Don’t Get Carried Away by a Windfall

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

Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get carried away and end up in worse financial shape. If you’re hit with a financial windfall, here are some points you should know. Risky Conditions You...

The Ins and Outs of the Home Office Deduction

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

The pandemic changed the landscape of work for a lot of people, including the numerous business owners who began running their businesses from their homes. Many are still working from their home offices, whether full-time or on a hybrid basis. If you’re...

Moving Out of State? Learn All the Tax Implications First

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

With so many people working remotely these days, thinking about moving to another state has become common — perhaps for better weather or to be closer to family. Business owners might contemplate selling their business as part of an out-of-state move. Many retirees...

IRS to Stop Processing Employee Retention Tax Credit Claims

by briesterer@thinkvisionary.com | Oct 2, 2023 | Business, Newsletter, Tax

The IRS issued a notice last Thursday ordering an immediate stop to processing all new claims for the Employee Retention Tax Credit (ERTC). This comes amid a surge of questionable claims and concerns about aggressive marketing to ineligible taxpayers. Here are the...

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 Many current schemes involve the third Economic Impact Payment (originally made in 2021).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...