Claiming a Federal Tax Deduction for Moving Costs
June 20, 2017 Knowledge Center
Claiming a Federal Tax Deduction for Moving Costs

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately, moving can be expensive. The good news is that you might be eligible for a […]

Details Matter When Selling Stocks
June 13, 2017 Knowledge Center
Details Matter When Selling Stocks

The tax consequences of the sale of an investment, as well as your net return, can be affected by a multitude of factors. You might be focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the investment long-term (more than one year), […]

Is Your Retirement Fund Safe From Creditors?
June 12, 2017 Knowledge Center
Is Your Retirement Fund Safe From Creditors?

When it comes to estate planning, asset protection is paramount. No matter how well your estate plan is designed, it won’t benefit anyone if you wind up with no wealth to share with your family. If you have substantial assets in employer-sponsored retirement plans or IRAs, it’s important to understand the extent to which those […]

Want to Deduct Charitable Donations?
June 6, 2017 Knowledge Center
Want to Deduct Charitable Donations?

These factors can have a big impact. Some charitable donations provide larger deductions than others, and it isn’t necessarily based on how much – or even what – you donate that matters. How the charity uses your donation can have a large outcome on your deduction. Take vehicle donations, for example. If you donate your […]

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 […]