by briesterer@thinkvisionary.com | Dec 1, 2021 | Individuals, Newsletter
Individual Taxpayers: The Year in Review 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 2021. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through...
by briesterer@thinkvisionary.com | Nov 2, 2021 | Individuals, Newsletter
Shared Custody and Advance Child Tax Credit Payments Parents who share custody of their children may be confused about how the advance child tax credit payments are distributed. As such, the first step is to remember that these are advance payments of a tax credit...
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...
