by briesterer@thinkvisionary.com | Dec 6, 2022 | Business, Newsletter, Tax
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of...
by briesterer@thinkvisionary.com | Dec 5, 2022 | Individuals, Newsletter
Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2023 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457...
by briesterer@thinkvisionary.com | Dec 1, 2022 | Business, Newsletter, Tax
Here’s what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven...
by briesterer@thinkvisionary.com | Dec 1, 2022 | Individuals, Newsletter, Tax
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...
by briesterer@thinkvisionary.com | Nov 4, 2022 | Individuals, Newsletter, Tax
Eligible Families Can Claim Tax Benefits Until Nov. 17th. Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021...
by briesterer@thinkvisionary.com | Nov 3, 2022 | Individuals, Newsletter, Tax
Understanding IRAs: Terms to Know IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account,...
