Tax credits may help with the high cost of raising children
March 10, 2020 Knowledge Center
Tax credits may help with the high cost of raising children

If you’re a parent, or if you’re planning on having children, you know that it’s expensive to pay for their food, clothes, activities and education. Fortunately, there’s a tax credit available for taxpayers with children under the age of 17, as well as a dependent credit for older children. Recent tax law changes Changes made […]

The tax aspects of selling mutual fund shares
March 10, 2020 Knowledge Center
The tax aspects of selling mutual fund shares

Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated […]

Succeeding in Business by a Wide Margin
March 6, 2020 Knowledge Center
Succeeding in Business by a Wide Margin

____________________________________ We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.

Inheriting property? Be aware of the basis consistency rules
March 5, 2020 Knowledge Center
Inheriting property? Be aware of the basis consistency rules

If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased person can’t exceed the property’s fair market value (FMV) as finally determined for estate tax […]

Digital documents with e-signatures aren’t going away
March 5, 2020 Knowledge Center
Digital documents with e-signatures aren’t going away

Have you applied for a business loan lately? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In any of these instances, you (or one of your employees) probably had to electronically sign a digital document. So, the next question is: Why isn’t your company […]

How to make the most of your multigenerational workforce
March 3, 2020 Knowledge Center
How to make the most of your multigenerational workforce

Many of today’s businesses employ workers from across the generational spectrum. Employees may range from Baby Boomers to members of Generation X to Millennials to the newest group, Generation Z. Managing a workforce with a wide age range requires flexibility and skill. If you’re successful, you’ll likely see higher employee morale, stronger productivity and a more […]

What Landlords Should Know About Taxes
February 27, 2020 Knowledge Center
What Landlords Should Know About Taxes

  ____________________________________ We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.

There might still be time to cut your tax bill with IRAs
February 25, 2020 Knowledge Center
There might still be time to cut your tax bill with IRAs

If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the […]

401(k) plan highlights of the SECURE Act
February 24, 2020 Knowledge Center
401(k) plan highlights of the SECURE Act

Late last year, Congress passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Among its most notable rule changes are those pertaining to 401(k) plans. Here are some key highlights. New tax credit Starting in 2020, the new rules create a tax credit of up to $500 […]

Determining whether you need to file a gift tax return can be tricky
February 21, 2020 Knowledge Center
Determining whether you need to file a gift tax return can be tricky

For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]

2020 adjusted penalties for health benefits and other plans
February 21, 2020 Knowledge Center
2020 adjusted penalties for health benefits and other plans

The U.S. Department of Labor (DOL) recently announced the 2020 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. The 2020 adjustments are effective for penalties assessed after January 15, 2020, with respect to violations occurring […]

Solving the skilled labor dilemma with military veterans
February 20, 2020 Knowledge Center
Solving the skilled labor dilemma with military veterans

The shortage of skilled labor available for hire is bad — and it’s worldwide. New research conducted by the Manpower Group for the 2020 World Economic Forum in Davos revealed that 54% of employers surveyed globally were struggling with skilled labor shortages. Organizations in 36 of 44 countries surveyed reported that it was harder to attract […]