July 2023 Updates

Smart business, accounting, tax, and planning ideas from your MMKR CPAs!

Minnesota Tax Law Update

Minnesota has recently passed a number of tax law changes. These tax law changes could be significant depending on your tax situation. Keep reading to learn more about the highlights of these changes...

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Benefits of a Living Trust For Your Estate

You may think you don’t need to make any estate planning moves because of the generous federal estate tax exemption of $12.92 million for 2023 (effectively $25.84 million if you’re married).

However, if you have significant assets, you should consider establishing a living trust to avoid probate. Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed...

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Social News

Twins Game Outing!

MMKR's firm outing to the Minnesota Twins was a home run! So glad to see everyone's smiling faces all in one place. Looking so forward to the next one!

In Case You Missed It...

That email or text from the IRS: It’s a scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both individuals and businesses and often prey on the elderly.

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Hiring family members can offer tax advantages (but be careful)

Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year.

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When can seniors deduct Medicare premiums on their tax returns?

If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there may be an advantage: You may qualify for a tax break for paying the premiums.

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Do you have questions about your specific goals or strategies?

Each of our clients is unique; therefore, we provide solid, forward-thinking business strategies, expertise, and advice along with traditional accounting, audit, and tax consulting services tailored to their needs.

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