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 New Increase in Required Minimum Distributions (RMDs) Will Affect Retirees
Required Minimum Distributions (RMDs) are mandatory withdrawals from certain retirement accounts. They can significantly impact your tax burden and overall financial well-being. In 2024, changes introduced by the Secure 2.0 Act have increased the minimum age for RMDs,...
IRS Imposters Steal Millions a Year, and They’re Getting More Sophisticated. Here’s How to Spot the Scams.
In recent years, IRS imposters have become increasingly adept at deceiving taxpayers, resulting in nearly $5 million in losses, according to the Federal Trade Commission (FTC). These scammers are honing their tactics and targeting vulnerable people, making it crucial for everyone to stay vigilant. Here’s what you need to know to protect yourself from becoming a victim.
This Valuable Tax Break for Businesses is Set to Expire Soon. Here’s What to Know.
A crucial tax benefit for businesses is on the verge of expiring. The Qualified Business Income (QBI) deduction, a significant component of the 2017 Tax Cuts and Jobs Act (TCJA), is set to end on December 31, 2025. Read on as we go over how this deduction works and how its impending expiration could affect small businesses.
How Retailers Can Develop Positioning to Connect with Target Audiences and Increase Sales
Effective positioning is crucial for brands seeking to connect with their target audiences and drive sales. But what exactly is positioning, and why does it matter? This article will explore the fundamentals of positioning and practical steps for retailers to develop a compelling positioning strategy.
Tips for Veterinary Practice Owners on Developing an Exit Strategy When Ready to Sell
Developing an exit strategy is essential for veterinary practice owners, and you likely need to begin sooner than you think. A well-crafted exit plan ensures the transition is smooth, maximizes the value of your practice, and aligns with both your financial and...
Here Are the Changes Coming to Social Security in 2025
As we approach 2025, several significant changes are on the horizon for Social Security beneficiaries. From cost-of-living adjustments (COLA) to shifts in the full retirement age (FRA), these updates will impact millions of Americans who rely on Social Security as a...
How to Position Your Small Business for Growth and Financial Stability Amid Economic and Political Uncertainty
With less than three months before the 2024 presidential election, inflation remains stubborn and economic uncertainty continues. Both political and economic unpredictability can create volatility that requires businesses to be more strategic with financial...
Construction Cash Flow: Avoid Falling for the Illusion of Profitability (Plus Tips To Boost Profits)
Managing cash flow in the construction industry can be challenging, and it’s crucial to understand the difference between income and cash flow to avoid falling for the illusion of profitability. Many construction businesses may appear profitable on paper, but they...
More Americans Are Sinking Into Debt. Avoid These Mistakes When Climbing Your Way Out
A combination of rising living costs, high inflation, unexpected financial emergencies, and reliance on credit has created a perfect storm for personal debt. In fact, American household debt increased from 16.9 trillion in 2022 to 17.05 trillion in the first quarter...