McGregor Tax & Accounting, Inc.

10/15/2026

📢 **2027 SOCIAL SECURITY UPDATES: COLA & WAGE BASE ANNOUNCED**

The Social Security Administration has announced several important changes for 2027 that may affect retirees, employees, and employers.

Here’s what you need to know:

🔹 **3.6% Cost-of-Living Adjustment (COLA)**
Social Security beneficiaries will receive a 3.6% increase in benefits in 2027.

🔹 **Social Security Wage Base: $192,300**
The maximum amount of earnings subject to Social Security tax will increase to $192,300 for 2027.

🔹 **Retirement Earnings Limits Are Increasing**
For individuals receiving benefits before reaching full retirement age:

• **Under full retirement age:** You can earn up to $25,560 in 2027 before Social Security withholds $1 in benefits for every $2 earned above the limit.

• **Reaching full retirement age in 2027:** You can earn up to $67,920 before Social Security withholds $1 in benefits for every $3 earned above the limit for earnings in the months before reaching full retirement age.

📌 These annual adjustments can affect retirement planning, payroll taxes, and take-home pay for the upcoming year.

Need help understanding how these changes may affect your tax situation? Contact our office to discuss your tax planning needs.

10/06/2026

💰 **$90 Medicare Payments & $500 ACA Refunds Are Going Out — What You Need to Know**

You may have heard about two new healthcare-related payments being sent to Americans this month. Here’s the important distinction:

# # # 🩺 $90 Medicare Premium Rebate

Eligible Medicare beneficiaries are receiving a **one-time $90 payment** in October 2026 to help offset Medicare Part B premiums.

• More than 20 million Medicare beneficiaries are expected to receive the payment.
• Most eligible recipients will receive a **$90 direct deposit**.
• Those who don't receive a direct deposit may receive a **paper check from the U.S. Treasury**.
• Generally, Medicare Part B enrollees are eligible, but those whose premiums are paid by Medicaid or who pay an income-related premium surcharge may not qualify.

# # # 🏥 $500 ACA Refund

The federal government has also begun sending **$500 payments to nearly 1 million people** who purchased health insurance through the federal ACA Marketplace.

These payments are generally going to individuals who purchased coverage through **HealthCare.gov**, paid their premiums without federal premium assistance, and live in one of the **30 states using the federal Marketplace** — including Nebraska.

**Important:** These payments are **not tax refunds** and are separate from your federal income tax return.

If you receive a check or direct deposit, **keep the documentation that comes with it**. We recommend bringing it to your tax professional if you have questions about whether it has any tax reporting implications for your particular situation.

📌 **Bottom line:** If you're wondering, *“Am I getting one of these payments?”* eligibility is based on your Medicare or ACA coverage — not simply on whether you file a tax return.

As always, we're here to help you understand how these changes may affect you and your tax situation.

10/03/2026

💰 Getting a $500 “Obamacare refund” check? Here’s what you need to know.

The federal government has started sending $500 checks to nearly one million people who purchased health insurance through the ACA Marketplace.

First: this is not a tax refund.

The Trump administration calls these “Working Families Obamacare Refunds.” They’re tied to Marketplace user fees paid by insurance companies to help fund HealthCare.gov.

Key details:

👉 $500 per eligible enrollee
👉 Available to eligible consumers in 30 states using HealthCare.gov
👉 No application required
👉 The amount isn’t based on what you personally paid in premiums or fees

The accompanying letter describes the payment as a one-time refund, so don’t expect another $500 next year.

📌 Read the full explanation from TaxGirl

$500 Obamacare Refund Checks Are Going Out — Here’s What You Need to Know

https://www.facebook.com/share/19jvEXWiod/?mibextid=wwXIfr

Nearly one million Americans are getting $500 Obamacare refund checks. Here’s who gets one, where the money comes from, and what taxpayers should know.

09/29/2026

📱 **NEW: The IRS has a new mobile app!**

If you like being able to check your tax information from your phone, this is one you’ll want to know about.

The IRS has replaced **IRS2Go** with a new IRS app that gives taxpayers secure access to several helpful tax services right from their mobile device.

Here’s what you can do through the app:

✅ Check your **refund or amended return status**
✅ View your **tax balance**
✅ Make payments and review payment activity
✅ View certain **IRS notices and letters**
✅ Access available **tax records and transcripts**
✅ Manage certain profile and communication preferences
✅ Access your **Identity Protection PIN (IP PIN)**

📲 **Already have IRS2Go?** If automatic updates are enabled on your phone, the app should update through the normal update process. You don't need to download a separate app.

⚠️ **One important reminder:** Be careful when downloading an IRS app. There are plenty of scams and look-alike apps out there. Use **IRS.gov** to find the official app and verified download links.

And remember, the app doesn't replace your **IRS Online Account** or IRS.gov. It simply gives taxpayers another convenient way to access some of their information and services.

💡 **Tax tip:** Your IRS Online Account remains one of the most useful tools for checking balances, payment history, transcripts and other tax information.

Save this post so you have it when you need it!

09/09/2026

We are celebrating two big birthdays at MTA today! Owner, Neeley and Tax Manager, Hallie. Happy birthday, ladies!

08/10/2026

🏠 Your First House Flip Lost Money. Can You Deduct the FULL Loss?

If your first house-flipping project ended in a loss, don’t automatically assume you’re stuck with the $3,000 capital loss limitation.

Depending on the facts and circumstances, you may be able to deduct the entire loss in the current year.

The key question is:

👉 Are you a real estate INVESTOR or a real estate DEALER?

Investors generally report their properties as investments, which can subject losses to the capital loss rules—including the $3,000 annual limitation against ordinary income.

Dealers, on the other hand, are considered to be operating a business. Their losses can generally be deducted against ordinary income without the $3,000 capital loss limitation.

But here’s where it gets interesting…

🚨 Dealer status isn’t determined simply by how many houses you’ve flipped.

The IRS and courts look at the facts and circumstances, including:

• Why did you purchase the property?
• Did you substantially renovate or rehabilitate it?
• How quickly did you put it on the market?
• Were you actively involved in the project?
• Did you operate in a businesslike manner?
• Did you have a business plan and maintain appropriate records?

And there’s an important trade-off.

Dealer treatment may allow you to deduct losses currently, but when those flips become profitable, the profits are generally ordinary income rather than capital gains.

Dealer property also generally does not qualify for Section 1031 treatment or installment-sale reporting.

📌 Thinking about turning house flipping into a business?

Set it up correctly from the beginning. Maintain a written business plan, keep separate books and bank accounts, track your time and expenses, and consistently treat the activity as a business.

The tax treatment of that first flip can make a BIG difference.

🏡 Before you buy, renovate, or sell, talk to your tax professional about whether you’re building an investment portfolio—or a real estate business.

Tax rules are fact-specific. This post is for educational purposes and is not tax advice for any specific situation.

Tax Preparation and Planning, Consultation and Advisory Services, Payroll, Audit Representation, and Bookkeeping Services. Specializing in Small and Closely Held Businesses.

07/23/2026

When your office manager also has CDO. It’s like OCD but with the letters in alphabetical order as they should be. 😂

07/14/2026

🚗 IRS Increases Mileage Rates for the Second Half of 2026

The IRS has announced a midyear increase to the standard mileage rates due to rising fuel prices. If you use your vehicle for business or other qualifying purposes, be sure you’re using the correct rate based on when the miles were driven.

Effective July 1, 2026:

✅ Business: 76¢ per mile (up from 72.5¢)
🏥 Medical: 23.5¢ per mile (up from 20.5¢)
🇺🇸 Moving (eligible active-duty military & certain intelligence community members): 23.5¢ per mile (up from 20.5¢)
❤️ Charitable: 14¢ per mile (unchanged)

⚠️ Important: There are now two mileage rates for 2026.

📅 January 1 – June 30, 2026: Use the original IRS mileage rates.
📅 July 1 – December 31, 2026: Use the new rates listed above.

If you track your mileage manually or through an app, make sure your records clearly separate miles driven before and after July 1 to ensure accurate deductions.

Have questions about how this impacts your taxes or business? We’re here to help!

https://www.forbes.com/sites/kellyphillipserb/2026/07/13/irs-announces-increase-in-standard-mileage-rates-for-the-second-half-of-2026/?fbclid=IwZnRzaATDQFpwZG9mA2ZkaWQWUKgtxgWxPH3MzYyFFB1GtkcbswNLomV4dG4DYWVtAjExAHNydGMGYXBwX2lkCjY2Mjg1NjgzNzkAAR5ykq3XKnNxLN-vEDmSIcnAn9JOF8fKZEipuyNdyz6OCVqMWI5e4_pLCfxstg_aem_PT4dG_xa0uG1DjISUSUrkQ

Higher fuel prices prompted the IRS to raise the business, medical, and qualified moving rates for mileage on or after July 1, 2026.

07/14/2026

💳 **Business and Personal Expenses Don't Mix**

Think it's okay to run a few personal expenses through your business? A recent Tax Court case (Waimana Enterprises, Inc. v. Commissioner), shows just how costly that mistake can be.

A business owner used corporate funds to pay for personal expenses like:
✈️ Family vacations
🎓 Private school and college tuition
💆 Personal massage therapy
🏠 Other non-business purchases

The IRS determined these weren't legitimate business expenses and reclassified them as **taxable distributions (constructive dividends)**. The result? **More than $2 million in additional taxes and civil fraud penalties.**

✅ The lesson is simple:

* Keep business and personal finances separate.
* Only deduct expenses that are ordinary, necessary, and directly related to your business.
* Maintain good records and documentation for every deduction.

A quick conversation with your tax advisor before making a questionable purchase can save you thousands—or even millions—later.

📞 If you're ever unsure whether an expense is deductible, we're happy to help before it becomes an expensive problem.

07/03/2026

🇺🇸 Happy 4th of July from all of us at McGregor Tax & Accounting! 🇺🇸

This weekend we celebrate the freedoms that make this country so special and honor those who have served to protect them.

We are incredibly grateful for the trust our clients place in us throughout the year. Thank you for allowing us to be part of your financial journey.

We hope you and your family enjoy a safe, relaxing, and memorable Independence Day filled with friends, family, and fireworks! 🎆

Happy Independence Day! ❤️🤍💙