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...
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,...
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...
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions.But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under...
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends.The taxation...
