A common estate planning mistake that people make is to own property jointly with an adult child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple technique for leaving property to that person without the need for probate. But any […]
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%. This […]
Miller Kaplan Arase LLP, a top-100 certified public accounting firm, recently unveiled a major rebrand. This all-encompassing refresh includes branding the firm as Miller Kaplan, a new logo, and a complete redesign of the firm’s website. In recent years, Miller Kaplan has strategically built its staff, capabilities, and technology to better drive the success of […]
If you dream of spending your golden years in a tropical paradise, a culture-rich European city or another foreign locale, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with some unpleasant surprises. Avoiding the pitfalls If you’re a citizen of the United States, U.S. taxes […]
When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention. That change generally prohibits the income tax basis of […]
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the […]
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you […]
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income tax return, you can deduct up to $4,050 per qualifying adult dependent. However, for 2018, under the Tax Cuts and Jobs Act, the dependency exemption is […]
LOS ANGELES, March 1, 2018 – Miller Kaplan Arase LLP (“Miller Kaplan”) is pleased to announce that effective March 1, 2018, Catalina Kirby, CPA and Nicholas Sanchez, J.D., LL.M. have been promoted to Partner. Kirby, with 12 years of public accounting experience, specializes in financial statement audits of employee benefit plans. Sanchez, an attorney for […]
Right now, the IRS is warning of a “particularly dangerous email scam” that is circulating – W-2 phishing. In the last couple of years, this has become one of the most prevalent (and dangerous) scams that affect the tax industry. How it Works: By using either Business Email Compromise (BEC) or Business Email Spoofing (BES), […]
Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here are a couple of tax consequences to consider: 1. Cash-out refinancing. If you borrow more than you need to cover your outstanding mortgage balance, the tax treatment of the cash-out portion […]