Returning Value Blog

Numerous tax aspects to consider

Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on.

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.