IRS Resources for Same Sex Married Couples and Domestic Partners
January 14, 2017 Knowledge Center
IRS Resources for Same Sex Married Couples and Domestic Partners

by Julia Damasco We provide expert tax planning and compliance services for same sex couples and domestic partners. Contact me if you would like to talk about our experience and the specialized services we provide. The IRS has created several resource documents addressing tax issues unique to same sex married couples and certain domestic partners. […]

Few Changes to Retirement Plan Contribution Limits for 2017
December 29, 2016 Knowledge Center
Few Changes to Retirement Plan Contribution Limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up by $1,000. Type of limit 2017 limit Elective deferrals to 401(k), 403(b), 457(b)(2) […]

Reporting Compensation from Related Organizations on Form 990
June 1, 2016 Knowledge Center
Reporting Compensation from Related Organizations on Form 990

The majority of tax-exempt organizations need to file IRS Form 990 on an annual basis. The return provides an overview of an organization’s financial information, activities, and governance. There is also a section for the organization to present an overview of accomplishments during the year in order to justify and maintain its tax-exempt status. Tax-exempt […]

The Importance of Proper Insurance Coverage
May 18, 2016 Knowledge Center
The Importance of Proper Insurance Coverage

When creating a comprehensive financial plan, many customers overlook the importance of insurance coverage. Insurance is fallback protection, a safety net against the unexpected costs of accidents, illness, disability or disaster. Miller Kaplan guides clients in obtaining the ideal, comprehensive insurance coverage they need. These are the contingencies and considerations we evaluate with our clients […]

Putting Your Home On the Market? Understand the Tax Consequences of a Sale
May 11, 2016 Knowledge Center
Putting Your Home On the Market? Understand the Tax Consequences of a Sale

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only about […]

Tax Benefits from Investing in QSB Stocks
May 4, 2016 Knowledge Center
Tax Benefits from Investing in QSB Stocks

By investing in qualified small business stock (QSB), you can diversify your portfolio and enjoy two valuable tax benefits: Tax-Free Gain Rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your capital gains until you dispose of the new stock. The […]

Why it’s Time to Start Tax Planning for 2016
April 25, 2016 Knowledge Center
Why it’s Time to Start Tax Planning for 2016

Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. Don’t Leave Tax Planning for the End of the Year. A tremendous number […]

Filing for a Tax Extension isn’t Without Perils
April 12, 2016 Knowledge Center
Filing for a Tax Extension isn’t Without Perils

Yes, the federal income tax filing deadline is slightly later than usual this year – April 18 — but it’s now nearly upon us. So, if you haven’t filed your federal income tax return yet, you may be thinking about an extension. When are the tax extension deadlines? Filing for a tax extension allows you […]

Entrepreneurs: What Can You Deduct From Your Taxes?
March 30, 2016 Knowledge Center
Entrepreneurs: What Can You Deduct From Your Taxes?

Starting a new business is an exciting time. But before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more. Entrepreneurs are often unaware that many expenses incurred by start-ups can’t be deducted right away. How Expenses […]

Tips for Deducting Losses from a Disaster, Fire, or Theft
March 24, 2016 Knowledge Center
Tips for Deducting Losses from a Disaster, Fire, or Theft

If you suffer damage to your home or personal property, you may be able to deduct casualty losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include losses from […]

3 Income-Tax-Smart Gifting Strategies
March 16, 2016 Knowledge Center
3 Income-Tax-Smart Gifting Strategies

If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away taxable assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income […]

Make a 2015 Contribution to an IRA Before Time Runs Out
March 10, 2016 Knowledge Center
Make a 2015 Contribution to an IRA Before Time Runs Out

Tax-advantaged retirement plans allow your money to grow tax-deferred – or, in the case of Roth accounts, tax-free. But your annual IRA contributions are limited by tax law. That means any unused limit can’t be carried forward to make larger IRA contributions in future years. So it’s a good idea to use up as much […]