Insight wanted to make you aware of a tax bill working its way through the Indiana legislature in the next two weeks, Senate Bill 2: Taxation of Pass-Through Entities(SB2). SB2 contains provisions that will allow Indiana businesses that are pass-through entities which...
GREETINGS CLIENTS AND FRIENDS, Season’s Greetings from the Insight Accounting Group team. As the tax year draws to a close and we take time to reflect, we want to say thank you to you for what you and your business contribute to our local and national economy....
You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also...
Are you feeling generous at year end? Taxpayers can transfer substantial amounts free of gift taxes to their children or other recipients each year through the proper use of the annual exclusion.The exclusion amount is adjusted for inflation annually, and for 2022,...
If you’re interested in investing in tax-free municipal bonds, you may wonder if they’re really free of taxes. While the investment generally provides tax-free interest on the federal (and possibly state) level, there may be tax consequences. Here’s how the rules...
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers won’t...
