Understanding What ‘Basis’ Means

While you probably hear the term ‘basis’ regularly during the tax planning process, you might not fully understand what it means. Understanding the basics is critical of making the most of your money every year, on top of working with skilled professionals like Miles Tax Advisory. Basis 101 In general, your basis is the amount [...]

June 26th, 2020|Uncategorized|

Estate Planning for Your Car

While it might not be high on the list of things that you are considering when estate planning in Maryland, you should remember that your motor vehicle is one of the assets that you own and need to include in your estate planning. What considerations should you make when estate planning for Maryland vehicles? What [...]

June 3rd, 2020|Newsletter|

What Happens to Online Accounts After You’re Gone

Today, and particularly in the wake of the COVID-19 pandemic, we are all living our lives digitally more than ever before. The average adult today now pays bills online, receives electronic statements and utilizes paperless billing. However, what happens if you are suddenly unable to check your bills and manage your finances? How will your [...]

April 27th, 2020|Newsletter|

IRA Contribution Age Restrictions Have Been Lifted

This year, the Appropriations Act of 2020 has gone into place. This law includes numerous changes to tax law, including extending tax provisions that expired in 2017 or were approaching expiration, IRA and retirement plan modifications and other details that will affect many taxpayers. The IRA contribution changes are some of the most profound. Past [...]

March 30th, 2020|Newsletter|

Avoiding the Most Common Will & Testament Mistakes

Completing your estate planning tasks might not necessarily be enjoyable, but it’s one of the most critical things that you must do to ensure that your estate is divided as you intend it to be. When you complete your will, there are many issues that can crop up and lead to problems now and in [...]

February 27th, 2020|Newsletter|

A Will Might Not Be Enough

When you start the estate planning process, it can be easy to get overwhelmed by all of the options available to you. Should you create a trust? Should you use a will? Who will your power of attorney be? Who should you leave different items to? Here are four things to consider when you are [...]

February 3rd, 2020|Newsletter|

Mastering the Art of Paperwork for Your Charitable Giving

Whenever you make the generous gift of property or money to organizations that are eligible to receive tax-deductible charitable contributions, you need to make sure that you get the paperwork correct. As you prepare for tax season, here’s what you need to know about your charitable contributions. What Do You Need? When you make your [...]

January 2nd, 2020|Newsletter|

Tax Deductions for Aging In Place

As the population ages and you start to face things like retirement, mobility issues or an older loved one moving in with you, the time comes to consider what modifications must be made to your home. Whether you are considering adding grab bars to your shower or installing a ramp leading to the front door, [...]

December 9th, 2019|Newsletter|

Can You Work While Receiving Social Security?

Can you work while you receive Social Security benefits? If you are under full retirement age and receiving more than the yearly earnings limit, the work that you are doing could reduce or eliminate your Social Security benefit amount. What Is Full Retirement Age? Full retirement age is currently 66 for those born between 1943-1954. [...]

October 31st, 2019|Newsletter|

Don’t Fall for Fake IRS Letters

While the majority of taxpayers settle their taxes with the IRS before the due date in April, that isn’t always the end of the IRS working through the returns to ensure accuracy. After tax season concludes, it is followed by matching season. This is when the IRS reconciles the information on each return with information [...]

October 2nd, 2019|Newsletter|