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Tax Tip Tuesday

Please follow the links below to see past Tax Tip Tuesday articles. If you would like to receive these emails, please click the link on our homepage, or email firm@millsteinco.com. 

                                          Tax Objectives 

TTT 9.19.17 Back to School Tax Tips

TTT 9.12.17 'Tis the Season to Start Tax Planning

TTT 9.5.17 Welcome Back

TTT 7.25.17 Document Retention for Individual Taxpayers  

TTT 7.18.17 Deductions and Contributions  

TTT 7.11.17 Tax Consequences of Relocating  

TTT 6.27.17 Tax Planning Throughout the Summer  

TTT 6.20.17 Summertime Bandits  

TTT 6.13.17 Selling a Home  

TTT 6.6.17 Childcare Expenses - Care and Credit Plans  

TTT 5.30.17 Attention Graduating Students and Parents  

TTT 5.9.17 Withholding and Estimated Tax Payments  

TTT 5.2.17 Key Numbers to be Aware Of   

TTT 4.25.17 Top Take-Aways This Past Tax Season 

TTT 2.14.17 Happy Valentine's Day  

TTT 1.3.17 Happy New Year  

TTT 12.27.16 Final Tax Planning News for 2016 

TTT 12.20.16 Important Dates and Knowledge  

TTT 12.13.16 College Student Tax Qualifications  

TTT 12.6.16 Keeping Your Identity Safe  

TTT 11.29.16 Motor Vehicle, Home, and Boat Owners  

TTT 11.22.16 Happy Thanksgiving  

TTT 11.15.16 Valuable Tax Tools We Provide

TTT 11.8.16 2016 Presidential Election  

TTT 11.1.16 The Secure Drawer Portal  

TTT 10.25.16 Last Remaining Tax Planning Days

TTT 10.18.16 Due Dates and Deadlines  

TTT 10.10.16 Final Tax Filing Date  

TTT 10.4.16 Holiday Observance  

TTT 9.27.16 Required Minimum Distribution  

TTT 9.20.16 Deduction Planning Opportunities  

TTT 9.13.16 Control Your Taxes with Basic Tips  

TTT 9.6.16 Considerations and Comparisons  

TTT 8.30.16 Summer 2017 is Ending; Tax Tips are Launching   

Tax Alerts
Tax Briefing(s)

As lawmakers return to work after their August recess, Hurricane Harvey has increased expectations on Congress to quickly pass disaster-relief tax breaks. September is also expected to bring Congressional hearings on tax reform and possibly the unveiling of tax reform legislation. At the same time, lawmakers must address the federal government’s budget, including the IRS.


Parents incur a variety of expenses associated with children. As a general rule, personal expenditures are not deductible. However, there are several deductions and credits that help defray some of the costs associated with raising children, including some costs related to education. Some of the most common deductions and credits related to minors are the dependency exemption, the child tax credit, and the dependent care credit. Also not to be overlooked are tax-sheltered savings plans used for education, such as the Coverdell Education Savings Accounts (ESAs).


Two recent court cases indicate that, although use of a conservation easement to gain a charitable deduction must continue to be arranged with care, some flexibility in determining ultimate deductibility may be beginning to be easier to come by. The IRS had been winning a string of cases that affirmed its strict interpretation of Internal Revenue Code Section 170 on conservation easement. The two latest judicial opinions, however, help give taxpayers some much-needed leeway in proving that the rules were followed, keeping in mind that Congress wanted to encourage conservation easements rather than have its rules interpreted so strictly that they thwart that purpose.


A partnership is created when persons join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and losses, the ownership of capital, the conduct of parties, and whether a written agreement exists. Despite such nuances in the process, however, distinguishing the existence of a partnership from other joint investments or ventures is often critical in determining tax liability and reporting obligations.


Gross income is taxed to the individual who earns it or to owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may not avoid tax by assigning the right to income to another.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2017.