Knowing the difference is very important As informational tax forms start flowing in, you are reminded to review the forms and determine the correctness of the form. One of the keys is whether your employer (or contractor) sends you the correct form. Getting it wrong could cost you plenty in the way of Social Security, …
Month: January 2025
IRS Proactively Issues One Million Rebate Payments!
What you need to know In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The payments should be received in late January. No action is needed for eligible taxpayers to receive the credit with a maximum payment …
Continue reading IRS Proactively Issues One Million Rebate Payments!
2025 Mileage Rates are Here!
New mileage rates announced by the IRS Tip Category: What's New Mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents to 70.0 cents per mile. The medical and moving mileage rates stay at 21 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Tip Category: Miscellaneous If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 4th quarter due date for the 2024 tax year is now here. Due date: Wednesday, January …
Continue reading Reminder: Fourth Quarter Estimated Taxes Now Due
Tax Season is Scam Season
PLUS: Small Business Judicial ALERT Update Tip Category: Miscellaneous As a reminder, tax season is also tax scam season for savvy criminals. As you prepare to file your tax return, here are some things to know to reduce your risk of having your valuable personal information stolen. These tips are provided by the IRS and other …
Velisa Bookkeeping Services LLC 