Returning Value Blog

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.

How to boost the impact of charitable gifts and save more on taxes.

If you have not filed your taxes, you are quickly running out of time. The deadline for all individual taxpayers who filed for an extension is Monday, October 16, 2017, since October 15, falls on a weekend. You must file and pay any balance due next week.

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the "sharing economy" also known as the Gig or on-demand economy.

How to claim the casualty loss deduction after a disaster.