MKR Blog
Financial advisors commonly advise their clients to seek investments with high returns in order to maximize their retirement funds, but most investors don’t realize that high fees are eating into those earnings. While fund fees have steadily declined in recent years,...
Are your employees reimbursed for work-related travel expenses? If not, you might want to reconsider. Changes under the Tax Cuts and Jobs Act make reimbursements even more attractive to employees. The new tax code implemented significant changes to moving and travel...
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...
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...
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...
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...
Big Leadership Mindset: How the Practices and Philosophies of the World’s Most Successful Entrepreneurs Can Benefit Small Businesses Self-made millionaires and billionaires don’t just happen by luck or chance, though sometimes luck and chance play a role. In large...
While many Americans don’t check the stock market every day, the price of gasoline is one economic indicator Americans regularly pay attention to. And gas prices are on the rise, which means your summer travel budget could take a hit. With the national average now...
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...
Achieving financial stability and building wealth are essential goals for families striving for a secure future. Financial stability means having a reliable income, manageable debt, and the ability to handle unexpected expenses, while wealth building focuses on...
Scaling a professional services firm presents unique challenges. Growth plateaus—periods where growth slows or flatlines—are common. Overcoming these plateaus requires strategic planning and execution. Here are actionable strategies to help make your business more...
Small businesses often face cash flow challenges that can threaten their financial stability, so it’s crucial to implement effective strategies for long-term cash planning, ensuring sustainability and success. Read on as we explore actionable steps that small...
Mastering the art of marketing is a required skill to reach and engage target audiences effectively. Two powerful strategies to accomplish this are push and pull marketing. Understanding the distinct roles of these approaches can make all the difference in driving...
If you’re considering tapping into your 401(k) for a loan, you should be aware of how these loans function. In this article, we’ll delve into the ins and outs of 401(k) loans, exploring their benefits and potential drawbacks. Whether facing financial hurdles or...
As you approach retirement, understanding your Social Security benefits becomes crucial for financial planning. Your benefit amount hinges on factors like earnings history and age at sign-up. With careful planning and strategic decision-making, you can maximize your...