MKR Blog
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...
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...
Beginning in 2018, the new tax laws are officially implemented, which could spell a shift in take home pay for many workers. And, if your employer has begun using the new withholding tables, you could see a change in pay this month. The Congressional Budget Office has...
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...
The latter part of 2017 has been filled with discussions and votes regarding new tax legislation. But, with nothing official in the books yet, taxpayers would be wise to focus their year-end tax planning around the current laws, since the proposed legislation may not...
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...
Although Equifax has yet to reveal specifics about the individuals who were affected by their data breach, as many as 143 million Americans may have been impacted. With that in mind, anyone with credit should consider taking measures to protect their identity and...
We are deep in the throws of tax season, and although many of you have already filed, it certainly never hurts to become more aware of possible deductions. And it goes without saying that we all love saving money or getting a larger return. Below are some unusual...
President Trump’s One Big Beautiful Bill (OBBB) introduced several tax changes designed to boost take-home pay and simplify the tax code. Some major adjustments include nontaxable income, gift limits, estate tax exemption, and overtime deductions. Here’s a look at...
Economies always run in cycles, which means that, at some point, inevitably, there will be a downturn. And the best time to prepare for an economic downturn is before things start to take a tumble. In this article, we’ll go over strategies you can use to keep your...
What happens when it’s time to step back from running your professional services firm? Is there a clear path for the future of your business? In this article, we’ll go over how to create a solid succession plan, whether you’re looking to sell, merge, or pass the firm...
The One Big Beautiful Bill (OBBB) signed by President Trump includes a federal cap on the state and local tax (SALT). Until 2024, SALT was capped at $10,000 under the 2017 Tax Cuts and Jobs Act (TCJA), but the OBBB increased it to $40,000. The cap will rise by 1% each...
Small businesses are finally seeing signs of life after a rocky few years. Since January, average earnings have climbed by 75%. That’s an encouraging statistic, yet monthly revenues still lag behind the record highs of the past two years. This signals that progress is...
Recent surveys reveal that Americans spend hours each week thinking about their finances. Rising prices, mounting debt, and uncertainty about the future all contribute to financial stress. Add in steep housing costs, concerns over tariffs raising the price of goods,...
Small retailers have a rough go competing against big chains and e-commerce giants, but there’s one thing these smaller stores have that Amazon doesn’t: community. Local stores have the opportunity to build connections with their customers. Building partnerships...
A noticeable trend in 2025 points to a resurgence in independent veterinary ownership. In an era dominated by corporate consolidation, 2025 is shaping up to be a turning point — especially for veterinarians ready to reclaim ownership, redefine care models, and build...
As small business owners face continued inflation and rising tariffs, the One Big Beautiful Bill Act (OBBB) could provide critical financial relief for Main Street businesses. By extending key provisions from the Tax Cuts and Jobs Act of 2017 (TCJA), the legislation...
President Trump’s “Big Beautiful Bill” has been making headlines, particularly for what it could mean for older Americans collecting Social Security. While many headlines have suggested that the bill would eliminate taxes on Social Security benefits, that’s not...