TaxCure Blog

One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nominee and then goes on to win, is raising taxes on the wealthy.

In recent weeks, one of the most significant tax-related issues in the news has been the Panama Papers. This story revolves around the leak of offshore companies that were serviced by a Panamanian firm specializing in helping individuals and others set up tax havens.

When we think of tax breaks, we normally think of the boring things we all claim: charitable contributions, Earned Income Credit, and mortgage interest. We might think about our business expenses, or deductions for things like moving and student loan interest if they apply.

As you prepare your taxes this year, it’s important to understand the key differences between certain tax breaks. Knowing how deductions and credits work can help you make more informed choices about how you fill out your tax return, and help you legally reduce your tax liability as much as legally possible.

With tax season underway, many of us are concerned about tax ID theft. With major data breaches in the last year, including Scottrade, Anthem, T-Mobile, and even the IRS, the concern about identity (ID) theft is big. From January 25 – 29, 2016, the FTC is hosting a Tax Identity Theft Awareness Week that aims to educate consumers about what to look for and what to do when they become victims.  It is important to understand child identity theft is real too.