Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
What everyone should know The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know. The Changes Personal exemptions are gone! First and foremost, the law …
Continue reading Personal Exemptions gone plus $6,000 new Deduction
What you need to know The One Big Beautiful Bill Act (OBBBA) makes tip income tax-free. But as with any new tax law, the fine print matters, and some of these details still need clarification. Here is what you should know. The basic facts From January 1, 2025 through December 31, 2028 you can deduct …
What you need to know With the passage of the One Big Beautiful Bill Act or OBBBA, many of the temporary tax laws set to expire at the end of 2025 have been made permanent. This week's tip summarizes the changes to several of the more popular deductions and credits, while the tax tips over …
If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sale when you receive payments for sold property in the tax …
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