Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Section 179 and bonus depreciation let you take larger, short-term deductions for capital purchases. Does it make sense for your business to take advantage? Tip Category: Deductions If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax …
Continue reading Should You Expense or Depreciate Your Capital Asset?
The IRS is enforcing Nanny Tax rules that regulate whether a domestic worker you pay is considered a contractor or employee. Tip Category: Miscellaneous The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. So be careful if you regularly pay a gardener, housekeeper, …
How much you pay and checks received are all going up! Tip Category: Retirement The Social Security Administration announced a whopping 8.7% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2023. This is on the heels of a 5.9% increase last year. The increase is based on the rise in the …
Lower This Year's Tax Obligation! Tip Category: Planning Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax you’ve paid to Uncle …
One of the best places for parents to look for tax savings You can legally lower your tax by shifting unearned income to your children. Here are some ideas. Tip Category: Your Income If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code …
Here are some tax planning strategies to consider before the end of 2022. Also read about some ideas to improve your personal cash flow and the ingredients of a successful business partnership. Watching summer transform into beautiful fall colors can be just as mesmerizing as tax planning. Similar to looking closely for gorgeous autumn scenery, …
October extension deadline fast approaching Tip Category: Miscellaneous Monday, October 17th marks the extension deadline for filing your 2021 Form 1040 tax return. Given all the recent tax legislation, numerous stimulus checks and COVID-related tax changes, there are more open tax return filings than ever! If you have not filed a tax return and don't think …
Understanding the difference between these two tax rates Tip Category: Miscellaneous The tax code is filled with terms we rarely use in everyday conversation. Two of the more common are Marginal Tax Rates and Effective Tax Rates. Knowing what they mean can help you think differently about your potential tax obligation. Definition Marginal Tax Rate: This …
Tax smarts that make a difference Tip Category: Planning Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $30,260 on healthcare in 2022 – a $4,699 increase from 2020. Below are some ways you can save tax dollars when paying those medical …
What you need to know Tip Category: What's New A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase clean and electric vehicles. The bottom line, however, is that practically speaking YOU CAN’T GET IT. Why few credits will be seen As the new legislation is currently written, nearly all the …
Velisa Bookkeeping Services LLC 