Want money when you retire? Here are some tips. Here are five common retirement planning tips and what you can do to take advantage of them. The key is retirement planning starts today, not decades from now when you are reaching retirement age. 1. Having a plan Surprisingly, most do not know how much money …
Month: February 2026
Your Home. A Bundle of Tax Benefits.
There are many tax benefits built into home ownership. Here's a summary of the most common. It may be worth a quick review to ensure you are maximizing your home ownership tax benefits. Common deductions Interest deductibility. Mortgage interest is one of the few allowed deductible interest expenses. It is limited to the first $750,000 dollars …
Tax-Free Rental of Your Property
Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules. The rule: If you receive rental income for less than 15 days per year, that income is generally …
The IRS Says
Late filing of S corporation and partnership returns can be costly The IRS is penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact the receipt of the taxes due on April 15th. …
Velisa Bookkeeping Services LLC 