MKR Blog
President Trump signed the Tax Cuts and Jobs Act in December of last year, but the income tax credits, deductions, and individual tax rates aren’t applicable until the 2019 tax-filing season. Various factors, such as your tax bracket, can influence whether your taxes...
Congress originally designed the Alternative Minimum Tax (AMT) to make sure wealthy taxpayers who take advantage of multiple tax breaks and itemized deductions would still pay their fair share in federal income taxes each year. The AMT produces around $60 billion a...
According to CNBC, 70% of Americans support Medicare for all, but the term is still murky for Americans. What does it actually mean and how could it affect Americans? Implemented in its most historical meaning, Medicare-for-all would completely wipe out private...
When choosing whether to invest in a desktop or online QuickBooks product, we would suggest you evaluate three differences in the products. 1. Accessibility If you want the option to access your QuickBooks file from anywhere with internet connection, you will want...
Established in 2003, HSAs allow individuals with high-deductible health plans to pay for current healthcare expenses and save for future healthcare expenses on a tax-favored basis. Money is deposited pre-tax, it grows tax-free, and is distributed tax-free as long as...
The majority of American taxpayers typically receive a refund from their federal tax returns, and in 2019 those refunds could increase by 26 percent, which is higher than previous years. The jump in expected refunds is most likely a result of the recent tax overhaul...
Summer is the perfect time to get your QuickBooks cleaned up. MKR provides hands-on training and consultation services for QuickBooks during this time of year. It is our pleasure to conduct an on-site visit to assist with any questions or concerns you have in working...
When you accept a new job with a new company, you need to decide what to do with the money in your 401(k) plan. Here are your options. 1. Leave the money in your former employer’s 401(k) plan While this is typically an option, and your funds will continue to grow...
Amidst a strengthening labor market, rising economic activity, and a declining unemployment rate, the Federal Open Market Committee (FOMC) decided last month to raise the federal funds rate – the interest rate at which banks and credit unions lend Federal Reserve...
Understanding self-employment taxes can be intimidating, but it’s important to educate yourself so you don’t miss out on deductions that can lower your tax bill. Below is a list of 15 self-employment tax deductions you may be eligible for as a freelancer or a...
Experiencing business growth is always exciting for an entrepreneur, but periods of growth aren’t always continuous given that every business has ups and downs. Implement growth strategies with the tips below to help your business become more sustainably profitable...
As Congress begins working on a new coronavirus relief bill, the White House looks to target aid more specifically and cap the overall expense of the package at $1 trillion. Here’s what else we know about a second stimulus package. Direct Stimulus Payment Another...
More people are working remotely now more than ever, and the change from office to home might have proven to be a surprising adjustment. The flexibility that comes with working from a home office is a definite advantage, but staying focused, motivated, and disciplined...
Failure is a very real possibility for small businesses. It’s a reality that will test your resolve as a business owner as well as the durability of your business strategy. When giving up feels like the only option, here are some tips to turn a sinking ship around....
Congress passed the Paycheck Protection Program Flexibility Act (PPPFA) on June 5, 2020, amending several provisions in the original PPP loan program. Along with granting business owners more flexibility and time to spend the PPP loan proceeds, the Act permits funds...
Since early March, the COVID-19 pandemic has been making a substantial financial impact on millions of people across the country. With 22 million jobless claims in just one month and a slowly moving economy, many homeowners are left wondering if their properties will...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress at the end of March provides direct economic assistance to Americans during the COVID-19 pandemic. In the bill, certain provisions allow people to withdraw from their retirement...
The U.S. Government has already started sending stimulus payments to Americans from the $2 trillion coronavirus stimulus bill known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020. But there is still some...
On March 27 the CARES Act was signed into law in response to the COVID-19 pandemic. Below is an overview of the types of assistance available to small businesses in an effort to lessen some of the economic impact. Paycheck Protection Program (PPP) Loan This is a $350...
Entrepreneurs are tasked with not only managing their business finances, but their personal finances as well, and when needs, circumstances, and priorities don’t align with the two, managing it all can feel overwhelming. To keep personal finances from getting pushed...