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...

Buy-Sell agreements Require Careful Planning

by briesterer@thinkvisionary.com | Sep 1, 2023 | Business, Newsletter, Tax

Does your business have multiple owners? If so, you need a buy-sell agreement. This type of binding contract determines how (and at what price) ownership shares of a privately held business will change hands should an owner depart. There are also potential tax...

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...

Deducting Business-Related Vehicle Expenses

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

If you’re self-employed and use your car, SUV or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for...