by briesterer@thinkvisionary.com | Nov 1, 2021 | Individuals, Newsletter
IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law,...
by briesterer@thinkvisionary.com | Oct 29, 2021 | Business, Newsletter
Business Owners: Year-end Tax Planning Strategies Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into...
by briesterer@thinkvisionary.com | Oct 28, 2021 | Individuals, Newsletter
Individual Taxpayers: Year-end Tax Planning Strategies With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021. General Tax Planning Strategies General tax planning strategies...
by briesterer@thinkvisionary.com | Oct 6, 2021 | Individuals, Newsletter
Marginal vs. Effective Tax Rates Understanding marginal and effective tax rates are important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look: Marginal Tax Rate The United States has a...
by briesterer@thinkvisionary.com | Oct 5, 2021 | Individuals, Newsletter
E-Signatures Extended for Many Tax Forms To help reduce the burden to taxpayers brought about by the coronavirus pandemic, the use of electronic or digital signatures on certain paper forms they normally cannot file electronically has been extended through December...
by briesterer@thinkvisionary.com | Oct 4, 2021 | Business, Individuals, Newsletter
If You Receive an IRS Letter or Notice The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS...