M Squared Accounting LLC

The M Squared Accounting team wishes you and yours a Happy Easter!

May today be filled with love and happiness!

Are you a stay-at-home parent?
Even if you’re not contributing monetarily to your family’s income, you still need life insurance.
That’s because you offer support to your family that’s as valuable as the main breadwinner.

Let’s break it down…

The goal of life insurance is to replace income. If the main income earner dies, the death benefit can replace their salary. It offers financial headroom for grieving families to help put their lives back together.

However, a stay-at-home parent provides services for their family that are just as important and can be expensive to replace.

For instance, what if you provide childcare for your family? Replacing your services could cost $8,355 yearly per child.¹

Then factor in other potential costs like…

-Education
-House cleaning
-Driving kids to events
-Running errands
-Managing home repairs and yard maintenance
-Planning meals, shopping, and cooking
And so much more! These costs are simply a snapshot of how much life insurance a homemaker could need. It should be enough to cover expenses to replace all the work you do around the house and on your family’s behalf.

If you’re not sure what that number is, contact me. We can sit down, review your family’s situation, and draw up a strategy to help provide for your loved ones, no matter what.

Make an appointment TODAY to talk about your options!

Merry Christmas from the M Squared team!

We are so thankful for you. From all of us at M Squared, we hope you have a day full of love and hope for what is to come.

As of September 23, 2021, the IRS awarded new contracts to three agencies who will take over collections from taxpayers with unpaid tax bills. Not sure what to expect when your accounts get assigned to a private collection agency?

Check out Publication 4518 for more information
HERE 🔗➡️:https://www.irs.gov/pub/irs-pdf/p4518.pdf

"Set a guard over my mouth, Lord;
keep watch over the door of my lips.
Our words have power."
-Psalm 141:3

Avoiding words of judgment, criticism, sarcasm, complaining, gossip or negativity may be the best way to allow the Lord to help us guard our lips.
We are not perfect.
We are humans.
Only through Him will we speak words of love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, and self-control as they exemplify the fruit of the Spirit.

Picture this…

A couple owns a beautiful home out in the suburbs. It’s where they’ve raised their children and made memories that will last a lifetime.

Until one of them passes away too soon. Suddenly, the whole picture shifts. See, they are a two income household. They relied on both income streams to buy groceries, cover children’s education… and pay the mortgage.

Now, the surviving partner isn’t simply coping with grief. They’re facing the potential loss of their house, with all of its memories and meaning, as well.

Read more...
🔗: https://livingbenefitsexperts.com/msquaredaccounting/blog/keeping-the-house

CHILD TAX CREDIT | Want to UNenroll?

Things to know:

- If you file a JOINT return, BOTH spouses need to opt out
- Once you unenroll, you cannot re-enroll
- If you opt out, then you will not receive the full payment (or any payment) until your file your 2021 tax return in 2022
- Must log into your IRS portal to opt out

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Business meals expenses incurred after December 31, 2020, and before January 1, 2023, are temporarily 100% deductible for food and beverages provided by a restaurant.

NOTE:
Food and beverage purchased from locations that primarily sell pre-packaged food and beverage not for immediate consumption are excluded. Excluded business types include grocery store; specialty food store; beer, wine, or liquor store; drug store; convenience
store; newsstand; or a vending machine or kiosk. (IRS Notice 2021-25)

"I wait for the Lord, my soul waits, and in His word I hope
God is the God of hope."
-Psalms 130:5

When we have hope in God we hold an expectancy to see God's promises manifest in our lives.

God is faithful.

Do you have your hope rooted in God or in man?

We are less than 6 months away from Christmas!

It's NEVER too early to start saving and planning for Christmas shopping season.

Follow these tips to help you prepare without breaking the bank or racking up more debt!

Are you one of the 36 million taxpayers who qualified for the advance child tax credit?
Do you qualify for the $3,600 credit for qualifying child under 6, or $3,000 for qualifying child age 6 to 17?

How does it work? Between July and December, eligible taxpayers will receive 50% of the tax credit paid monthly by the IRS.
That's up to $300/mth for each qualifying child under 6 or up to $250/mth for each qualifying child between 6 and 17. The remaining amount will be claimed on the 2021 tax return.
Eligible taxpayers will have the option to opt out of the advance payment. Income restrictions apply.

Visit www.irs.gov for more information.

Every business owner needs to have a strategy. What 2020 taught us is to plan for the unexpected.
Do you have a financial plan?
Does your business have a budget?
Do you have a strategic plan?

Contact us TODAY and turn your hope into a strategy!
Schedule a complimentary consultation HERE ➡️ https://go.thryv.com/site/msquaredaccounting/online-scheduling?service=vd2p8kylkruyknit&fbclid=IwAR2-goA7E08909RIPk-F8HOX4bHA9zgQ2Aj1SD8rHNxP9cR1cPOZ8nS1GGM https://bit.ly/3sS1SO5

Were you ineligible to receive the $1,200 or $600 stimulus payment because your AGI on your 2018 or 2019 tax return was too high? Did you receive a partial stimulus payment? Did you NOT receive a stimulus payment for an eligible child or dependent? Or, were you ineligible for other reasons?!

Good news!! It's not too late to receive that stimulus payment. You may be eligible based on your 2020 income and eligible children on your 2020 tax return.

These special circumstances may apply to you:
1. If your 2020 AGI is higher than your 2018 or 2019 AGI, used to calculate the stimulus payment, then you may keep the overage. No repayment is required.

2. If your 2020 AGI is lower than your 2018 or 2019 AGI, used to calculate the stimulus payment, then you can claim the additional amount owed when you file your 2020 taxes.

3. If your dependent child was legitimately claimed by someone else on their 2018 or 2019 tax return, and you legitimately claim the same child on your 2020 tax return, you are also eligible for the $500 tax credit.

4. If you had a child in 2020, you will be eligible for the $500 tax credit when you file your 2020 return.

Did you notice a slight bump in your paycheck between September 1st and December 31st 2020?

If you are a military service member or federal government employee, you were automatically enrolled in the payroll tax deferment authorized through Executive Order on August 8, 2020.

You now have MORE time to repay the deferred 6.2% social security tax!

You now have until December 31, 2021 to repay the deferred tax amount!!

Have questions?
Schedule a FREE 15-minute tax consultation today!
Here ➡️ https://bit.ly/3oyfsna

Are unemployment benefits taxable?
Yes.

Millions of Americans felt the economic fallout of the pandemic, and many still remain unemployed.
The state and federal unemployment benefits many received during 2020 must now be reported as income on your tax return. If you did not voluntarily have taxes withheld from your unemployment each week, you may be in for a surprise tax bill.
Schedule an appointment with us today to discuss your tax concerns!

HERE ➡️ https://bit.ly/3oyfsna

M Squared Accounting LLC added a button to help you learn more about them.

M Squared Accounting LLC added a button to help you learn more about them.

M Squared Accounting LLC | LinkedIn

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Follow us on LinkedIN to learn about tax tips, insurance benefits, retirement advice, and much more suggestions on how to set yourself and your business up for financial success!

M Squared Accounting LLC | LinkedIn M Squared Accounting LLC | Christ centered firm focused on the financial and accounting success of small businesses. | M Squared Accounting is committed to the financial and accounting needs of its clients. We partner with individuals and small business owners to help build their business, craft a f...

Today we celebrate the life and legacy of Dr. Martin Luther King, Jr. It is through his work during the Civil Rights Era of the 1960s that we can look back at the example he set for facilitating change peacefully in our society. At M Squared Accounting, we encourage unity and forgiveness so we can begin the process to love and heal.

We cannot always wait fo the perfect opportunities to achieve our dreams. When we live in our dreams rather than work towards our dreams, we tend to procrastinate. Procrastination is the spoiler of dreams and is often rooted in fear. Whether fear of success or fear of failure, we need to take a step. Sow into your dream so when God's timing has come, you can reap the harvest.

Bridging the Retirement Gap - Monique McDonald,

It's never too early to start planning for retirement.

However, for women it is even more important to start planning from now.
Check out this article on the retirement gender gap that exists.
Have questions about bridging the retirment gender gap?

Schedule a FREE 30-minute consultation today!

(Schedule link: https://go.thryv.com/site/msquaredaccounting/online-scheduling?service=vd2p8kylkruyknit)

Bridging the Retirement Gap - Monique McDonald, That number represents a staggering degree of human tragedy. But there’s a sad logic to it when you consider that women save 43% less for retirement than their male counterparts.¹

There are different lender forms to choose from based on eligibility: SBA Form

Have questions M Squared Accounting can help! Schedule an free 30-minute consultation today! (https://bit.ly/3oyfsna)

On December 27, 2020, President Donald Trump signed into law The Consolidated Appropriations Act 2021, which authorized a second round of funding under the Paycheck Protection Program. As of TODAY, second draw PPP borrowers can now apply.

Contact your lender for details on how to re-apply. You may also download a copy of the PPP Second Draw Application (https://bit.ly/2XAD4vG).

The new round of PPP funding can now be used to cover the cost for operational expenditures like software to move your employees to remote working, cost for PPE and other measures like flexiglass barriers, and so much more!

Have questions M Squared Accounting can help! Schedule an free 30-minute consultation today!(https://bit.ly/3oyfsna)

Our first Newsletter for 2021 is ready for you to read!

Some highlights:
Paycheck Protection Program
2020 Recovery Rebate Credit
Charitable Contribution
Retirement Account Withdrawals
Standard Deduction

On December 27, 2020, President Donald Trump signed into law The Consolidated Appropriations Act 2021, which authorized a second round of funding under the Paycheck Protection Program.
As of TODAY, first time PPP borrowers can now apply.

Visit www.sba.gov to find an approved lender.
You may also download a copy of the PPP application here ➡️ (https://bit.ly/2LhUSZG).

IRA’s are individual retirement accounts. You may rollover your IRA or transfer it if you wish to move your retirement money from one account to the next. Penalties and fees may apply, so it’s best to speak with a professional about your individual situation.

If you realize that you need to change your withholding, it’s easy. Just give your payroll office a new W-4 and make sure that your form will get your withholding as close as possible to your eventual tax liability. A tax professional can help you determine your withholding.

As you know, there are a variety of educational savings and investment accounts available to help you start a college fund. We can pick the best one for you based on your risk tolerance and goals.

Happy New Year from M Squared Accounting!
We look forward to steering you in the right direction in 2021!

#2021

"Dreams don't work unless you do."
-John C. Maxwell

We recognize that people outside of the accounting industry don’t necessarily understand the difference between a CPA and an EA (Enrolled Agent). Unlike CPAs, EAs specialty and focus is on handling clients’ tax preparation needs.

An important part of the financial planning process involves providing for your family’s financial security. Not only can you plan for big events such as college and retirement, but also ensure that you have the proper insurance coverage in place to provide peace of mind.

Accounting errors can cause a business to lose money – or worse, result in an audit or legal trouble. Hiring a professional will help keep your bookkeeping error-free.

Although having a financial plan put together is a solid first step to financial security, it’s only useful when you put the plan into action. If you aren’t quite sure what steps to take, rest assured that we’ll be with you every step of the way.

Not sure which numbers you need to give your tax preparer? There are essentially three basic tasks you should complete: 1) gather the numbers that represent your deductions, 2) compile numbers in tax-related categories, and 3) summarize your categories and give your preparer the final numbers.

The financial planning process is designed to address a variety of issues. This includes effectively managing the impact of assets and liabilities on your cash flow, protecting what you need to with insurance, and targeting investments toward specific goals like retirement and education.

Enrolled agents are able to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any other entities with tax reporting obligations. They can help to ensure that all obligations are met in line with the latest tax laws.

It is Scripture Sunday!

“I will send my messenger, who will prepare the way before me. Then suddenly the Lord you are seeking will come to his temple; the messenger of the covenant, whom you desire, will come,” says the Lord Almighty.
-Malachi 3:1