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Velisa Bookkeeping Services LLC

Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.

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Month: August 2021

The $24,000 Tax Time Bomb

On 27 August, 202127 August, 2021 By Velisa Bookkeeping Services LLCIn Audit

A key lesson within EVERY tax surprise Within each tax surprise is a common lesson. Here is an actual story that cost $24,000 and a lesson for everyone. What follows is a true story. A story with a sad ending. But one that has a lesson for everyone. Stick with the story, with a high …

Continue reading The $24,000 Tax Time Bomb

The Marriage Penalty: Alive and Well in the Tax Code

On 20 August, 2021 By Velisa Bookkeeping Services LLCIn Miscellaneous

Couples filing jointly still get the short end of the stick There are a lot of positive things about getting married, but the IRS' marriage penalty isn't one of them. The marriage penalty occurs when you pay more tax as a married couple than you would as two single filers making the same amount of …

Continue reading The Marriage Penalty: Alive and Well in the Tax Code

You Owe Us, Not Them!

On 13 August, 2021 By Velisa Bookkeeping Services LLCIn Audit

State tax authorities clamp down If you work remotely in another state or are thinking about changing your residence from one state to another, you may be caught in the middle of a major state tax audit. If you keep a home in your original state or you later decide to return, you could have …

Continue reading You Owe Us, Not Them!

The Tax Impact as Your Children Grow Up

On 6 August, 2021 By Velisa Bookkeeping Services LLCIn Planning

Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher tax bill in your future At age 6: Loss of excess Child Tax Credit. In 2021, the …

Continue reading The Tax Impact as Your Children Grow Up

Featured Posts

Revisiting the application of Sec. 280G on partnerships and LLCs

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