Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Tip Category: Planning For most taxpayers, you have until April 15th of the following year to contribute up to $7,000 ($8,000 if age 50 or over) into a Traditional IRA or a Roth IRA. Is an IRA an option worth considering for you? If so, which is better? Traditional IRA A Traditional IRA is an individual …
Continue reading Roth versus Traditional IRA: Which is Better?
Tip Category: Planning The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is a good time to review …
Plan now for tax changes coming at the end of 2025 Tip Category: Planning Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won't extend the current …
When is a tax planning session essential? Tip Category: Deductions One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) …
Getting a refund. Get the most out of it with these ideas. Tip Category: Planning Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority …
Velisa Bookkeeping Services LLC 