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Returning Value Blog

IRS Waives Penalties for Many Taxpayers Whose 2018 Withholdings Was Not Enough.

Posted by Lisa Albritton on Mar 21, 2019

The Tax Cuts and Jobs Act (TCJA) brought with it many tax changes for 2018. Those changes left many taxpayers unaware of the caps on state and local tax deductions, the elimination of reimbursed job expenses and the suspension of dependency exemptions, just to name a few. To add to the mix, after Congress passed the law, new withholding tables were not available to employers until mid-January and some did not see the switch in withholding until mid-February. Based on all of these changes, taxpayers are finding themselves below the 90% threshold and therefore would have to pay a penalty. 

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Posted in Individual Tax

There's a Better Way to Raise College Funds

Posted by Lisa Albritton on Feb 22, 2019

Advantages of 529 education savings plans.

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Posted in Individual Tax

Here's A Smart Tax Move

Posted by Lisa Albritton on Nov 21, 2018

 Donate appreciated art by year end.

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Posted in Individual Tax

Are You Using Your Frequent Flyer Miles To Travel This Summer?

Posted by Lisa Albritton on Jul 26, 2018

Are you reporting the value of your frequent flyer miles as taxable income?

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Posted in Individual Tax

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

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