As a new presidential administration takes shape in 2025, the House of Representatives has introduced its first major budget proposal: “One Big Beautiful Bill Act”. There is a potential for many tax provisions to revert back to pre-2017 standards with the upcoming expiration of the 2017 Tax Cuts and Jobs
When you become a parent, you will likely start to do everything in your power to set your child up for success. For some parents, this might include opening and funding an investment account for their children. However, before parents decide to go down this route, they should familiarize themselves
Tax season can be a stressful time, especially for small business owners and self-employed individuals. With so many moving parts, it’s easy to overlook valuable tax deductions that could significantly reduce your tax liability. Fortunately, the IRS offers a range of deductions specifically tailored for business owners – and those
As part of the SECURE 2.0 Act, owners of 529 plan accounts can now make tax- and penalty-free rollovers to a beneficiary-owned Roth IRA retirement plan account. This change provides more flexibility to families who worry about having unused or leftover funds in their 529 plans. Before the SECURE 2.0
Once again, the BOI Reporting requirements have changed. The most recent announcements from the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of the Treasury provide some clarity and temporary relief regarding the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements. These developments, which could significantly alter
The BOI Reporting saga continues… In the latest development, the Financial Crimes Enforcement Network (FinCEN) has reinstated the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This follows a recent federal court decision that lifted the previous nationwide injunction, thereby reactivating the mandate for entities to
Building a strong credit foundation for your child can set them up for financial success in adulthood. By introducing them to credit concepts early and guiding them through responsible money management, you can help them establish good financial habits. Here are five key steps to get started. 1. Start Early
Stop by our Southlake wealth-management office, just off TX-114 and minutes from Westlake, Trophy Club, and Colleyville, to meet the team that’s guided North Texas families and business owners for 25 years. Mills Wealth Advisors delivers fee-only financial planning, retirement-income strategies, tax-efficient investing, and exit-planning expertise to clients across the Dallas-Fort Worth metroplex. Tap the map below for turn-by-turn directions or give us a call to book your complimentary discovery meeting today.