October 2022 Updates
Smart business, accounting, tax, and planning ideas from your MMKR CPAs!
IRS Releases 2023 Inflation Adjustments
Last Friday, the IRS released the annual inflation adjustments for a variety of items in 2023. These adjustments are made every year to factor in cost-of-living changes and keep everything updated. They impact a number of items, but the most relevant relate to retirement plan contributions. The table below lays out what these items look like compared to 2022 figures.

Read more about these adjustments below...
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This Month's Employee Highlight
Charlie Vang
Associate Accountant

Charlie started with MMKR in January of this year. He graduated from Southwest Minnesota State University with a Bachelor's in Accounting and Finance with concentrations in personal financial planning and corporate finance. In his free time, Charlie likes to spend time with his family, being outdoors, building projects, and participating in archery. He is a big enthusiast for hunting and fishing as well. For Charlie, being in the woods hours before the sun comes up or after the sun has set helps him slow down a little in this fast-paced world. This image was from his first field goose hunt, which turned out to be a successful one!
In Case You Missed It...
You may be liable for “nanny tax” for all types of domestic workers
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes.
Plan now to make tax-smart year-end gifts to loved ones
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion.
Year-End Tax Planning Ideas for Individuals
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.
One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022.
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.