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 …
Author: Velisa Bookkeeping Services LLC
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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Five Steps to Take if You’re Audited
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 …
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 …
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