New mileage rates announced by the IRS Category: What's New Mileage rates for travel are now set for 2023. The standard business mileage rate increases by 3 cents to 65.5 cents per mile. The medical and moving mileage rates stay at 22 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. …
Author: Velisa Bookkeeping Services LLC
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Reminder: Q4 estimated tax payment is due Tuesday, January 17, 2023. Tip Category: Miscellaneous 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 4th quarter due date …
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January Client Update Newsletter
New year. New tax return. Reduce the headache with these great organizational tips. Plus some great alternatives to New Year's resolutions are presented for your consideration. It's tax time! In the next couple of weeks you will be inundated with W-2s and various informational tax forms like 1099s. By paying attention to them, ensuring their …
Tax & Business Newsletter: December 2022
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 …
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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