by Lori Bowden | May 1, 2025 | Newsletter, Tax
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the...
by Lori Bowden | Apr 2, 2025 | Individuals, Newsletter, Tax
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and...
by Lori Bowden | Mar 31, 2025 | Individuals, Newsletter, Tax
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...
by briesterer@thinkvisionary.com | Mar 4, 2025 | Business, Individuals, Newsletter, Tax
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from...
by briesterer@thinkvisionary.com | Mar 2, 2025 | Individuals, Newsletter, Tax
If you’re preparing to file your 2024 federal income tax return and your tax bill is higher than you’d expected or your tax refund is smaller than you’d hoped, there might still be an opportunity to change it. If you qualify, you can make a deductible contribution to...
by Lori Bowden | Feb 4, 2025 | Business, Newsletter, Tax
Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation....
