Returning Value Blog

Kids are expensive, but tax breaks can help parents.

Popular ideas for individuals and businesses

While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer.

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. However, there are circumstances in which the IRS will call or come to a home or business

How will you ever save enough money to pay for your children’s college educations? There are no absolute guarantees, but Section 529 plans may help you set aside funds, up to generous limits. Here are the answers to several common questions on this subject.

The IRS recently released its annual list of “Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary. 

Do you know the steps to take if you become a victim of identity theft? Now that it has become the fastest growing white collar crime in the U.S, we must all know how to proactively respond to ID theft. Combating the crime of identity theft is for the most part reactionary – in other words, something “bad” has already happened—taking a proactive approach can mitigate any potential future losses.

How to avoid underpayment penalties

Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired.

How to maximize the tax benefits

The summer rental season is about to kick off. If you own a vacation home in a resort area that you rent out while your family is not using it, you may be in line for valuable tax deductions. In fact, you might even qualify for a tax loss on the deal, but you must be careful to observe the complex tax rules.

Sadly, tax scams are a never-ending problem, and each year, we see a new crop emerge. While tactics may differ from one scam to another, each uses deception to try and separate you from your money—and in doing so, cause significant financial and personal harm.

Compare actual expenses with flat-rate method

Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison: