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Milton Law Group > News (Page 3)
29 October
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One Big Beautiful Bill Act’s Impact on NIL Student-Athletes

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The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, marks a significant shift in federal tax policy. While OBBBA is best known for its “No Tax on Tips” and “No Tax on Overtime” provisions, several lesser-known sections directly affect college athletes earning income through Name, Image, and Likeness (NIL) deals. Since 2021, NCAA student-athletes have been allowed to receive compensation for their NIL from third parties outside their colleges and universities. As the NIL landscape continues to evolve—shaped by NCAA rules and IRS guidance—the OBBBA introduces new tax implications that student-athletes should understand. NIL Income: 1099 vs. W-2...

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15 September
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Navigating Missouri’s NIL Landscape: A Guide for Student-Athletes and Families 

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In the ever-evolving world of college athletics, few changes have been as transformative as the introduction of Name, Image, and Likeness (NIL) rights.   For years, the debate over compensating student-athletes was a centerpiece of sports news, culminating in a series of legal and legislative shifts that forever altered the financial landscape.   At Milton Law Group, we understand that for student-athletes, their families, and high school recruits, navigating this new era requires a clear understanding of the rules. Here is a breakdown of Missouri’s progressive NIL landscape.  NIL History  After years of lobbying by collegiate student-athletes to be compensated for their athletic performance,...

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11 September
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A Limited-Time Opportunity: Understanding the 2025 Illinois Tax Delinquency Amnesty Act 

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For individuals and businesses with outstanding tax liabilities in Illinois, a rare and invaluable opportunity has arrived. The 2025 Illinois Tax Delinquency Amnesty Act, which was enacted to provide relief to taxpayers, offers a limited window to settle past-due tax debts and have eligible penalties and interest completely waived.   This program, running from October 1, 2025, through November 17, 2025, is designed to help taxpayers get back into compliance without the burden of escalating fees.   Navigating the specific rules and requirements is crucial, and below is a detailed guide to what you need to know to take advantage of this unique program.  Tax...

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10 September
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Mark Milton and Shine Lin Recognized on Prestigious Missouri Lawyers Media POWER List

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Milton Law Group is proud to announce that managing attorney Mark Milton and senior counsel Shine Lin have been named to the prestigious Missouri Lawyers Media POWER List of top tax and estate planning attorneys in Missouri. This esteemed recognition highlights their exceptional legal expertise and steadfast commitment to serving clients with complex tax and estate planning needs. The Missouri Lawyers Media POWER List is a definitive guide to the most influential and respected attorneys across various practice areas in the state. Unlike lists based on peer nominations, the POWER List is an editorial project. Its honorees are selected through a...

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09 July
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How Does the One Big Beautiful Bill Impact You?

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Recently, Congress passed a bill that introduces significant changes to the Tax Cuts and Jobs Act of 2017 (TCJA) and offers new tax breaks and planning opportunities. This new legislation, called The One Big Beautiful Bill Act (OBBBA), extends many of the 2017 TCJA tax cuts that were set to expire at the end of 2025. It also introduces a range of new tax provisions impacting individuals and businesses alike.  Key Highlights of OBBBA: Extension and Permanence  One of the central tenets of OBBBA is the extension and in some cases, permanence, of key provisions from the 2017 TCJA. This provides much-needed clarity...

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01 July
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Unlock Your 2025 Tax Advantage: Key IRS Changes You Need to Know

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Here is a look at some of the IRS adjustments for the 2025 tax year that could impact your everyday finances.  Do not wait until tax season to discover missed opportunities. A proactive approach to tax planning can save you money and provide peace of mind.  Retirement Savings Get a Boost  One of the most anticipated updates each year involves retirement account contribution limits. These adjustments are designed to help you save more for your future, keeping pace with economic changes.  ** 401(k) and Similar Workplace Plans: The annual contribution limit for employees participating in 401(k), 403(b), governmental 457 plans, and the federal government's...

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25 June
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Missouri Eliminates Capital Gains Tax: What it Means for Individuals and Business Owners 

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In May 2025, Missouri eliminated the income tax on capital gains. This significant change could have a substantial impact on your tax planning and investment strategies.  Previously, Missouri taxpayers faced a state capital gains tax on profits from the sale of assets like stocks, real estate, and businesses. This meant that on top of federal capital gains taxes, a portion of your investment gains also went to the state. The elimination of this tax means that any capital gains realized after the effective date will no longer be subject to state-level taxation in Missouri.  How Does This Impact You?  For Missouri Residents:  ** Increased...

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17 March
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Taming the Tax Beast: 5 Tax Tips for a Stress-Free Season from Milton Law Group

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Tax season. Those two words alone can send shivers down the spines of even the most organized individuals. At Milton Law Group, we understand the anxieties that come with filing taxes, and we're here to help you navigate this often complex process with greater ease. Whether you’re a small business owner, a freelancer, or a salaried employee, these five actionable tax tips can significantly reduce your tax-related stress. 1. Start Early and Stay Organized: Procrastination is the enemy of a peaceful tax season. Don't wait until the last minute to gather your documents. Begin collecting your W-2s, 1099s, receipts, and other relevant...

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27 January
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2024-2025 Tax Season Underway!

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It’s tax time again and we hope you will be returning to Milton Law Group for your 2024 individual tax return preparation needs!   Our tax return preparation process is designed to provide convenience to our clients and ensure a smooth and efficient experience.   Please contact us if you would like to hire our firm for your tax return preparation needs.  Milton Law Group Client Portal  The use of our client portal is highly recommended and preferred.   The secure portal is encrypted with bank-level security so we can securely share files and information. The portal also features a smartphone app that allows you to...

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11 December
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5 Year-End Tax Moves to Make Now 

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As the end of the year approaches, proactive tax planning becomes crucial for individuals and businesses alike.   Taking proactive steps now can significantly impact your tax liability come April.  By strategically leveraging available deductions, credits, and tax-advantaged opportunities, you can potentially minimize your tax burden and enhance your financial standing.  Here are five key strategies to consider before December 31st:  1. Maximize Retirement Contributions:  One of the most effective ways to reduce your taxable income is by contributing to tax-advantaged retirement accounts.   If you haven't already maxed out your 401(k) contributions for the year, consider increasing your contributions in the remaining pay periods. For 2024,...

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Combining a national reputation with an approachable Midwestern vibe, Milton Law Group helps individuals and small business owners achieve their personal and professional goals by providing comprehensive and trusted legal representation in the areas of tax planning, civil and criminal tax controversies, tax debt resolution, business law, and estate planning. ​

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