McCrate, DeLaet & Company

10/16/2026

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments, will increase 3.6%. This is the largest annual cost-of-living increase since 2023, driven primarily by high inflation. Social Security retirement benefits will increase by about $75 per month on average starting in January. Increased payments to SSI recipients will begin on Dec. 31, 2026. (Note: Some people receive both Social Security benefits and SSI.) The maximum earnings subject to Social Security tax (the so-called “wage base”) will increase $7,800, from $184,500 to $192,300.

10/13/2026

Business owners often have more complex tax situations that can trigger an IRS audit. The good news is that with proper preparation, detailed records and professional guidance, you can make the process far less stressful.

Some returns may be selected randomly, but the IRS also has some audit hot buttons. Examples include significant differences between current and prior-year returns, repeated business losses, profit margins and expenses that differ substantially from similar businesses, and mathematical errors.

If you receive an IRS notice, don’t panic; contact us immediately. We can help you understand the issues, gather the needed documents and respond to the inquiries effectively.

10/12/2026

Retirement is far from most teenagers’ minds when they get their first jobs. But those early earnings create a significant tax-advantaged savings opportunity. Even modest IRA contributions now can substantially multiply over time. For example, just $2,000 contributed to an IRA earning 5% annually will grow to nearly $23,000 50 years later. A Roth IRA can be especially powerful because qualified distributions will be tax-free. For 2026, the annual contribution limit for IRAs is the lesser of taxable compensation or $7,500. 2026 contributions can be made until April 15, 2027, but the income to support them must be earned by Dec. 31, 2026. Contact us to discuss tax-smart planning for your teen.

10/09/2026

Kaitlyn Benanzer, CPA was recently promoted to Manager effective October 1, 2026. Kaitlyn joined us in 2021 after completing her Bachelors degree in Accounting and then her Masters degree in Accountancy from Bowling Green. Kaitlyn specializes in both accounting and tax work for the firm. Congratulations Kaitlyn!

10/02/2026

Estate planning can take on added significance when a loved one has a disability. Leaving assets directly to that person could interfere with his or her eligibility for certain means-tested government benefits. A special needs trust (SNT) allows assets to be held and managed by a trustee without being treated as the beneficiary’s countable resources for certain government benefits purposes. An SNT’s assets can pay for virtually anything government benefits don’t cover. The trust must not pay money directly to the beneficiary. Rather, it must distribute funds — on behalf of the beneficiary — directly to the third parties providing goods and services to him or her. Contact us for more details.

10/01/2026

UPDATE: The office will be open on Friday, October 2nd.
The community service event we had scheduled for Friday has been postponed due to the weather / forecasted rain.

09/29/2026

Our offices will be closed on Friday, October 2nd so that everyone can participate in the firm community service day event. We will reopen Monday, October 5th at 8 a.m.

09/28/2026

McCrate, DeLaet & Co. has been ranked among the 2026 IPA 500 firms by INSIDE Public Accounting.

This milestone gives us an opportunity to recognize the people behind our continued growth. Thank you to our team for its commitment and to our clients for the confidence they place in us.

See the full 2026 IPA 500 rankings:

Every year, INSIDE Public Accounting ranks the top 500 CPA firms in the nation based on net revenue, from the multi-billion Big 4 to No. 500.

09/25/2026

We are proud to share that McCrate’s volleyball team finished the season undefeated and captured the tournament championship Wednesday night at Boardwalk in Celina. A great showing of teamwork both on and off the court!

09/23/2026

A Health Savings Account (HSA) isn’t just for today’s medical expenses. It can also help you build additional tax-advantaged retirement savings. If your finances allow, consider paying current qualified medical expenses out of pocket and leaving your HSA funds invested. Earnings grow tax-deferred, unused funds carry forward indefinitely and withdrawals for qualified medical expenses are tax-free. After age 65, you can also take penalty-free withdrawals for nonmedical expenses, though they’re subject to income tax. For 2026, if you’re eligible, you can contribute up to $4,400 for self-only coverage ($8,750 for family coverage), plus $1,000 if you’re age 55 or older. Contact us with questions.