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Returning Value Blog

2021 Year-End Tax Planning For Individuals

Posted by Lesley L. Price, CPA on Dec 10, 2021

As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year.

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Posted in Individual Tax Planning

Planning Ahead for Tax Credits and Deductions

Posted by Jessica L. Pagan, CPA on Sep 15, 2021

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even the most skilled accountant can't deduct a charity donation from your income if you forgot to save the receipt. Here are some tips from the IRS about year-round tax planning:

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Posted in Individual Tax Planning

Got Medical Bills? Get Planning!!!

Posted by Nick Wheeler, CPA on Sep 26, 2018

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.

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Posted in Individual Tax Planning

Using Your Home-field Advantage

Posted by Melissa Motley, CPA on Apr 07, 2018

 

Is paying down your mortgage a smart move?

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Posted in Individual Tax Planning

4 Asset-protection Strategies

Posted by Lesley L. Price, CPA on Feb 02, 2018

Protect your wealth from creditors and litigants.

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Posted in Individual Tax Planning

Can You Reduce 2017 Taxes by "Harvesting" Depreciated Stocks?

Posted by Lesley L. Price, CPA on Nov 28, 2017

 

This is the time of year to start thinking about depreciated stock, it may help you reduce your 2017 tax bill.

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Posted in Individual Tax Planning

Crash Course on Education Tax Breaks

Posted by Nick Wheeler, CPA on Sep 13, 2016

Choose one of three tax-savers

Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) and the tuition deduction.

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Posted in Individual Tax Planning

Review Your Beneficiary Designation Forms

Posted by Marty Williams, CPA on May 13, 2016

What to Look For

When was the last time you checked the beneficiaries you selected for your qualified retirement plan or IRA? Chances are that the choices you made when you initiated the account may no longer be appropriate. Anyone with funds in one or both of these accounts should have at least one beneficiary listed should anything happen to the owner.

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Posted in Individual Tax Planning

Four Basic Baskets of Interest Expenses

Posted by Melissa Motley, CPA on Apr 21, 2016

Divide interest into these categories

Are interest expenses deductible? The answer is a complicated “yes and no.” Essentially, it depends on the type of interest expense incurred. Although there are technically other types, interest expenses can be lumped into four main baskets for tax purposes. 

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Posted in Individual Tax Planning

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