When must your business file IRS Form 8300?
February 18, 2020 Knowledge Center
When must your business file IRS Form 8300?

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

Can you deduct charitable gifts on your tax return?
February 14, 2020 Knowledge Center
Can you deduct charitable gifts on your tax return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

Look Closely at Your Company’s Concentration Risks
February 11, 2020 Knowledge Center
Look Closely at Your Company’s Concentration Risks

The word “concentration” is usually associated with a strong ability to pay attention, but the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A common problem among many companies is customer concentration. This is when a business relies on only a few customers to […]

Use Nongrantor Trusts to Bypass the SALT Deduction Limit
February 7, 2020 Knowledge Center
Use Nongrantor Trusts to Bypass the SALT Deduction Limit

If you reside in a high-tax state, you may want to consider using nongrantor trusts to soften the blow of the $10,000 federal limit on state and local tax (SALT) deductions. The limit can significantly reduce itemized deductions if your state income and property taxes are well over $10,000. A potential strategy for avoiding the […]

Answers to Your Questions About 2020 Individual Tax Limits
February 6, 2020 Knowledge Center
Answers to Your Questions About 2020 Individual Tax Limits

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. […]

Nondeductible IRA Contributions Require Careful Tracking
February 4, 2020 Knowledge Center
Nondeductible IRA Contributions Require Careful Tracking

If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you’ll end up overpaying. […]

3 Best Practices for Achieving Organic Sales Growth
January 31, 2020 Knowledge Center
3 Best Practices for Achieving Organic Sales Growth

Most business owners would probably agree that, when it comes to sales, there’s always room for improvement. To this end, every company should strive for organic sales growth — that is, increases from existing operations unrelated to a merger or acquisition. That’s not to say a merger or acquisition is necessarily a bad idea, but you can’t […]

The Latest News on Taking RMDs
January 30, 2020 Knowledge Center
The Latest News on Taking RMDs

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

New Year – New Budget
January 30, 2020 Knowledge Center
New Year – New Budget

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

Help Protect Your Personal Information by Filing Your 2019 Tax Return Early
January 24, 2020 Knowledge Center
Help Protect Your Personal Information by Filing Your 2019 Tax Return Early

The IRS announced it is opening the 2019 individual income tax return filing season on January 27th. Even if you typically don’t file until much closer to the April 15th deadline (or you file for an extension), consider filing as soon as you can this year. The reason: You can potentially protect yourself from tax […]

What can AI do for my business?
January 22, 2020 Knowledge Center
What can AI do for my business?

You’ve no doubt read articles or heard stories about how artificial intelligence (AI) is bringing sweeping change to a wide variety of industries. But it’s one thing to learn about how this remarkable technology is changing someone else’s company and quite another to apply it to your own. Here’s a primer on what AI might […]

How Business Owners and Execs Can Stay Connected with Staff
January 22, 2020 Knowledge Center
How Business Owners and Execs Can Stay Connected with Staff

The beginning of the year can be a busy time for business owners and executives, because you no doubt want to get off to a strong start in 2020. One danger of a hectic beginning is setting an early precedent for distancing yourself from rank-and-file staff. After all, a busy opening to the year may […]