Miles Financial Management

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(484) 320-8711Call Visit WebsiteVisit Website Map & DirectionsDirections967 E Swedesford Rd Ste 500Exton, PA 19341 Write a ReviewWrite Review

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Other Link: http://www.milesfinancialmgt.com
Categories: Financial Planning Consultants, Accounting Services, Financial Planners, Financial Services, Investment Advisory Service, Investment Management, Mortgages, Mutual Funds, Retirement Planning Services, Tax Return Preparation

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Phone: (484) 320-8711

Address: 967 E Swedesford Rd Ste 500, Exton, PA 19341

Website: http://www.milesfinancialmgt.com

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Miles Financial Management

Tax Planning
The wash sale rule can deliver a nasty surprise at tax time. Contact us with questions as youâ€™re contemplating year-end tax planning strategies for your investment portfolio.
Charitable Giving
The rule that the basis of an S corporation shareholder's stock is decreased by charitable contributions of property by the S corporation in an amount equal to the shareholder's pro rata share of the adjusted basis of the contributed property expired for contributions made in taxable years beginning after December 31, 2014. As a result, absent congressional action retroactively extending the prior rule for charitable contributions made in 2015, your stock basis will be reduced by your pro rata share of the S corporation's charitable contributions. For example, if you contributed property with a $200 adjusted basis and $500 fair market value to a charity, your stock basis will be reduced by $500 instead of $200 unless Congress enacts legislation extending the prior rule.
Estate Taxes
Avoiding Probate
Joint tenancy, with the privilege of survivorship. Two or more people have equal ownership. The property is passed to the joint owner upon death. This should be used to effectively avoid probate.
Tax Services
Miles Financial Management helps you simplify your accounting process. You get our expertise in business structure, accounting-system implementation, tax management, and organizing books and records.
Roth IRA
ROTH IRAs - Contributions to a ROTH IRA are not tax deductible but the qualified distributions, including earnings are tax-free.
Real Estate Taxes
Deductible real estate taxes are usually any state, local, or foreign taxes on real property. If a portion of your monthly mortgage payment goes into an escrow account and your lender periodically pays your real estate taxes to local governments out of this account, you can deduct only the amount actually paid during the year to the taxing authorities. Your lender will normally send you a Form 1098, Mortgage Interest Statement, at the end of the tax year with this information.
Form 1065
A partnership must file an information return, which is IRS Form 1065, â€œU.S. Return of Partnership Income.â€ On this form, the partnership separately identifies income, deductions, credits and other items. This is so partners can properly treat items that are subject to limits or other rules that could affect their treatment at the partner level.
Tax Deductions
Retirement Plans - Participate in your employer sponsored retirement plan, especially if there is a matching component. You will receive a current tax deduction and the tax-deferred compounding can add up to a large retirement savings.
Income Tax
The interest gained from state and local bonds is usually exempt from federal income taxes. These investments generally pay back at a lower interest rate than commercial bonds of similar quality.
Tax Deferral
Capital Gains Taxes
Maximum capital gains tax rate for taxpayers with adjusted net capital gain up to $78,750 for joint filers and surviving spouses, $52,750 for heads of household, $39,375 for single filers, $39,375 for married taxpayers filing separately, and $2,650 for estates and trusts
Tax Return Preparation
Available in most communities are Volunteer Income Tax Assistance (VITA) sites to help with tax return preparation. People volunteer their time to help their neighbors. The service is free to those with limited or moderate income people, non-English speaking, the elderly and the disabled. Some VITA sites even offer free electronic filing. If you want to know more about a VITA site in your community or volunteering your time, call the IRS at 1-800-906-9887. Check out IRS e-file.

Mutual Funds
While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived.
Bonds
Wealth Management
Money Market Funds
The yield is the amount paid annually by an investment. The yield is most commonly a percentage of the market price of an investment, which does not take into account the appreciation. Since money market funds and certificates of deposit don't fluctuate like stocks and bonds do, the yield would be the same as the total return.

Accounting Services
Are you a small R&D firm that has just been awarded an SBIR contract? We provide affordable cost-effective contract accounting services Â— that help you stay compliant, and protect your interests
Cash Flow Analysis
Bookkeeping Services

Financial Planning
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Retirement Planning
A person who participates in a qualified pension, stock bonus, or profit-sharing plan, a qualified annuity plan, a tax-sheltered annuity (TSA) plan, a simplified employee pension plan, or a local, state, county, or federal retirement plan has active-participant status, as does his or her spouse.
Annuities
A long-term contract sold by life insurance companies that guarantees fixed or variable payments to the purchaser at regular intervals. Payments are usually scheduled to begin at a future time, such as retirement. Some annuities provide tax-deferred earnings, often as part of retirement plans.
Long Term Care
The costs of qualified long-term care (LTC), such as nursing home care, may be deductible as medical expenses to the extent they, along with other qualified expenses, exceed 7.5% of adjusted gross income (AGI). But keep in mind that the medical expense deduction is an itemized deduction. And itemizing deductions saves taxes only if total itemized deductions exceed the applicable standard deduction.
Asset Management
Diversification is similar to asset allocation, but within the asset class. For instance, diversification would be buying 15 or 20 different stocks, with the same purpose in mind as asset allocation, to minimize risk and to make sure that if something tanks, it doesn't take your entire portfolio down with it.
Living Trusts
College Funding
You also need to file if you made gifts to a Section 529 college savings plan and wish to accelerate up to five yearsâ€™ worth of annual exclusions ($75,000) into 2019. Other reasons to file include making gifts...
Reverse Mortgages
A reverse mortgage is a way for you to take advantage of some of the equity that is currently tied up in your home. A reverse mortgage works in the same manner as a normal one, reversed, and the homeowner is paid monthly versus having to pay. The major difference between this and a home equity loan is that you aren't required to pay anything back to the lender as long as you retain ownership of the home.

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