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MK Tax & Accounting Services MK Tax & Accounting Services provides quality and professional services that you can depend on. Visit www.Mktaxacc.com for more details.

Our skilled financial team handles all your accounting needs so you can concentrate on financial growth.

10/20/2026

Self-employed and have kids? Two tax rules are worth knowing.

1. The self-employment tax deduction:

You may be able to deduct the employer-equivalent portion of your self-employment tax when calculating your adjusted gross income. It lowers income subject to income tax; it does not reduce the self-employment tax itself.

2. Hiring your child:

If your child does real work for your business, reasonable wages may be a deductible business expense. For a parent’s sole proprietorship (or a partnership where every partner is the child’s parent) wages paid to a child under 18 generally aren’t subject to Social Security and Medicare taxes.

The details matter. The work, pay, records, payroll, and type of business all need to be handled correctly. The payroll tax exception generally does not apply when the business is a corporation.

Have a child helping with your business? Contact MK Tax & Accounting before putting them on payroll so you can set it up properly.

Your books aren’t just for your accountant. They’re telling you how your business is doing. 📊Too many business owners on...
10/14/2026

Your books aren’t just for your accountant. They’re telling you how your business is doing. 📊

Too many business owners only think about their books when tax season rolls around.
But your financials can tell you a lot more than how much you owe the IRS.

They can tell you:

→ Whether your revenue is actually growing
→ Where your money is going each month
→ Which expenses are eating into your profit
→ Whether you have enough cash to cover upcoming obligations
→ How your profit margins are changing
→ Whether you can afford to hire, invest, or expand
→ Where potential financial problems may be developing

Revenue alone doesn't tell you whether you have a healthy business.

You could have your highest sales month ever and still have less cash in the bank because expenses increased, customers haven't paid yet, or margins have tightened.

That’s why accurate, up-to-date bookkeeping matters.

When your books are current, they stop being something you hand to your accountant once a year and start becoming a decision-making tool for your business.

Should you make that new hire?
Can you afford a large purchase?
Are you charging enough?
Do you need to cut expenses?
How much should you be setting aside for taxes?
Your numbers can help answer those questions—but only if you’re paying attention to them.

At MK Tax & Accounting, we believe business owners should understand what their numbers are telling them, not just receive a report full of numbers.

Because good bookkeeping isn’t just about staying organized.

It’s about knowing where your business stands, and using that information to decide where it goes next.

10/09/2026

If you own a business and your kids are old enough to legitimately help out, putting them on payroll may be worth discussing with your CPA.

And no, we’re not talking about paying them just to create a tax deduction. They need to perform real, age-appropriate work for your business and receive reasonable compensation for it.

Think tasks like:

→ Filing or organizing paperwork
→ Helping with inventory
→ Cleaning the office
→ Packing orders
→ Appearing in marketing content
→ Basic administrative tasks
→ Other legitimate work appropriate for their age

So, why can this be a smart tax-planning strategy?

Depending on how your business is structured, wages paid to your child may be a deductible business expense, which can reduce the business’s taxable income.

There can also be special payroll-tax treatment in certain situations. For example, wages paid by a parent’s sole proprietorship to a child under 18 generally aren’t subject to Social Security and Medicare taxes, and wages paid to a child under 21 generally aren’t subject to federal unemployment tax. Different rules can apply to corporations and partnerships.

And the money your child earns?

It can give them an opportunity to start learning about saving, investing and managing their own earned income. Earned income may also make them eligible to contribute to a Roth IRA, subject to the applicable rules and contribution limits.

The important part is doing it correctly.

Your child should actually perform the work, compensation should be reasonable, and you should maintain the same kind of documentation and payroll records you would for another employee.

Tax planning isn’t just about filing a return. It’s about understanding the opportunities available to you before the year is over.

If you own a business and have children who could legitimately work in it, this is a conversation worth having with your tax professional.

MK Tax & Accounting can help you determine whether this strategy makes sense for your business and how to structure it properly.

You don’t need to memorize every line of your financial statements to understand how your business is doing.But there ar...
10/06/2026

You don’t need to memorize every line of your financial statements to understand how your business is doing.

But there are a few numbers you should be paying attention to every single month:

1. Revenue
How much money is your business actually bringing in? Tracking revenue month over month can help you spot growth, seasonality, and potential slowdowns early.

2. Profit
Revenue tells you what you made. Profit tells you what you kept after expenses. A business can have strong sales and still struggle if expenses are growing just as quickly.

3. Cash Flow
Profit on paper doesn’t always mean cash in the bank. Knowing how much cash is coming in and going out helps you prepare for payroll, bills, taxes, and unexpected expenses.

4. Operating Expenses
Where is your money going? Regularly reviewing expenses can uncover unnecessary costs, rising overhead, and opportunities to improve margins.

5. Tax Set-Aside
Taxes shouldn’t be a surprise at the end of the quarter—or the year. Knowing approximately how much you should be setting aside can make tax deadlines much easier to manage.

The goal isn’t just to know your numbers. It’s to understand what they’re telling you about your business.

At MK Tax & Accounting, we help business owners get a clearer picture of their finances so they can plan ahead, make informed decisions, and avoid unnecessary surprises.

Ready to get a better handle on your numbers? Let’s talk.

If you’re a business owner, you’ve probably heard both terms thrown around, but they’re not exactly the same thing.An LL...
10/01/2026

If you’re a business owner, you’ve probably heard both terms thrown around, but they’re not exactly the same thing.

An LLC (Limited Liability Company) is a legal business structure. It can help separate your personal assets from your business liabilities while giving you flexibility in how your business is managed and taxed.

An S-Corp, on the other hand, is a tax election. An eligible LLC (or corporation) can elect to be taxed as an S-Corp with the IRS.

So why would an LLC choose S-Corp taxation?

For some profitable businesses, an S-Corp election may create an opportunity to reduce self-employment taxes. Owners who work in the business generally pay themselves a reasonable salary through payroll, while additional profits may be distributed differently for tax purposes.

But an S-Corp isn’t automatically the better choice. It also comes with additional payroll, tax filings, compliance requirements, and costs.

The takeaway?
LLC = legal structure
S-Corp = tax classification

The right setup depends on your business, income, expenses, and long-term goals.

Not sure whether your current structure still makes sense?

MK Tax & Accounting can help you look at the numbers and determine what may be the best fit for your business.

https://mktaxacc.com/

Quarterly taxes shouldn't be a guessing game.If you're self-employed or earning business income without sufficient withh...
09/28/2026

Quarterly taxes shouldn't be a guessing game.

If you're self-employed or earning business income without sufficient withholding, you may need to make estimated tax payments throughout the year.

But here's the part that's easy to overlook:

Your estimated payments may need to change when your income changes.

If your business has grown, your income has increased, or your financial situation looks different than it did at the beginning of the year, now is a good time to review where you stand.

Being proactive can help you prepare for your tax liability, and avoid finding out too late that you weren't setting enough aside.

Need help figuring out where you stand for 2027? MK Tax & Accounting can help. mktaxacc.com

Starting an LLC is an important step, but it doesn't automatically mean you've chosen the most advantageous tax treatmen...
09/25/2026

Starting an LLC is an important step, but it doesn't automatically mean you've chosen the most advantageous tax treatment for your business.

As your revenue, profit, and goals change, it may be worth taking another look at how your business is structured and taxed.

The key is being proactive. Because as your business evolves, your tax strategy should too.

Have questions about your current setup? Let's talk.: mktaxacc.com

Your account balance doesn't account for the full financial picture of your business.You may still have:→ Upcoming opera...
09/22/2026

Your account balance doesn't account for the full financial picture of your business.

You may still have:

→ Upcoming operating expenses
→ Payroll and vendor payments
→ Taxes to set aside
→ Debt payments
→ Other financial obligations

That's why making business decisions based solely on what's sitting in your bank account can be misleading.

Accurate, up-to-date books help you understand what matters more:

What did the business earn?
What did it spend?
What does it owe?
And what did it actually keep?

Your bank balance is one number.

Your financials tell the whole story.

Get started with MK Tax & Accounting: mktaxacc.com

09/17/2026

Regular conversations throughout the year give you an opportunity to understand where you stand, prepare for what you may owe, and make informed decisions before important deadlines pass.

September is a great time to start planning for year-end.

Ready to take a more proactive approach? Let’s talk. mktaxacc.com

September may feel early to start thinking about year-end taxes.It isn't.By the time December rolls around, many of the ...
09/14/2026

September may feel early to start thinking about year-end taxes.

It isn't.

By the time December rolls around, many of the opportunities to make strategic tax decisions are quickly disappearing.

Now is the time to take a look at where your business stands, what you expect the rest of the year to look like, and whether there are moves worth making before December 31.

Here are 5 things to review now:

1. Your year-to-date income: How does this year compare to last year? If your income has increased significantly, your tax liability may have changed too.

2. Your estimated tax payments: Are your quarterly payments still aligned with what you're actually earning? Reviewing them now can help reduce the chance of an unexpected bill.

3. Your business expenses:
Make sure expenses are being properly tracked and categorized; and identify legitimate business expenses you may have overlooked.

4. Your business structure:
As your business grows, the structure that worked when you started may not always be the most appropriate one. This can be a good time to discuss whether your current setup still makes sense.

5. Your year-end tax strategy: Retirement contributions, equipment purchases, deductions, credits and other planning opportunities can have deadlines. The earlier you start the conversation, the more options you may have.

The takeaway? Tax planning shouldn't begin when it's time to file your return.

The decisions you make before the year ends can have an impact on what happens when tax season arrives.

September is a great time to start the conversation.

📌 Save this post for your year-end planning checklist.

Get started with MK Tax & Accounting: mktaxacc.com

Address

2701 W Oakland Park Boulevard Suit. 320
Oakland Park, FL
33311

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm

Telephone

(954) 533-5907

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