MKR Blog
Individual Retirement Accounts (IRAs) allow for a tax-advantaged way to invest your money long-term. Whether you choose to invest in a traditional IRA or a Roth IRA (or a combination of the two), you’ll defer paying income tax on the money you set aside for...
If you are a freelancer, an independent contractor, or a self-employed individual, you know the perks of working for yourself, but you likely also notice one major drawback: the lack of an employer-sponsored retirement plan like a 401(k). Enter the Solo 401(k) plan....
Online shopping isn’t new by any means, but the EY Future Consumer Index, which has surveyed thousands of consumers since the Covid-19 pandemic began, discovered that 43% of U.S. consumers now shop more often online than in brick-and-mortar stores. All signs point to...
Last year 35% of contractors reported turning down work due to skilled labor shortages. Couple this with a lack of resources due to supply chain issues and an industry that doesn’t seem to be slowing down, despite a short stall at the beginning of the pandemic, and...
There are some valuable tax deductions available for self-employed people. The key is knowing what they are and how they can help reduce your tax bill. Here are some key self-employment tax deductions to remember. Home Office Deductions This deduction allows you to...
Setting goals is a necessary start to achieving a financially secure future, but sticking to those goals is another hurdle altogether. Unexpected expenses, the costs of day-to-day life, and failure to track spending all have the potential to derail any roadmap we may...
The Roth IRA is a unique retirement savings tool. While there is no upfront tax break with a Roth IRA, it grants you tax-free management of your income and gains as long as you retain your investments within the account. Roth IRAs are also flexible, which allows for...
As you're nearing the tax return finish line, you probably have some clients who are stragglers or haven't "checked in" yet. Fortunately, you can still rely on the automatic tax filing extension to bail procrastinators out of a jam. Here's some valuable information to...
Last year was a violent year across the country due of a flurry of hurricanes, floods, earthquakes, and other natural disasters. If insurance proceeds didn't make your clients whole, they may be entitled to a modicum of tax relief on their 2011 returns. And homeowners...
Most businesses these days are looking to cut spending. Accounting firms are in a unique position to not only help their small business clients trim the fat and manage their money, but to do the same for themselves. Before any company can delve into strategic ways to...
The construction industry enters 2026 facing both persistent headwinds and emerging opportunities. Rising material costs, ongoing labor shortages, and policy uncertainty continue to challenge business owners. But at the same time, there’s an undercurrent of guarded...
When it comes to increasing the value of a small business, focusing on top-line growth won’t give you the whole picture. Revenue alone doesn’t always equal value, and a bigger business isn’t always a better one. If your long-term goal is to build a valuable business...
The Trump administration enacted new tariffs on lumber and kitchen cabinets, adding pressure to construction budgets. The tariffs apply a 10% duty on softwood lumber and a 25% levy on imported kitchen cabinets. By 2026, the cabinet tariff is set to double to 50%. As a...
More Americans are turning to a 401(k) hardship withdrawal to cover urgent and unexpected expenses. By the end of 2024, about 5% of employees had taken a hardship withdrawal from their 401(k) accounts. That’s more than double the 2% who did so in 2018. With inflation,...
When the federal government shuts down, businesses across the nation feel the effects, especially for those that rely on federal programs, work directly with federal agencies, or operate near government properties. This article explains how government shutdowns affect...
When the Federal Reserve cuts interest rates, it’s good news for borrowers and consumers, but not so much for savers. The Fed’s recent quarter-point rate cut is a reminder that the annual percentage yields (APYs) on savings accounts and certificates of deposit (CDs)...
A recent deal between the Trump administration and Pfizer is signaling hope to the pharmaceutical industry. Under Trump's Pfizer deal, Pfizer gets an exemption from pharmaceutical-specific tariffs if the company invests in domestic manufacturing. This key deal is...
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...