by ABIP | Dec 1, 2022 | Individuals, News, Newsletter, Taxes
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 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard...
by ABIP | Nov 4, 2022 | Individuals, News, Newsletter, Taxes
Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to...
by ABIP | Nov 3, 2022 | Business, News, Newsletter, Taxes
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 2023 by delaying end-of-year invoices so that...
by ABIP | Nov 1, 2022 | Individuals, News, Newsletter, Taxes
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 2022. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring...
by ABIP | Oct 6, 2022 | Individuals, News, Newsletter, Real Estate, Taxes
For many people buying a home – whether it’s a fixer-upper in an up-and-coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with buying and owning a home,...
by ABIP | Oct 4, 2022 | Business, Newsletter, Taxes
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 progressive tax system. The more...
