What to do if you miss a quarterly estimated tax payment Tip Category: Miscellaneous Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as …
Author: Velisa Bookkeeping Services LLC
The Taxability of Prizes
What everyone should know Tip Category: Your Income When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes and taxes Prizes are …
Save Those Receipts!
These tips are money in your pocket Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do. Tip Category: The Audit When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here …
IRS Ends Unannounced Revenue Officer Visits
The IRS is eliminating most unannounced revenue officer visits. This is what that means for you. Tip Category: What's New The IRS recently announced a major policy change that it will end most unannounced revenue officer visits to taxpayers. This announcement is being picked up by all the major news outlets, but as is usually …
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Amending a Tax Return
Not always needed or wise To amend or not amend. That is the question...and the answer is not always obvious. Read on. Tip Category: Audit There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you …
Cash in on 0% Capital Gains Tax Rate
Zero tax when selling a stock for a gain? Please tell me more! Tip Category: Your Income While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free...yes, zero percent! In fact, this tax break …
2024 Health Savings Account Limits
New contribution limits are on the horizon Tip Category: What's New Contribution limits for the ever-popular health savings account (HSA) are set for 2024. And inflation adjustments break through the historic trends of 1 to 2% increase each year. Next year the amount you can save to pay for health costs with pre-tax dollars jumps …
Tax Tips for Those Getting Married
Know someone getting married? Send them this tip now. Tip Category: Planning If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling …
Taxpayers may forfeit more than $1.4 billion in refunds
Due date is July 17! Tip Category: What's New "Time is running out for more than a million people to get their tax refunds for 2019," said IRS Commissioner Danny Werfel. "Many people may have overlooked filing a 2019 tax return due to the pandemic. We don't want people to miss their window to receive …
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Reminder: Second Quarter Estimated Taxes Are Due
Now is the time to make your estimated tax payment Tip Category: Planning 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 second quarter due date is now here. Due date: Thursday, June 15, 2023 You are required …
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