance Agency and Tax Consultants, with two locations in Fresno, released its banking-as-a-service tax app for both the IOS and Android platform in February.

President and CFO Marshawn Govan said it was important to launch the mobile app during Black History Month to honor the contributions African-Americans have made throughout history — and to recognize the fight for racial justice going on to this day.

The app allows users to open bank accounts from their mobile phone, send and receive ACH (Automated Clearing House) payments, pay bills and manage cash flow securely online with an FDIC-insured business bank account.

The new app is a rebuild from an old version with an IBM license—meaning MKG didn’t own the source code for app. The new app was built specifically for MKG, meaning there is no limit for the license and no costs to renew it.

Most tax companies with mobile apps use third-party developers, leasing the software as a service.

“We are originators and developers of what we have in the market,” Govan said. “We can also branch out, white label it and offer that as a software service to other tax companies — to a bank looking to become a green product.”

The app also helps consumers start the process of buying a home.

Govan said the goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.

While it is unique that a local tax and insurance agency has its own specifically developed app, MKG also offers crypto tax service.

Users will be able to buy, sell and exchange crypto currency. The company even launched its own crypto-token — Token MKG Enterprises Corp.

According to Govan, no other tax firm is offering a crypto token.

The app also features money-wiring services such as Cash app and Venmo.

Users that are business owners will be able to open a business banking account, send and receive money and make check deposits — much like other banking apps on the market.

Currently MKG is doing regulation crowdfunding, allowing retail investors that might not be accredited to invest smaller amounts. With smaller investment amounts, Govan said it gives them an opportunity to share in the company’s future growth without them having to invest a large part of their finances.

https://wefunder.com/mkgenterprisescorps

MKG is preparing to go public in 2022 to be listed on the OTC market. Govan said that investors have the opportunity to invest now before it grows.

Govan said there are a lot of barriers for Black people and other underserved communities regarding financial equity, and the FinTech industry is not one where Black people normally...