by briesterer@thinkvisionary.com | Aug 2, 2022 | Individuals, Newsletter, Tax
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000 – and quite often, the amount of money is much more than that. For example, you may have received...
by briesterer@thinkvisionary.com | Aug 1, 2022 | Individuals, Newsletter, Tax
It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed...
by briesterer@thinkvisionary.com | Jul 8, 2022 | Individuals, Newsletter, Tax
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of...
by briesterer@thinkvisionary.com | Jul 6, 2022 | Individuals, Newsletter, Tax
What Teen Entrepreneurs Should Know About Taxes Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult...
by briesterer@thinkvisionary.com | Jun 4, 2022 | Business, Individuals, Newsletter, Tax
Tax Withholding for Seasonal and Part-Time Employees Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee who performs labor or services on a seasonal basis (i.e.,...
by briesterer@thinkvisionary.com | Jun 3, 2022 | Individuals, Newsletter
HSA Limits Increase Significantly for 2023 Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the...
