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Returning Value Blog

Tax Planning Ideas for All Seasons

Posted by Lesley L. Price, CPA on May 03, 2022

The end of any tax year is a natural time to consider tax planning ideas for the year ahead — and beyond. What tax-related changes should you be aware of this year? We expect to see adjustments to tax brackets and other minor changes to the tax code. But the prospects for more impactful developments in the tax environment are still unclear.

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Posted in Individual Tax

Check Your Withholding Now

Posted by Tracey C. Strickland on Feb 18, 2022

The IRS urges everyone to complete a paycheck checkup to make sure they are withholding the right amount of tax from their paychecks.

You can check out the IRS Tax Withholding Estimator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.

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Posted in Individual Tax

White House Unveils Plan to Help American Families Funded by Tax Increases on Wealthy

Posted by Michael D. Machen, CPA, CVA on May 13, 2021

On April 28, 2021, the Biden administration unveiled a $1.8 trillion plan to provide assistance to middle- and low-income families that would be largely funded by tax increases on wealthy Americans. The plan is expected to be fleshed out during President Biden’s first address to a joint session of Congress. 

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Posted in Individual Tax

IRS to Recalculate Taxes for Unemployment Break

Posted by Jessica L. Pagan, CPA on Apr 07, 2021

The legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment benefits from taxes.

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Posted in Individual Tax

What Individuals Need to Know About the American Rescue Plan Act

Posted by Michael D. Machen, CPA, CVA on Mar 18, 2021

The American Rescue Plan Act of 2021 (ARPA), signed into law by President Biden on March 11, 2021, provides additional major relief to individuals and businesses that continue to be impacted by the COVID-19 pandemic. The ARPA includes the following provisions related to individual taxpayers:​

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Posted in Individual Tax, Business Tax

"No Surprises Act" Protects Patients From Unexpected Medical Costs

Posted by Jessica L. Pagan, CPA on Feb 05, 2021

According to research, millions of Americans receive a surprise medical bill each year, most often as a result of emergency room visits where out-of-network providers perform services at an in-network facility. While the average surprise bill is roughly $600, bills can reach into the tens of thousands. In fact, a COVID-19 patient received a surprise air ambulance bill that was over $52,000.

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Posted in Individual Tax

IRS Releases 2021 Amounts for Health Savings Accounts

Posted by Lisa Albritton on May 26, 2020

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). 

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Posted in Individual Tax

Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions

Posted by Marty Williams, CPA on Mar 04, 2020

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. 

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Posted in Individual Tax, Business Tax

Stop Tax Id Theft!

Posted by Lisa Albritton on Feb 14, 2020

Tax season is here and so are the fraudsters. Tax ID fraudsters are using stolen Social Security numbers to file phony tax returns and steal tax refunds.

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Posted in Individual Tax

IRS Waives Penalties for Many Taxpayers Whose 2018 Withholdings Was Not Enough.

Posted by Lisa Albritton on Mar 21, 2019

The Tax Cuts and Jobs Act (TCJA) brought with it many tax changes for 2018. Those changes left many taxpayers unaware of the caps on state and local tax deductions, the elimination of reimbursed job expenses and the suspension of dependency exemptions, just to name a few. To add to the mix, after Congress passed the law, new withholding tables were not available to employers until mid-January and some did not see the switch in withholding until mid-February. Based on all of these changes, taxpayers are finding themselves below the 90% threshold and therefore would have to pay a penalty. 

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Posted in Individual Tax

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