Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Everyone needs to know what this means! The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips. If you have problems getting to sleep at night and you turn to the IRS tax code for …
Continue reading Understanding Tax Terms: Contemporaneous Records
The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know. Observations Fewer audit examinations obscure the reality that you may still have to deal with issues caught by the IRS’s automated computer systems. While not as daunting as a full audit, you'll …
Continue reading IRS Audit Rates – Don’t get complacent…resurgence is underway
Early withdrawal of money in retirement accounts can be tempting. But before taking action it is always best to understand the ramifications of your action. Here are some thoughts on the subject. If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter.Call …
Building the correct comparative financial statements is a key to business success. Here are some suggestions. Also included are great hints if you are audited! Creating your financial statements is just the starting point for analyzing the health of your business. You now need to compare your statements to figure out whether your business is …
How to ensure your business is not deemed a hobby Tip Category: Miscellaneous You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small …
Before school gets going this fall, check out these school expenses that might help you decrease your tax bill. Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch …
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