Author: Milton Law Group

Milton Law Group > Articles posted by Milton Law Group (Page 2)

Estate & Gift Tax Strategies

As the end of the year approaches, now is an ideal time to implement estate and gift tax strategies to lower your taxable wealth.  STLTaxLawyer Mark Milton shared on "The Mark Milton Show" podcast some useful estate planning strategies available to all individuals looking to minimize their tax liabilities.  One option is that individuals are allowed to give up to $17,000 per person per year and not be subject to a gift tax.  "Drawing down your wealth is a great estate planning tool," Mark said. "Gifting money to your heirs helps avoid estate taxes and you get the benefit of seeing your family enjoy...

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IRS Issues Warning About Hiring Non-Attorney Tax Resolution Groups

The Internal Revenue Service issued a warning to taxpayers with pending tax bills to not hire non-attorney tax resolution groups falsely claiming they can settle a person’s tax debt for pennies on the dollar.  As part of its annual scams warning list, the IRS labeled these unscrupulous tax companies as Offer in Compromise (OIC) “mills” that make “outlandish claims” in aggressive advertising.  “These ‘mills’ contort the IRS program into something it's not — misleading people with no chance of meeting the requirements while charging excessive fees, often thousands of dollars,” the IRS said in its warning.  An OIC is an offer asking the...

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Mark Milton, Shine Lin selected again as POWER Tax Attorneys by Missouri Lawyers Media

Milton Law Group tax attorneys Mark C. Milton and Shine Lin were selected for the second consecutive year to the Missouri Lawyers Media POWER List of Missouri Tax Attorneys. Mark and Shine are two of only 31 tax attorneys statewide chosen to receive this industry-leading designation in 2022.   The POWER List highlights the most powerful attorneys in tax law and estate planning who lead and influence the Missouri legal community.    Selections for the POWER List of Missouri Tax Attorneys are the result of an extensive process that included deep reporting and research by the Missouri Lawyers Media editorial team, interviews with respected attorneys and other influential leaders around the state,...

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2021 Tax Return Preparation Services

It's tax time! The tax filing season officially begins on Monday, January 24, 2022. We hope you will consider our firm for your 2021 tax return preparation needs. We have streamlined the tax return preparation process to provide more convenience to our clients and ensure a smooth and efficient experience. Our secure client portal is encrypted with bank-level security so we can securely share files and information. Using the survey tool, you will answer some questions regarding your 2021 income/deductions and be able to upload your relevant tax documents.  There is also an app that allows you to take photos of your tax...

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Small Business and Sole Proprietor Tax Tips

Small business owners and sole proprietorships frequently – but often unintentionally – run into IRS tax problems because the focus on running the day-to-day operations of the business can cause a business owner to neglect the entity’s tax obligations. STLTaxLawyer Mark Milton has a few small business owner tax tips to help ensure a successful and IRS-compliant operation. ...

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College Athlete Profiting from Your Name, Image, and Likeness? Beware of the Tax Consequences

College athletes profiting from the new Name, Image, Likeness (NIL) opportunities should beware of the tax consequences. The biggest collegiate stars could earn millions of dollars annually using their NIL, and as such, should plan for and be mindful of the potential tax ramifications, especially with the IRS and DOJ closely monitoring the developing situation....

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STLTaxLawyer In The News With Launch of STLRefund.com

STLTaxLawyer Mark Milton appeared on “The Press Box with Frank Cusumano” and “The Bernie Show with Bernie Miklasz” on KFNS 590 AM to discuss how the new website STLRefund.com provides guidance to nonresidents of the City of St. Louis on how to protest and seek refunds of their city earnings taxes for days spent teleworking during the pandemic....

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STLRefund.com Launched for Non-City Residents Wanting St. Louis Earnings Tax Refunds for Teleworking Days

Attorneys for plaintiffs in a proposed class-action lawsuit against the City of St. Louis and Gregory F.X. Daly, the City’s Collector of Revenue, have launched a new website (stlrefund.com) providing guidance to nonresidents on how to protest and seek refunds of their earnings taxes for days spent teleworking during the pandemic. ...

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