MKR Blog
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...
Although it might be difficult to imagine not claiming a tax refund, the IRS has estimated that nearly 1 million Americans have not claimed tax refunds from the 2014 tax year (filed in 2015), refunds that total over $1 billion. The IRS is also reminding taxpayers that...
For some employees, simply opening a Roth IRA or another retirement account independent of your employer may be sufficient and necessary. But many employees should consider digging into the details of why your employer does not offer a retirement savings plan. And if...
While it can be difficult to live debt-free in today’s world, many American adults attribute a majority of their debt to educational loans. In fact, recent statistics show that Americans owe approximately 1.48 trillion in student loan debt and about 44 million...
Although taxpayers should always be on the lookout for scammers and fraudulent activity, tax season is a time to be especially wary of unknown emails or phone calls. Aggressive phone scams where criminals call posed as IRS officials are extremely common and are a part...
With the passage of the new tax legislation last month, the IRS must take several steps to update withholding accuracy in accordance with the new laws. Their first major step consisted of updating the withholding tables for employers to follow, and those updates were...
In the midst of identity scams and credit card hacking, the IRS has warned against another scam, this time targeted at businesses and employers. There is a growing W-2 email scam threatening sensitive tax information and the IRS wants to alert payroll and human...
Although it came a few days later than expected, the Republican Party has finally released its most recent version of their tax bill. Below are 12 major changes that would affect most taxpayers: Lowering the number of income tax brackets Currently, our tax code has...
With their first plan shot down in Congress, the GOP has released another, broader tax framework as the Trump Administration attempts to shift the tax code. This new plan has many elements that Congress will need to hash out before anything is signed into law, but...
While a majority of the population is covered by Social Security (SS) to some degree, many do not fully understand the program, resulting in frustration and confusion when it comes time to receive benefits. In an effort to curb miscommunication or misgivings, the...
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...
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...
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...
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...
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...
The Corporate Transparency Act (CTA), a significant piece of legislation affecting U.S.-based businesses, went into effect earlier this year. This new requirement mandates the reporting of beneficial ownership information to combat unlawful activities like money...
Keeping thorough records and documentation can help in the event of an audit. Consulting with qualified tax professionals can also provide guidance and help mitigate the risk of errors on your tax return.
The cyberattack on Ascension serves as a reminder of the vulnerabilities within the healthcare industry as well as the importance of taking proactive measures to safeguard against threats. By prioritizing regular security audits, comprehensive employee training, incident response plans, and strong backup systems, healthcare practices can stay ahead of future attacks.
As the SBA prepares to launch this pilot program, small business owners should stay informed about the latest developments. It’s a good idea to subscribe to SBA newsletters and follow updates on their website. Additionally, the SBA’s Export Finance Managers are expected to provide counseling to lenders interested in participating so they have the knowledge and resources to guide and support small businesses effectively.
If you’re feeling the pressure of playing catch-up with your retirement savings, you’re not alone. In a recent nationwide survey conducted by the National Institute on Retirement Security, 55% of working-age Americans are concerned that financial security in...