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Returning Value Blog

New Law Revives Six Key Tax Breaks

Posted by Jessica L. Pagan, CPA on May 11, 2018

Extensions retroactive to 2017 tax year

The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016.

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Posted in Individual Tax

This Tax Shelter Is Still Standing

Posted by Lesley L. Price, CPA on Apr 03, 2018

Home  sale exclusion remains intact

Although Congress threatened to reduce the benefits of the home sale exclusion, the final version of the new Tax Cuts and Jobs Act (TCJA) did not include a crackdown. As a result, if you sell your home at a huge profit and qualify under the existing rules, you can still exclude up to $250,000 of your gain—$500,000 if you’re married and file a joint return—from the sale of your home.

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Posted in Individual Tax

Business or Hobby?  

Posted by Lisa Albritton on Mar 21, 2018

 

Under the new tax law, you can’t deduct hobby expenses.

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Posted in Individual Tax

The First Social Security Check Recipient

Posted by Lisa Albritton on Mar 06, 2018

Do you know who received the first Social Security check and for what amount?

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Posted in Individual Tax

Favorable Tax Treatment for Medical Expenses

Posted by Melissa Motley, CPA on Mar 02, 2018

New law creates retroactive tax break

The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns (see “Last Chance for Key Tax Deductions”), but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you file in 2018.

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Posted in Individual Tax

Last Chance for Key Tax Deductions

Posted by Jessica L. Pagan, CPA on Mar 01, 2018

Opportunities vanishing after 2017 returns

The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are expected to itemize returns in the future.

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Posted in Individual Tax

Donors Can Get Emotional Satisfaction and Tax Benefits Through Their Giving.

Posted by Lisa Albritton on Feb 21, 2018

Which countries, states, and individuals give the most to charity?

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Posted in Individual Tax

Follow IRS Rules to Ensure You Receive Your Charitable Tax Deductions

Posted by Marty Williams, CPA on Feb 19, 2018

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.

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Posted in Individual Tax

The IRS Updated its 2018 Withholding Tables

Posted by Murry Guy, CPA on Feb 09, 2018

Is your employer withholding enough in taxes?

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Posted in Individual Tax

Do You Have to File a Gift Tax Return?

Posted by Trisha Williams, CPA on Jan 19, 2018

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.

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Posted in Individual Tax

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