Here are some ideas to lower your business taxes, get organized, and prepare for filing your business's 2022 tax return. Year-End Tax Planning Tips for Your Business As 2022 winds down, here are some ideas to help you prepare for filing your upcoming tax return and help manage your business. In this issue: Year-End Tax …
Author: Velisa Bookkeeping Services LLC
Tax Planning Insights: December 2022
Tax court cases provide pain for some, but tremendous learning for the rest of us. Here are two recent cases and what they mean to you. If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. Call if you would like to …
Here They Go Again…
Late-breaking IRS change Tip Category: What's New In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and 200 or more transactions as they transition to …
Social Security Planning Starts Now
Even those in their 20s should review this tip! Too many think to pay attention to Social Security only when they near retirement. Do this at your own risk! Even those in their 20s should be taking action. Here are some tips. Tip Category: Retirement Although you won’t become eligible for Social Security until your …
Taxes and Uncollectible Debt
Tax ramifications can be good or BAD! Category: Deductions There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two …
Fund Your Retirement or Your Child’s College?
If you are facing the dilemma of saving for retirement or your child's college education, what should you do? Category: Retirement Towards the end of the year, many are undergoing an annual review of their retirement funds. It certainly was a tough year and one of the decisions many parents are grandparents are facing is …
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Consider Donating Appreciated Stock & Mutual Funds
There is still time to take advantage of what many consider the best tax saving idea in the tax code. Here is what you need to know. Tip Category: Miscellaneous One way to reduce your tax bill this year is to donate appreciated stock to a charity of your choice versus making a cash donation. …
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5 Year-End Tax Essentials
The time to make moves that limit your income taxes for the 2022 tax year is quickly closing. Schedule a year-end tax planning session today. Tip Category: Planning Before 2022 comes to a close, take some time to review these essential items to ensure you are not missing something that could cause tax trouble when …
Plan Your 2023 Retirement Contributions
Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2023. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …
Triple Tax: aka The Lottery
Lotteries are a very effective way to TRIPLE tax the poor. Here's how it works. Category: Your Income Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments …
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