Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Now is the time for taxes AND reviewing your Social Security earnings report. Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit. …
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Cut Your Business's Tax Bill With These Provisions As tax filing season officially gets underway, here are several new business-related tax provisions that could help cut your tax bill. The three provisions outlined in this article can also be applied retroactively. Net Operating Losses (NOL). When your company’s tax deductions exceed taxable income, the result is …
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know. Your …
The U.S. Small Business Administration (SBA) announced changes Wednesday designed to reduce delays in the Paycheck Protection Program (PPP) approval process. Millions of small businesses have applied for PPP forgivable loans since it reopened Jan. 11 with $284 billion in fresh funding. A significant percentage of those applications has been held up by process and system issues …
The IRS provided a safe harbor under which “eligible educators” can deduct unreimbursed expenses for COVID-19 protective items as educator expenses under Sec. 62(a)(2)(D) (Rev. Proc. 2021-15). COVID-19 protective items include, but are not limited to: Face masks;Disinfectant for use against COVID-19;Hand soap;Hand sanitizer;Disposable gloves;Tape, paint, or chalk to guide social distancing;Physical barriers (e.g., clear …
Continue reading Eligible educators may deduct personal protective equipment expenses
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about. Here are six tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling winnings. If you receive a tax form …
Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own! As the tax filing season gets underway, now is a great time to review some tips to help ensure your tax return is processed without a delay. Also …
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know. The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you …
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