1. What Does it Mean to be Fee-Only?

    Because the term “financial advisor” has no standard definition and is unregulated, we hesitate to use the term at Milestone Financial Planning, LLC. However, because the term is so widely used and searched for by our prospective clients, we feel it is worth providing some context and discussion…Read More

  2. Can Military Service Save Parents Money?

    Can military service save parents $300,000? There was a story in the Boston Globe the other day that highlighted the fact that several private universities in New England now cost more than $70,000/year to attend. The lists include Trinity College, Dartmouth College, Tufts University and Harvard Col…Read More

  3. Is Your Bitcoin Transaction Taxable?

    Inquiring minds at the Internal Revenue Service would like to know. The bitcoin price started around $900 last year, soared to nearly $20,000 and then fell back to about $14,000 by year-end. If you bought bitcoins (or any other cryptocurrencies), you should know that any transaction is potentially t…Read More

  4. What to Know About Becoming a C Corporation

    When small business owners first heard about the new 21 percent tax rate for the C Corporation, many thought that switching to a C-Corp in 2018 would be a great way to save on federal taxes. This was especially true for those taxpayers with a high income and an effective individual tax rate above 21…Read More

  5. Can I Still Deduct My Home Equity Loan Interest?

    The “Tax Cuts and Jobs Act of 2017” (TCJA) eliminated the itemized tax deduction for “home equity indebtedness” starting in 2018. Does that mean that anyone with a “home equity loan” can no longer deduct the interest? No, it does not. It depends on what you used the home equity loan for.…Read More

  6. Should I Still Give to Charity?

    Of course you should. The new tax rules mean that fewer individuals will be able to deduct charitable contributions on their tax return.  That’s because the standard deduction has been nearly doubled so that it is less likely that adding up all your individual deductions (mortgage interest, prope…Read More

  7. Is Bitcoin an Investment?

    There has been a lot of news in the media lately about cryptocurrencies and their potential as investments, particularly Bitcoin. If you google “Bitcoin Investment”, you’ll see that there are a wide range of opinions about the viability of cryptocurrencies as investments. The problem with thes…Read More

  8. Social Security – Claiming Your Enhanced Age 70 Benefit

    The government gives you the option of taking a reduced pension early (as early as 62) or an enhanced pension later (as late as age 70) - smaller payments for a longer time or larger payments for a shorter time. On average it works out the same for the government. But for individuals, the enhanced b…Read More

  9. Tax Complification for “Pass Through Income”?  

    The Tax Cuts and Jobs Act law was purported as being an act to simplify the tax code. Some of the provisions of the bill did make things a bit simpler, especially with respect to itemized deductions. However, when it comes to changes to how “pass-through” income is taxed, the new law has added a…Read More

  10. Should You Prepay Property Tax in 2017?

    Starting in 2018, the deductibility of itemized tax deductions of state and local income taxes (SALT) and local property taxes will be limited to $10,000 for both items combined. This new limit applies for all taxpayers, whether married or single. This change has caused some taxpayers to want to pre…Read More