Returning Value Blog

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules.

Is your employer withholding enough in taxes?

Protection under annual gift-tax exclusion

Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not budged in five years, is finally going up in 2018.

One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you spring into action: 

Here is a brief look at how the new Tax Cuts and Jobs Act bill affects individuals.

Consider contributing your "Required Minimum Distribution" (RMD) to a charity. It’s called the charitable IRA rollover. It’s a tax planning strategy for donors giving anywhere from $100 to $100,000 that was made a permanent part of the tax law in 2016. Now, with the big changes in the tax cuts bill, it makes this strategy even more relevant as millions of Americans will take the increased standard deduction and lose the incentive to itemize their taxes, including charitable deductions. 

Volunteers can get a tax break for unreimbursed expenses.

At this point, it is still uncertain whether any significant tax reform will be enacted this year. Keeping that in mind, individual taxpayers may stick with “tried-and-true” methods to reduce taxes owed at year-end. Here are seven prime examples: 

With the recent Equifax hack, it serves as a reminder of how easily your information can fall into the wrong hands. Here are some basic guidelines of just how liable you are for lost or stolen bank cards.

How to qualify for casualty loss deductions

Catastrophic events, such as hurricanes Harvey and Irma—or tornados, earthquakes, wildfires and the like—can severely damage your personal or business property. Small consolation: You may be entitled to deduct a casualty loss on your tax return.