Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Personal Information A Social Security or tax ID number for everyone included on your tax return Date of birth for everyone on your return. Valid ID or Driver License Income and Investment Information Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes. Retirement account contributions. If you have an IRA an …
Continue reading Tax Prep Checklist: Here is what you might need to file your taxes
A little mistake could cost you plenty At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you …
Continue reading Tips to Maximize the Value of a Car Donation
New contribution limits are on the horizon 2022 HSA limits rise to $3,650/individuals and $7,300/families. HSAs are a versatile way to save for both medical care and retirement. The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. …
Losing money is never fun, but business losses can potentially be deductible. Here's what you need to know. Also consider these tips for maximizing your business's customer retention. In this issue: New Rules Could Limit Your Business LossesHere's what you need to know about net operating losses starting in 2021Ideas to Improve Customer Retention New …
Tips to avoid IRS penalties on 401(k) retirement plan distributions While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. …
Here are several tax moves to consider as 2021 comes to a close. In this issue:Tax Cutting Actions to Take Before Year-End Accelerate income into 2021. Income tax rates may increase in 2022, with the top income tax rate projected to increase from 37% to 39.6%. If it makes sense, take advantage of 2021's 37% rate …
Scams are getting more sophisticated and the IRS is a target. Here are tips to protect yourself. Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. The con artists impersonate the IRS to either intimidate people into making payments over the phone, or …
Continue reading Is it really the IRS? – Four tips to ensure your security
There's still time to lower your tax bill this year! Plus learn about the greatest, unreported theft in America. And you are a victim! Plus tons of other tax hints for you and your business. Time is running out to minimize your tax obligation before the end of the year! This month’s newsletter features several …
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