Here are five things to do, if the newly staffed IRS audits you. Tip Category: Audit Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the right approach. Step 1: Understand why and when. While it's possible you were selected randomly, it’s more likely you were …
Author: Velisa Bookkeeping Services LLC
Understanding Tax Terms: Health Savings Accounts (HSA)
Health Savings Accounts are the No.1 way to reduce your cost of medical care! Tip Category: Deductions If Benjamin Franklin were alive today, his famous quote Nothing is certain, except death and taxes might include a third item paying medical expenses. Fortunately a health savings account (HSA) is a great way to cut your spending on medical …
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New College Savings Option
Wow! Now there is a way to help a student without impacting their federal aid package. Here's how to do it. Tip Category: Planning Beginning in 2023 there is a new way to save money for college that won't impact your student’s ability to qualify for financial aid. This change is in the 529 college …
Improve Next Year’s Tax Situation Now!
Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year's tax bill is optimized by not paying a dollar more than necessary. Tip Category: Planning Whether you receive a big refund or pay your taxes on tax day, taking action now can ensure next year’s tax …
Make Your Child’s Summer Break a Tax Break
You can turn your child's summer break into up to a $1,050 tax break for you, using the Child and Dependent Care Credit. Tip Category: Deductions As a busy working parent, you may be concerned about what activities are available for your kids this summer. There may be a solution that’s also a tax break: …
Replacing Lost Tax Breaks for Your Growing Children
Tax breaks drop dramatically as your children grow up, starting with age 13, but you may be able to offset the losses with some timely tax planning. Tip Category: Planning Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren't already!). Tax breaks drop dramatically as …
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Put Your Tax Refund to Good Use
Three-fourths of tax filers get a refund every year, with the average check weighing in at $2,972 so far this tax season. Have a plan to use that money well! Tip Category: Your Income Three-fourths of filers get a tax refund every year, with the average check weighing in at $2,972* so far this tax …
How to Reduce Your Property Taxes
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible. Tip Category: Miscellaneous Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth. What is happening …
April Client Update Newsletter
The modern day tax form was introduced in 1913. Guess what the tax rate was. Plus useful ideas to reduce your bills during high inflation. Read on! If it seems like the income tax has been around forever, well, it's sort of true. The modern Form 1040 was unveiled in 1913, the first year, after …
Where’s My Refund?
My tax return is filed... where is my refund? Here's how to find out. Tip Category: Miscellaneous The popular Where’s My Refund feature on the IRS website allows you to see the status of your refund after filing your income tax return. What you should know Refunds of e-filed returns usually take 10 to 21 days to …
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