04 January

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What Happens If I File My Taxes Early?

Many taxpayers procrastinate their taxes each year, causing unnecessary stress and last-minute scrambling to meet deadlines. On the other hand, others often choose to file particularly early. There are many benefits of getting a head start on your taxes, but there are also some downfalls to consider before jumping in too soon. Here’s a brief overview of the pros and cons of filing your taxes early. Pros of filing taxes early Like to get ahead? Consider filing your taxes early to enjoy these benefits: 1. You'll eliminate your tax deadline stress. If you’re the kind of person who hates looming deadlines, filing early is a...

22 December

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5 Tips for Retirement Planning in Your 40s

Posted by Miller & Company LLP

in Personal Taxes

Saving for retirement is a decades-long endeavor, and the earlier you start, the better. By the time you reach your 40s, your contributions and habits will look different than they did 10 or 20 years ago. Individuals in this age range can practice some smart habits and strategies to maximize their savings and plan for their future retirement. Here are some retirement preparation tips to follow in your 40s. 1. Set a clear retirement savings target. At age 40, you’re about halfway through your overall career, which means you have two to three decades left to maximize your savings. Knowing how much you’ll...

24 November

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5 Retirement Planning Tips When You’re in Your 30s

Posted by Miller & Company LLP

in Personal Taxes

A lot can change from your 20s to your 30s. By now, it’s likely that you’ve been out of school a while and have been working full-time for a decade or more. You may have your own assets such as a car and a house to pay for, and you may even have a spouse and children who rely on you. To protect your assets and a legacy you may want to leave for your family when you pass away, it's important to start ramping up your retirement savings before you reach age 40. With more than 30 years to go...

18 November

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Can I Take a Home Office Deduction If I WFH?

Posted by Miller & Company LLP

in Personal Taxes, Tax Deductions

With more and more people working from home during the COVID-19 pandemic, workers have invested in office supplies, home office furniture, and in some cases, new technology in order to create a proper remote work setting. These expenses have many taxpayers wondering if they're eligible for the home office deduction on their 2020 tax return. The short answer is yes — but only if you also use that home office for self-employed business activities. Here's what you need to know if you're a remote worker with a home office. What is the home office deduction? The home office deduction is for people who...

28 October

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How to Prepare for Retirement in Your 20s

Posted by Miller & Company LLP

in Personal Taxes, Tax Deductions

When you're in your 20s and are brand new to the workforce, planning for retirement may not be on your mind. Instead of thinking about your future golden years, you’re more likely focusing on your new career and any student loan debt you may have to pay off. However, it's important to start saving for retirement as early as possible so you can take advantage of compound interest and grow your "nest egg" decades before you need it. Here are six ways you can prepare for retirement when you're in your 20s. Open an IRA or 401(K) and take advantage of...

30 September

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What Is an RMD? How Required Minimum Distributions Work

Posted by Miller & Company LLP

in Personal Taxes, Tax Deductions

If you have a traditional IRA, SEP, or SIMPLE individual retirement account, you are required to start withdrawing a minimum amount each year from that fund when you reach a certain age. This mandatory, taxable withdrawal is called a required minimum distribution (RMD), and its purpose is to ensure that account holders actually use their retirement savings and don’t use their IRAs to accumulate interest and avoid tax payments indefinitely. RMDs have gotten a lot of attention this year, as the Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended required withdrawals from retirement accounts in 2020 to give those accounts...

24 August

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Yes, Unemployment Compensation Is Taxable. Here’s How to Avoid a Surprise Next Tax Season

Posted by Miller & Company LLP

in Personal Taxes, Tax Deductions

It's no secret that the employment situation in America is dire right now. As of July 2020, the Bureau of Labor Statistics estimates that 16.3 million people are currently unemployed – nearly 10% of the adult population – and since the start of the pandemic, roughly 1 million (or more) of them have filed new claims for state unemployment benefits each week. This means there's a large group of Americans who are now receiving unemployment compensation for the first time. While the weekly benefits a financial relief to those struggling to find work, they may not be so relieved come next...

11 August

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5 Ways Your CPA Can Help You With Money Management

Posted by Miller & Company LLP

in Business Taxes, Personal Taxes

As your wealth and assets grow, your finances become more complex. It’s a challenge to keep up account management, financial records, and ever-changing tax regulations, and you shouldn’t have to face it alone. That’s why it’s wise to hire a trusted certified public accountant (CPA) to help you with your finances. A CPA is a financial advisor who can assist you in creating a strategic plan for managing and maximizing your wealth. How do CPAs help you manage your money? Here are just a few of the many ways your CPA can streamline your personal and business money management. 1. Bookkeeping and payment tracking For...

04 August

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Should You Delay Your Retirement?

Posted by Miller & Company LLP

in Personal Taxes

In the wake of the COVID-19 pandemic, many individuals who are approaching retirement age are opting to delay their retirement. Depending on your current financial standing, staying in the workforce for an extra year or more could be a good idea that can pay off in the long-run. Reasons to consider delaying retirement 1. It gives you more time to plan out and minimize your future expenses. Due to coronavirus, many people have had to deal with expenses that they had not planned for, such as job loss, the stock market losing money, and health care costs. If you were hit with financial...

What Happens If I File My Taxes Early?

5 Tips for Retirement Planning in Your 40s

5 Retirement Planning Tips When You’re in Your 30s

Can I Take a Home Office Deduction If I WFH?

How to Prepare for Retirement in Your 20s

What Is an RMD? How Required Minimum Distributions Work

Yes, Unemployment Compensation Is Taxable. Here’s How to Avoid a Surprise Next Tax Season

5 Ways Your CPA Can Help You With Money Management

Should You Delay Your Retirement?

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