MKR CPA Blog
Explore our monthly updates featuring expert insights on accounting news, retirement tips, and industry-specific content for veterinarians, retail & distribution firms, small businesses, and construction companies.
How the IRS’s $80 Billion Funding Plan Will Affect Taxpayers
The IRS has released a plan for the nearly $80 billion in funding enacted through the Inflation Reduction Act. The plan includes improvements to customer service, technology, and enforcement. In this article we will explore how the funding plan will affect taxpayers....
What Potential Changes Are on the Table for Social Security Reform?
According to the Social Security Administration, the last 12 Trustees Reports, which report annually on the current and projected financial status of the Social Security program, indicated that reserves will be drained between 2033 and 2035. If that happens, scheduled...
Inflation Catches Up with Taxes: Here are the Tax Adjustments Released by the IRS for 2023
The IRS makes tax adjustments every year but because of high inflation, the adjustments for the 2023 tax year are more significant, including changes to standard deduction amounts and tax brackets. Read on for an understanding of the most significant changes in order...
Use These Strategies to Minimize Taxes on Retirement Savings
A key approach to minimizing taxes, especially as you near retirement, is to implement tax planning strategies that can help you save money and maximize your retirement savings. Here are some tax-efficient strategies to consider. Contribute to Tax Advantage Retirement...
How Your Healthcare Practice Can Maximize Point of Service Collections
Healthcare practices rely on prompt payment for provided services to maintain financial health of their business. Point of service collections refer to the process of collecting credit card or cash payments at the time of service, rather than going through a billing...
How to Save for Retirement When You’re Still Paying Off Debt
Saving for retirement should be a critical component of any financial plan, but it can be challenging if you’re also working toward debt repayment. The good news is that it’s possible to do both at the same time. The key is to be consistent and disciplined, and in...
Here are the Key Trends Affecting Retail Businesses in 2023
The retail industry has experienced considerable changes in the past few years, and 2023 is on track for continued transformation. Retail companies can expect to see several key trends impacting businesses this year, including the growth of e-commerce, the focus on...
Small Businesses Can Expect to Face These Challenges in 2023
Whether anticipated or unexpected, small businesses in every industry face a lot of challenges. Both veteran and new businesses need to be prepared, flexible, and adaptable in order to succeed. Here are the most significant business challenges in 2023. Economic...
How Your Professional Services Firm Can Create a Brand Development Strategy
A well-crafted brand development strategy can help your firm establish a clear identity, communicate your company values to potential clients, and build trust and loyalty among existing clients.