Tax Season Is Long Over, but Tax Scams Are Thriving

by briesterer@thinkvisionary.com | Sep 8, 2023 | Individuals, Newsletter, Tax

The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee...

An “Innocent Spouse” May Be Able to Escape Tax Liability

by briesterer@thinkvisionary.com | Sep 6, 2023 | Individuals, Newsletter, Tax

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one...

Tax Implications to Be Aware of After a Job Loss

by briesterer@thinkvisionary.com | Sep 5, 2023 | Individuals, Newsletter, Tax

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional...

Minimizing Capital Gains Tax on Sale of a Home

by briesterer@thinkvisionary.com | Aug 4, 2023 | Individuals, Newsletter, Tax

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale. The IRS home sale gain exclusion rule allows an exclusion of gain up to $250,000...

It’s Natural Disaster Season: Safeguarding Tax Records

by briesterer@thinkvisionary.com | Aug 3, 2023 | Individuals, Newsletter, Tax

With hurricane season in the East and South, wildfire season in the West, and severe weather season in the middle of the county, now is a good time to create or review emergency preparedness plans for surviving natural disasters. Here are three steps taxpayers can...

Is Your College Student’s Scholarship Taxable?

by briesterer@thinkvisionary.com | Jul 6, 2023 | Individuals, Newsletter, Tax

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know. What Is a...