Milan Accounting, LLC

Not sure when to stop claiming your young adult children as dependents on your tax returns? Don’t worry – you’re not alone! Many people also share this question and it’s important to note that this decision can significantly impact both yours and your children’s tax benefits and credits or deductions. https://bit.ly/47kp2RW

Have you started your estate planning yet? Check out this insightful article discussing the importance of estate planning regardless of your age. It is critical to be prepared in your financial life and take control of your resources. Not sure where to start? We can help! Call us at (305) 772-5700. https://bit.ly/3YHJsQS

Surprise! There are some additional items that the IRS will tax you for besides income. If you've received proceeds from a life insurnae policy or have a scholarship that covers anything outside of the classroom, a portion of them may be taxable. We've included 10 items that may be taxable depending on your circumstances. Comment below which surprised you the most and call us today at (305) 772-5700 if you need any help determining which is taxable in your situation.

To address a business risk, there are five common strategies. They are risk avoidance, risk reduction, risk sharing, risk transfer, and risk acceptance and retention. When choosing the best strategy to work for you, consider combining multiple strategies. Have more questions about risk management? Our team is dedicated to help you. Contact us today at (305) 772-5700

Because the world of tax laws, regulations, and financial responsibilities are difficult to navigate, the assistance of a tax attorney is an invaluable tool. Protecting your finances and ensuring that you are compliant with tax laws is essential if you have complex tax situations or if you are going through an IRS audit. https://bit.ly/3Tor0tL

Wondering how to succeed in business? CONSISTENCY! In order to create long-term positive habits that increase your money-making ability, you need to do what is necessary on a daily basis. Customers value consistency. Prioritizing this helps to create a satisfied customer base every time! Let us handle your business accounting so you can focus on what you do best – running your business! Contact us today at (305) 772-5700 to get started.

There's no sure way to predict an IRS audit, but these 19 audit red flags could increase your chances of drawing unwanted attention from them. Need an accountant? Why wait? Call us today at (305) 772-5700 to schedule a consultation! https://bit.ly/3anzb2V

"Many people avoid writing a will or creating a trust at all due to procrastination or superstition surrounding death, experts say. But reframing the estate planning process as leaving a positive legacy, rather than just distributing assets after death, can help clients take on a more compassionate long-term view." Questions about estate planning? Contact us at (305) 772-5700 to discuss your options. https://cnb.cx/3O4Yon0

“I own a business, but I’m late on filing taxes. What should I do?” While being behind on payments and taxes can lead to penalties, there are some steps you can take to navigate the process and ensure that your business stays on track with tax obligations. https://bit.ly/3xk4I5w

A collection of presumptions, frameworks, and techniques utilized in the investigation and implementation of financial reporting principles is known as accounting theory. Usefulness is a crucial component of accounting theory. Every financial statement should provide significant data that will allow well-informed business decisions. This implies that accounting theory is purposefully adaptable to generate useful financial data even in the event that the legal landscape shifts. According to accounting theory, all accounting data should be consistent, relevant, dependable, and comparable in addition to being helpful. ??: (305) 772-5700