Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Now is the time to pay your taxes AND make your estimated tax payment. Both your individual tax return AND first quarter estimated tax payment are due. Here is what you need to know. First quarter due date: Wednesday, April 15, 2026 The estimated tax payment rule You are required to withhold or prepay throughout the …
Continue reading It’s Tax Time! Don’t Forget 1st Quarter Estimated Payments.
Often if you are in dire need for money the most tempting area to look at is your IRA, 401(k), or other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial woes. Should I take an early withdrawal? Is it a good idea to tap …
Don't forget these ideas to lower your taxes The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. Check out this list of commonly overlooked deductions. You might wind up with a bigger refund than you expected. State sales tax alternative. You can choose to …
What everyone should know Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Listed here are a number of income items that the IRS does not tax. 1. Tax-free interest. Municipal bond interest is tax-free at the federal level. This includes bonds issued by a state or …
Getting this wrong can cost you One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty, especially with the passage of a major piece of tax legislation like …
Want money when you retire? Here are some tips. Here are five common retirement planning tips and what you can do to take advantage of them. The key is retirement planning starts today, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money …
There are many tax benefits built into home ownership. Here's a summary of the most common. It may be worth a quick review to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is one of the few allowed deductible interest expenses. It is limited to the first $750,000 dollars …
Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules. The rule: If you receive rental income for less than 15 days per year, that income is generally …
Late filing of S corporation and partnership returns can be costly The IRS is penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact the receipt of the taxes due on April 15th. …
What you need to know If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the termcontemporaneous. So what does it …
Continue reading Understanding Tax Terms: Contemporaneous Records
Velisa Bookkeeping Services LLC 