by briesterer@thinkvisionary.com | Apr 7, 2023 | Individuals, Newsletter, Tax
If you’re a savvy investor, you probably know that you must generally report any mutual fund distributions as income, whether you reinvest them or exchange shares in one fund for shares in another. In other words, you must report and pay any capital gains tax...
by briesterer@thinkvisionary.com | Apr 4, 2023 | Individuals, Newsletter, Tax
While the Net Investment Income Tax (NIIT) most often affects wealthier individuals, in certain circumstances, it can also affect moderate-income taxpayers whose income increases significantly in a given tax year. What Is the NIIT? The NIIT is a 3.8 percent tax on...
by briesterer@thinkvisionary.com | Mar 6, 2023 | Individuals, Newsletter, Tax
Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022 federal tax returns. The special tax refunds...
by briesterer@thinkvisionary.com | Mar 3, 2023 | Individuals, Newsletter, Tax
Are you confused about which credits and deductions you can claim on your 2022 tax return? You’re not alone. With tax law becoming more complicated every year, it’s hard to remember which tax breaks are available in any given year. With that in mind, here...
by briesterer@thinkvisionary.com | Mar 2, 2023 | Business, Individuals, Newsletter, Tax
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint...
by briesterer@thinkvisionary.com | Mar 1, 2023 | Individuals, Newsletter, Tax
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
