Miller's Tax Service LLC

Miller's Tax Service LLC No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.essexcountytaxes.com
Or give us a call: (804) 512-9910

Millerโ€™s Tax Service is known for their fast, efficient, reliable service. Serving clients since 1992, managing their personal and business tax planning and preparation, their clients are individuals as well as small business owners who have been doing business with Millerโ€™s Tax Service for years. Their goal is to make the tax preparation process as painless as possible, and to minimize tax liability with careful tax & financial planning.

07/13/2026

๐—ช๐—ต๐—ฒ๐—ป ๐—ฑ๐—ผ ๐—œ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐˜๐—ผ ๐˜€๐˜๐—ฎ๐—ฟ๐˜ ๐˜๐—ฎ๐—ธ๐—ถ๐—ป๐—ด ๐—บ๐—ผ๐—ป๐—ฒ๐˜† ๐—ผ๐˜‚๐˜ ๐—ผ๐—ณ ๐—บ๐˜† ๐—œ๐—ฅ๐—”?

Under current SECURE 2.0 laws, you must start taking Required Minimum Distributions (RMDs) at either age 73 (if born between 1951 and 1959) or 75 (if born in 1960 or later).

The IRS lets you delay your first distribution until April 1st of the following year.

But doing this forces your first two RMDs into the same calendar year, creating an artificial income spike that can push you into a higher tax bracket.

Unless you have a specific reason to delay, your next move would be to take that first distribution by December 31st of your initial eligibility year.

Don't let a simple timing error give your hard-earned savings right back to the government at the finish line.

๐—–๐—ฎ๐—ป ๐—œ ๐—ฐ๐—น๐—ฎ๐—ถ๐—บ ๐—ฆ๐—ผ๐—ฐ๐—ถ๐—ฎ๐—น ๐—ฆ๐—ฒ๐—ฐ๐˜‚๐—ฟ๐—ถ๐˜๐˜† ๐—ฒ๐—ฎ๐—ฟ๐—น๐˜† ๐—ฎ๐˜ ๐—ฎ๐—ด๐—ฒ ๐Ÿฒ๐Ÿฎ?You can, but doing so triggers a permanent monthly payout reduction of up to...
07/10/2026

๐—–๐—ฎ๐—ป ๐—œ ๐—ฐ๐—น๐—ฎ๐—ถ๐—บ ๐—ฆ๐—ผ๐—ฐ๐—ถ๐—ฎ๐—น ๐—ฆ๐—ฒ๐—ฐ๐˜‚๐—ฟ๐—ถ๐˜๐˜† ๐—ฒ๐—ฎ๐—ฟ๐—น๐˜† ๐—ฎ๐˜ ๐—ฎ๐—ด๐—ฒ ๐Ÿฒ๐Ÿฎ?

You can, but doing so triggers a permanent monthly payout reduction of up to 30%.

Additionally, filing early changes your tax profile in two main ways:
โ€ข Taxable Benefits: If your provisional income crosses $34,000 as an individual (or $44,000 for married couples), the IRS can tax up to 85% of your benefits. Having a pension, part-time wages, or traditional retirement accounts can easily push you over this threshold.
โ€ข The Earnings Limit: If you keep working or consulting after claiming, your 2026 annual earnings are capped at $24,480. For every $2 you earn above this amount, the government claws back $1 of your benefits.

If you plan to start your benefits at 62, avoiding a surprise tax bill means watching your income sources closely to protect your check.

Depending on your situation, drawing from cash savings or Roth accounts first keeps your Adjusted Gross Income down, while tracking your part-time hours keeps you under the earnings limit.

DM us if you want to look at your other income streams before you lock in your Social Security filing age.

If an unexpected $5,000 landed in your bank account tomorrow, where would that money go?๐—ฎ. ๐——๐—ฒ๐˜€๐˜๐—ฟ๐—ผ๐˜†๐—ถ๐—ป๐—ด ๐—ฑ๐—ฒ๐—ฏ๐˜: Knocking out...
07/09/2026

If an unexpected $5,000 landed in your bank account tomorrow, where would that money go?
๐—ฎ. ๐——๐—ฒ๐˜€๐˜๐—ฟ๐—ผ๐˜†๐—ถ๐—ป๐—ด ๐—ฑ๐—ฒ๐—ฏ๐˜: Knocking out a nagging credit card bill or back taxes.
๐—ฏ. ๐—•๐˜‚๐—ถ๐—น๐—ฑ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€: Putting it back into your business tools, tech, or growth.
๐—ฐ. ๐—–๐—ฟ๐—ฒ๐—ฎ๐˜๐—ถ๐—ป๐—ด ๐—ฎ ๐˜€๐—ฎ๐—ณ๐—ฒ๐˜๐˜† ๐—ป๐—ฒ๐˜: Stashing it away so you can finally breathe easier.
๐—ฑ. ๐—ฅ๐—ฒ๐˜„๐—ฎ๐—ฟ๐—ฑ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ๐˜€๐—ฒ๐—น๐—ณ: Funding that personal project or trip youโ€™ve been putting off.

๐—›๐—ผ๐˜„ ๐—ฑ๐—ผ ๐—œ ๐—ฐ๐—ผ๐—ป๐—ฑ๐˜‚๐—ฐ๐˜ ๐—ฎ ๐—บ๐—ถ๐—ฑ๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฝ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐˜† ๐—ฟ๐—ฒ๐˜ƒ๐—ถ๐—ฒ๐˜„ ๐—ณ๐—ผ๐—ฟ ๐—บ๐˜† ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€?Start by reconciling your books and generating your year...
07/08/2026

๐—›๐—ผ๐˜„ ๐—ฑ๐—ผ ๐—œ ๐—ฐ๐—ผ๐—ป๐—ฑ๐˜‚๐—ฐ๐˜ ๐—ฎ ๐—บ๐—ถ๐—ฑ๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฝ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐˜† ๐—ฟ๐—ฒ๐˜ƒ๐—ถ๐—ฒ๐˜„ ๐—ณ๐—ผ๐—ฟ ๐—บ๐˜† ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€?

Start by reconciling your books and generating your year-to-date financial statements. Here are the first two steps you should take this summer:
1. Clean and reconcile your bookkeeping through June. Make sure every transaction is properly categorized, and your bank accounts, credit cards, and loan statements are all reconciled.
2. Pull your two foundational financial statements for the first six months of the year: your Profit and Loss (P&L) Statement and your Balance Sheet.

These reports can show you whether your profit is keeping up with your revenue and where expenses may be squeezing your margins.

The 4th of July might be over, but it is not too late to declare independence from broken financial reporting.You can't ...
07/07/2026

The 4th of July might be over, but it is not too late to declare independence from broken financial reporting.

You can't run a profitable business on guesswork. We fix the data so you can make the right moves. Send us a message today if you're ready for that kind of independence.

07/06/2026

๐—ช๐—ถ๐—น๐—น ๐—บ๐˜† ๐—ฐ๐—ต๐—ฎ๐—ฟ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฑ๐—ผ๐—ป๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐˜€๐˜๐—ถ๐—น๐—น ๐—น๐—ผ๐˜„๐—ฒ๐—ฟ ๐—บ๐˜† ๐˜๐—ฎ๐˜… ๐—ฏ๐—ถ๐—น๐—น ๐—ถ๐—ณ ๐—œ ๐—ถ๐˜๐—ฒ๐—บ๐—ถ๐˜‡๐—ฒ ๐—ฑ๐—ฒ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€?

Yes, but starting in 2026, itemizers have a new threshold to clear first.

If you itemize deductions, only the portion of your charitable giving that exceeds 0.5% of your Adjusted Gross Income (AGI) can be deducted.

Here's a simple example:
โ€ข AGI: $200,000
โ€ข 0.5% threshold: $1,000
โ€ข Charitable donations: $5,000

In this case, the first $1,000 of giving doesn't count toward your deduction. The remaining $4,000 is potentially deductible.

That's why larger donors may want to start planning before year-end.

One strategy is a Donor-Advised Fund (DAF), which can allow multiple years of charitable giving to be grouped together in a single tax year.

If charitable giving is part of your tax planning, now is a good time to estimate where you stand for 2026 and see how these new rules could affect you.

Comment GIVE below if you'd like help reviewing your charitable giving strategy.

๐—ช๐—ต๐—ฒ๐—ป ๐˜„๐—ฎ๐˜€ ๐˜๐—ต๐—ฒ ๐—น๐—ฎ๐˜€๐˜ ๐˜๐—ถ๐—บ๐—ฒ ๐˜†๐—ผ๐˜‚ ๐—ฝ๐—ฎ๐—ถ๐—ฑ ๐—ณ๐—ผ๐—ฟ ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐˜๐—ต ๐—ฐ๐—ฎ๐˜€๐—ต?Swiping a card or completing a virtual payment creates a psychol...
07/03/2026

๐—ช๐—ต๐—ฒ๐—ป ๐˜„๐—ฎ๐˜€ ๐˜๐—ต๐—ฒ ๐—น๐—ฎ๐˜€๐˜ ๐˜๐—ถ๐—บ๐—ฒ ๐˜†๐—ผ๐˜‚ ๐—ฝ๐—ฎ๐—ถ๐—ฑ ๐—ณ๐—ผ๐—ฟ ๐˜€๐—ผ๐—บ๐—ฒ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐˜๐—ต ๐—ฐ๐—ฎ๐˜€๐—ต?

Swiping a card or completing a virtual payment creates a psychological disconnect from the fact that you're spending money. It doesnโ€™t โ€œhurtโ€ quite the same way handing over paper cash does. And that convenience can make it dangerously easy to lose track of the recurring expenses quietly draining your account: streaming service subscriptions, AI softwares, memberships, and autorenewals you forgot existed.

To get control of that missing cash flow, start by pulling your last three months of bank statements.

Go line by line and look for any recurring charges you havenโ€™t actively used in the last 30 days. Then cancel what no longer earns its keep.

Reviewing the actual data helps bridge the gap that digital convenience creates. Sometimes plugging the leaks starts with seeing where the money is actually going.

Do you pay more attention to spending when you use cash or card?

07/02/2026

๐——๐—ผ ๐—œ ๐˜€๐˜๐—ถ๐—น๐—น ๐—ฝ๐—ฎ๐˜† ๐—ฝ๐—ฟ๐—ผ๐—ฝ๐—ฒ๐—ฟ๐˜๐˜† ๐˜๐—ฎ๐˜… ๐—ผ๐—ป ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—บ๐˜† ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ป๐—ผ ๐—น๐—ผ๐—ป๐—ด๐—ฒ๐—ฟ ๐˜‚๐˜€๐—ฒ๐˜€?

Yes, if that equipment is still listed on your active fixed asset schedule, it can still show up in your local property tax reporting. Thatโ€™s why reviewing your asset list before tax deadlines matters. Look for equipment thatโ€™s been:
โ€ข Sold
โ€ข Broken
โ€ข Thrown away
โ€ข Replaced
โ€ข Sitting unused for years

Cleaning up those outdated records can reduce your local property tax bill and help you claim deductions you may have missed when the equipment left your business.

The first step is straightforward: compare whatโ€™s on your paper asset list with whatโ€™s actually still in your building.

If itโ€™s been more than a year since you reviewed your asset list, send us a DM. We can help you look for ghost assets before the next reporting deadline.

๐—–๐—ฎ๐—ป ๐—œ ๐˜€๐˜๐—ถ๐—น๐—น ๐—ด๐—ฒ๐˜ ๐—ฎ ๐˜๐—ฎ๐˜… ๐—ฏ๐—ฟ๐—ฒ๐—ฎ๐—ธ ๐—ณ๐—ผ๐—ฟ ๐—ฐ๐—ต๐—ฎ๐—ฟ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฑ๐—ผ๐—ป๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ถ๐—ณ ๐—œ ๐˜๐—ฎ๐—ธ๐—ฒ ๐˜๐—ต๐—ฒ ๐˜€๐˜๐—ฎ๐—ป๐—ฑ๐—ฎ๐—ฟ๐—ฑ ๐—ฑ๐—ฒ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป?Thanks to OBBBA changes, starting ...
07/01/2026

๐—–๐—ฎ๐—ป ๐—œ ๐˜€๐˜๐—ถ๐—น๐—น ๐—ด๐—ฒ๐˜ ๐—ฎ ๐˜๐—ฎ๐˜… ๐—ฏ๐—ฟ๐—ฒ๐—ฎ๐—ธ ๐—ณ๐—ผ๐—ฟ ๐—ฐ๐—ต๐—ฎ๐—ฟ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฑ๐—ผ๐—ป๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€ ๐—ถ๐—ณ ๐—œ ๐˜๐—ฎ๐—ธ๐—ฒ ๐˜๐—ต๐—ฒ ๐˜€๐˜๐—ฎ๐—ป๐—ฑ๐—ฎ๐—ฟ๐—ฑ ๐—ฑ๐—ฒ๐—ฑ๐˜‚๐—ฐ๐˜๐—ถ๐—ผ๐—ป?

Thanks to OBBBA changes, starting in 2026, you can now claim a dedicated deduction for cash donations to qualified public charities, even if you donโ€™t itemize, up to...
โ€ข $1,000 for single filers
โ€ข $2,000 for married couples filing jointly (๐˜ต๐˜ฉ๐˜ฆ ๐˜ญ๐˜ช๐˜ฎ๐˜ช๐˜ต ๐˜ข๐˜ฑ๐˜ฑ๐˜ญ๐˜ช๐˜ฆ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ซ๐˜ฐ๐˜ช๐˜ฏ๐˜ต ๐˜ณ๐˜ฆ๐˜ต๐˜ถ๐˜ณ๐˜ฏ, ๐˜ฏ๐˜ฐ๐˜ต ๐˜ฆ๐˜ข๐˜ค๐˜ฉ ๐˜ด๐˜ฑ๐˜ฐ๐˜ถ๐˜ด๐˜ฆ ๐˜ด๐˜ฆ๐˜ฑ๐˜ข๐˜ณ๐˜ข๐˜ต๐˜ฆ๐˜ญ๐˜บ)

This includes cash, check, or credit card donations.
(Physical good donations don't count toward this specific deduction.)

If you arenโ€™t sure whether your regular donations qualify for the deduction or you want to be more strategic with your giving this year, comment ๐—š๐—œ๐—ฉ๐—˜ below to schedule a time to go over it.

๐—œ๐˜€ ๐—บ๐˜† ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐˜€๐˜๐—ถ๐—น๐—น ๐—ฝ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜๐—ฎ๐˜…๐—ฒ๐˜€ ๐—ผ๐—ป ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—œ ๐˜๐—ต๐—ฟ๐—ฒ๐˜„ ๐—ฎ๐˜„๐—ฎ๐˜† ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€ ๐—ฎ๐—ด๐—ผ?When you buy equipment, it gets added to your depr...
06/30/2026

๐—œ๐˜€ ๐—บ๐˜† ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐˜€๐˜๐—ถ๐—น๐—น ๐—ฝ๐—ฎ๐˜†๐—ถ๐—ป๐—ด ๐˜๐—ฎ๐˜…๐—ฒ๐˜€ ๐—ผ๐—ป ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฝ๐—บ๐—ฒ๐—ป๐˜ ๐—œ ๐˜๐—ต๐—ฟ๐—ฒ๐˜„ ๐—ฎ๐˜„๐—ฎ๐˜† ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€ ๐—ฎ๐—ด๐—ผ?

When you buy equipment, it gets added to your depreciation schedule. But if you later throw it away, sell it, or replace it without updating your records, it can stay on your books for years.

In our industry, we call these ghost assets (items that no longer exist in your business but are still haunting your accounting records).

That can create two costly problems:
โ€ข You could be paying local property taxes on equipment you no longer own.
โ€ข You could be missing a tax deduction from properly disposing of the asset.

That's why it's worth reviewing your fixed asset list every so often. You might be surprised by what's still hanging around on your records.

Comment GHOST below if you'd like us to review your active asset listing for ghost assets and other missing items.

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