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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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24 April
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10 Considerations for an Estate Plan

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Developing an estate plan is crucial for ensuring your assets are distributed according to your wishes after you pass away. It also provides peace of mind during your lifetime and a lasting legacy for your children and loved ones. Here are 10 key estate plan considerations to keep in mind when thinking of an estate plan. Assets Inventory Begin by listing all your assets, including real estate, bank accounts, investments, retirement accounts, life insurance policies, and personal belongings. Beneficiaries Decide who you want to inherit your assets. This could include family members, friends, or charitable organizations. Be clear about what each beneficiary will receive. Guardianship If you...

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22 January
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2023 Tax Return Preparation Services – A Note from Mark C. Milton

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It’s tax time again and we hope you will be returning to Milton Law Group for your 2023 tax return preparation needs!  Our tax return preparation process (outlined below) is designed to provide more convenience to our clients and ensure a smooth and efficient experience. Over the next few days, you will receive a series of emails via our client portal that do require your attention:  Step 1. You (and your spouse, if applicable) must review and e-sign our engagement letter for tax year 2023. If you are married, both you and your spouse will receive separate emails requesting you to e-sign the...

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17 November
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Tax Tips for Social Media Influencers and Content Creators  

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In the ever-evolving landscape of digital media, social media influencers and content creators have carved out a unique space as digital entrepreneurs.   Some have raked in huge amounts of taxable income that will be reported to the IRS on 1099s, but not subject to withholdings. This could result in large unanticipated tax liabilities if not planned for appropriately throughout the year....

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14 June
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How Does Additional IRS Funding Impact You?

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In August 2022, Congress passed the Inflation Reduction Act (IRA), which included a provision that increased the IRS budget by $80 billion over the next 10 years. Although over $20 billion was recently cut from the IRS’s budget as part of the debt ceiling bill, the remaining $60 billion accounts for a significant increase from the IRS’s 2021 budget and the long-term tax compliance objectives remain the same. ...

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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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