Karme @mymoneykarme - Tumblr Blog

Look what we have here...

Thinking of buying pot stocks for the new year? Check out these two companies and their soaring revenues.

Millennial investors could be in for a rough year.

Nikola shares rise 53% after General Motors takes 11% stake in electric truck maker

Shares of Nikola rise Tuesday after General Motors announced will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022, an it’s taking an 11% stake in the electric truck maker.

Shortly before the opening bell, Nikola shares were up 30% and GM’s were 6% higher. Nikola shares had surged as much as 53% while GM’s jumped as much as 9.1% in the premarket trading.

GM is getting a $2 billion stake in Nikola and the right to nominate one board member in exchange for in-kind services. GM will also supply Nikola’s fuel cells globally, except Europe, for its class 7/8 truck. Phoenix-based Nikola specializes in building zero-emission semi trucks using battery or hydrogen fuel cell technology, but it recently introduced its Badger pickup truck for consumers.

“When we look at the opportunity to continue to leverage our technology — the Ultium battery platform system as well as the Hydrotec fuel cell technology — this is a wonderful validation of our technology, and then bringing our engineering and manufacturing expertise to the table,” GM CEO Mary Barra said in an interview on CNBC’s “Squawk Box.”

Barra emphasized the potential benefits for GM, which has seen pressure from Wall Street to spin off its electric vehicle business. It will extend beyond the Badger pickup truck to include Nikola’s semi trucks, too “so this is a huge growth opportunity for us,” she said.

Where THE HECK Is my Stimulus Money Update 4/20/2020

Many members have received their stimulus check, and 90 million people have still not received their money, so if you have not received your stimulus money, you are not alone.

Then the next round will go out Thursday, April 24th. Here are a few key points to pay attention to and share with friends.

* If you received a cash advance or did not pay your tax pro upfront. It went to the bank that provided that service (Santa Barbra TPG www.sbtpg.com.) they have sent it BACK TO THE IRS, and the IRS will Mail those out causing a possible 14-day delay

* Your bank name and the name on the file may not match example (file name is William h. Peabody, but your name on your account is William Peabody)

* IRS is Not accepting Paper Files

* You have old information our even outdated information from 2018-2019 tax file

Please, what the video below and as we go through our most commonly asked questions of the week.

Employee Retention Credit- Another Tax Gift From Covid19

In the Covid19 Stimulus package, there is a credit refundable tax credit for employers who maintained wages turning time of shut down or significant loss. What is it? The employee retention credit is a 2020 specific fully refundable tax credit for up to 50% of 10k wages paid during any calendar period of 2020 Who qualifies? Ay employers who shut down or took a significant loss turning COvid19 pandemic How Much could you qualify for? Up to 5k per employee. Important Links: www.mykarme.com 866.445.6171

#covid2019 #covid19 #stimulus #employeeretentioncredit #trump #watch

Coronavirus Stimulus Package- SBA Economic Disaster Loan (Application Wa...

This Stimulus package is for small businesses, sole prop, and independent contractors. You could get your stimulus in as soon as three days from filing your SBA Economic Disaster Loan Application.

The economic disaster loan applies for the (EDL) advances of up to $10,000 does not need to be repaid. It's forgivable and it can be used for business obligations, payroll, debt, rent, and mortgage payment.

If you watched this video and receive money from the grant please come back and comment it will be nice to know if this video helped anyone.

Who is eligible?

This is applicable to all 50 states this is applicable to small business owners sole Proprietors and independent contractors.

The grants are available up to December 31st, 2020

The #covid19 virus has many filing for #unemployement. The Release of the #Coronavirusstimulas package is unknown. Work displacement has many Americans searching for ways to earn money online. Knowing which opportunity is legit can be challenging, so here are 5 legit ways to earn money online.

1. Write And Sell An #Ebook

If you have a gift for writing &, you should consider writing an ebook. Ebooks that help teach people about a technical topic still sell extremely well.

2. Get Gigs On #Fiverr

If you have some professional experience in graphic design, accounting, social media marketing, web development, or speak another language, for example, you could offer gigs on Fiverr starting at $5 per job. You could perform a valuable service that you could also up-sell to make more money per gig.

3. Sell Professional Services On Upwork or 99Designs

#Upwork and #99Designs are two of the most extensive resources for selling just about any professional service. Upwork applies to nearly every other professional service, while 99Designs only applies to graphic design.

4. Create Video Tutorials On #YouTube

Find a #niche and stick to it. Build a YouTube channel & find something that you can do that will add value to the people that might be interested in it. However, keep in mind that this will require a significant amount of time and upfront investment before this pays off at all

5. Develop Educational Courses On #Udemy Help people learn new skills, advance their careers, and explore their hobbies by sharing your knowledge.

KARME Fan Links

Facebook.com/mykarme

Instagram.com/mykarme

Twitter.com/mykarme

Google Review

How Taxes Work (In a little over a Minute )

Knowing how the #IRS calculates your taxes at the end of the year can be confusing. Some people get a BIG refund during #tax time and others may end up owing a lot. You may have wondered yourself why your friend received more money than you but your circumstances seem similar. So to help clear up some confusion, Here is a quick explanation of how taxes work in one minute. Income taxes are paid to the government out of your paycheck throughout the year. These funds are distributed towards our country’s needs. To keep our country safe and free, for social programs that help families in need of food & housing, to give small businesses grow and much more paying your fair share of taxes is good It helps our country thrive and stay strong. Everyone should pay their fair share of taxes and not A penny more. It would not fair for the government to be in charge of your wealth. You can see how much was paid into federal income tax on your w2 in box 2. A tax refund is a refund on the taxes you overpaid throughout the year. Your tax file is calculated based taxable income minus credits, plus other taxes, minus payments/ federal income tax withheld equals tax refund/ taxes due. Getting a tax refund can be exciting but it’s a big indicator that you are paying too much throughout the year. This is like giving the government an interest-free loan and begging for it back at later. Like and Subscribe for more tips, strategies and financial life hacks. There are many strategies to reduce liabilities. Karme has expert tax pros, wealth coaches, and business advisers to help you keep more money in your pocket to build wealth for the future. Get with your Karme advisor today. www.mykarme.com Twitter: @mykarme Instagram: @mykarme Tumblr: @mymoneykarme Facebook.com/mykarme 9725190041

Coronavirus Stimulus Package (Here is what you need to know)

The #coronavirus makes clear that everyone is eligible except for nonresident aliens and those who can be used as the basis for deductions for another person. #single People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn an adjusted gross income of more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark or $50 for every $1,000 above $75,000. #familygoals Couples who file a joint tax return are eligible for a payment of up to $2,400, plus and additional $500 per child. However, that amount decreases for couples whose adjusted gross income is more than $150,000 in a year at the same rate of 5 percent of every dollar above that mark. This translates to less money the more people make, with it being reduced to zero for joint filers without children who earn $198,000 or more. #Independent #igotthis People who file as heads of households are eligible for payments of up to $1,200, but that amount is increased by $500 per child. That amount is reduced for people who earn an adjusted gross income of more than $112,000 a year. #retired For those not required to file 2018 or 2019 tax returns because of social security benefits, tax returns aren’t required to claim the money -- the government can use information from a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement. #payments #payme according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018. Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment

Overdraft fees add up quickly. Here's what you can expect to pay and how you can reduce the fees.

#overdrafts #Wealth #KARME Money

Did you know that 80% - 90% of all of us have experienced some sort of manifestation? Even those people who are non spiritual have experienc

Listen to these affirmations and reprogram you’re relationship with money.

#moneymindset #money #meditation #power #affirmativeprayer #affirmations

6 Steps to Changing Your Business Name Sometimes a business name just doesn’t work out: You thought the clever moniker you chose would truly represent your brand, but customers didn’t make the connection. Or maybe you used your personal name in the company’s title, and you now want to change it to reflect a larger, more corporate brand.

Whatever your reason, changing your business name is a difficult task, and you run the risk of losing any brand recognition you do have. That said, when the positives outweigh the negatives, it can be done. Here’s how to go about it.

1. Research the new name. Start by checking the U.S. Patent and Trademark Office. Use its trademark search tool to see whether your new name is already registered by someone else.

If not, check whether the domain name is available using any accredited registrar. Ideally, if you are a for-profit business, you want a .com address, and if you’re nonprofit, you want a .org address.

Finally, go to your secretary of state’s webpage to make sure your new name isn’t already registered in your state.

2. Notify your secretary of state. Your state’s office has a form for changing your business name. States have different names for these forms. Go to USA.gov to find a link to your state’s office. There will likely be a fee for the name change.

3. Change licenses and permits. Nearly all businesses have licenses and permits with various levels of government. Contact each of the offices associated with those permits to learn how to change the name on those forms. Fees will likely apply.

4. Notify the IRS. The IRS has different requirements depending on your type of business. Visit the IRS website to read about your specific requirements. In some cases, it’s as easy as noting the name change on your next tax return.

5. Update your business documents. Change your branding to your new name and logo. This includes all business forms, signage, and your website. Contact your website administrator and ask them to redirect your site to your new domain.

6. Communicate with your customers. Sometimes a name change takes place because the company was purchased, new management assumed control, or some negative turn of events prompted a fresh start. As soon as possible, let customers know that you’re still open for business. Briefly explain (even celebrate!) why your business name has changed. This will help you retain their confidence and start building your new brand

#business

2018 Government Shut down Update! Will My Tax Refund Check be Issued?!

Update on IRS Services:

The IRS has employees working on getting ready for the filing season even during the shutdown. IRS believes that the filing season will begin "around" the same time as last year (Jan 21st) however they have not announced an official start date as of today - Thursday, Jan 3rd.

These services WILL be operating during the shutdown:

Forms Design and Printing

Implementation of Tax Cuts and Jobs Act

Any e-filed return that requires manual intervention will stop being processed

ATS (Assurance Testing System) used during tax software testing with the IRS for Corporate Returns

Once IRS begins accepting e-filed returns in early January for Business Returns, the returns will be processed

These services WILL NOT be operating during the shutdown:

Processing of paper returns

Processing of 1040X returns

Help Desk for answering taxpayer questions

Refunds will not be issued

We will continue to keep you informed on this important topic and share any updates with you as new information becomes available.

Whats New With Child Tax Credit?!

The Child Tax Credit is one of three kid-focused federal tax credits that are among the most effective ways to reduce your tax bill.

The Child Tax Credit

What it is and how much you can get

The Child Tax Credit offers up to $2,000 per qualifying dependent child 16 or younger at the end of the calendar year.

New in 2018 is a $500 nonrefundable credit for qualifying dependents other than children.

This is a tax credit, which means it reduces your tax bill on a dollar-for-dollar basis. Up to $1,400 of the Child Tax Credit is refundable; that is, it can reduce your tax bill to zero and you might be able to get a refund on anything left over.

How to qualify for the Child Tax Credit

You can take full advantage of the credit only if your modified adjusted gross income is under:

$400,000 for married filing jointly

$200,000 for everybody else.

Some of the other child-related eligibility requirements for the Child Tax Credit include:

You must have provided at least half of the child’s support during the last year, and the child must have lived with you for at least half the year (there are some exceptions to this rule; the IRS has the details here).

The child cannot file a joint return (or file it only to claim a refund).

The child has to be 16 or younger by the end of the calendar year.

The child tax credit is one of three kid-focused federal tax credits that are among the most effective ways to reduce your tax bill.

Fun Fact: Did you know you can employ your children and write off their expenses. For example: if you had a home based business you could employ your children to do chores for the business (such as cleaning your office ) and be able to write off the supplies and wages.

#taxes tax taxseason money business entrepreneur accounting accountant smallbusiness finance cpa irs bookkeeping success motivation taxprepar

Standard vs Itemized Deductions? Post Tax Reform

On December 22, 2017 the biggest piece of tax legislation in about three decades was passed. One of the biggest changes to the new law nearly doubles the standard deduction and eliminates or limits a number of common itemized deductions many people took in past years. Deciding whether to itemize or take the standard deduction can make a huge difference in your tax bill. But the decision isn’t always easy. Here are some things you need to know about the standard deduction versus itemized deductions on tax returns.

The standard deduction is basically a flat-dollar, no-questions-asked reduction in your adjusted gross income.

Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.

You can either take the standard deduction or itemize on your tax return. You can’t do both. The question is which method saves you more money.

Here’s what it boils down to: If your standard deduction is less than your itemized deductions, you probably should itemize. If your standard deduction is more than your itemized deductions, it might be worth it to take the standard and save some time.

What it means to take the standard deduction

The standard deduction is basically a flat-dollar, no-questions-asked reduction in your adjusted gross income. When you take the standard deduction, you basically opt to take a flat-dollar deduction instead of picking and choosing from the multitudes of individual tax deductions out there.Advantages of taking the standard deduction.

Here are some big reasons people take the standard deduction instead of itemizing on their tax returns.It’s faster. Taking the standard deduction makes the tax-prep process relatively quick and easy, which probably is a big reason most taxpayers take the standard deduction instead of itemizing. The Problem with that you may wind up owing or giving the government more of your hard earned money than they deserve.

Congress sets the amount of the standard deduction, and it’s typically adjusted every year for inflation.

Filing status 2018 tax year 2017 tax year

Single $12,000 $6,350

Married, filing jointly $24,000 $12,700

Married, filing separately $12,000 $6,350

Head of household $18,000 $9,350

Some people get more (or less). The standard deduction is higher for people over 65 or blind, though filing status is still a factor. And if someone can claim you as a dependent, you get a smaller standard deduction.

One note for married people: You can’t take the standard deduction if you’re married but filing separately and your spouse chooses to itemize. You both have to do the same thing — either itemize or take the standard deduction.

What it means to itemize on your tax return

Itemized deductions are basically expenses allowed by the IRS that can decrease your taxable income.When you itemize on your tax return, you basically opt to pick and choose from the multitudes of individual tax deductions out there instead of taking the flat-dollar standard deduction

.Advantages of itemized deductions:

The itemized deductions add up to more than the standard deduction. The more you can deduct, the less you’ll pay in taxes, which is why some people itemize — the total of their itemized deductions is more than the standard deduction.

There are hundreds of possible deductions. The IRS allows taxpayers to deduct tons of things, such as medical expenses, property taxes, charitable contributions and mortgage interest. There are a multitude of deductions available.

Some situations make itemizing especially attractive. If you own your home, for example, your itemized deductions for mortgage interest and property taxes may easily exceed the standard deduction, saving you money

Understand the rules. Some itemized deductions come with a few hurdles, of course. If you have medical expenses, for example, you can only deduct the portion that exceeds 7.5% of your adjusted gross income.

Have the time. If you itemize, you’ll need to set aside extra time when preparing your returns to fill out the big enchilada of tax forms: the Form 1040 and Schedule A (you can’t use the shorter 1040EZ or 1040A). Hey But that’s what we have tax pros for Right?!

Have proof. You need to be able to substantiate your deductions. That means keeping records and being organized. If you normally take the standard deduction and are thinking of itemizing when preparing your return next year, start saving your receipts and other proof for your deductions now.

#tax #taxreform Itemized #itemized #Standard #Tax refund #ITAM

Trending Blogs

Recently Viewed Blogs

Karme