New energy credit details and understanding the financial landmine if your car is ever totaled by insurance lead this month's newsletter. Read on! This month's newsletter recaps the details of the revamped electric vehicle tax credit and other energy credits in newly passed legislation. Also included this month are some tips to review your recurring …
Author: Velisa Bookkeeping Services LLC
Reminder: Third Quarter Estimated Taxes Due Now is the time to make your estimated tax payment
Reminder: 3Q estimated taxes are due Thursday, September 15. Here are some things to consider. Tip Category: PlanningIf 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 third quarter due date is now here.Due date: Thursday, Sept. 15, …
Understanding Tax Terms: Contemporaneous Records
Everyone needs to know what this means! The IRS requires contemporaneous records to prove deductions and credits. That means you can't go back later to get a copy of a receipt you forgot. Here are some tips. If you have problems getting to sleep at night and you turn to the IRS tax code for …
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IRS Audit Rates – Don’t get complacent…resurgence is underway
The IRS audit rates are still at historic lows, but all that is now starting to change. Here is what you need to know. Observations Fewer audit examinations obscure the reality that you may still have to deal with issues caught by the IRS’s automated computer systems. While not as daunting as a full audit, you'll …
Continue reading IRS Audit Rates – Don’t get complacent…resurgence is underway
Tax Planning Insights: August 2022
Early withdrawal of money in retirement accounts can be tempting. But before taking action it is always best to understand the ramifications of your action. Here are some thoughts on the subject. 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 …
Tax & Business Newsletter: August 2022
Building the correct comparative financial statements is a key to business success. Here are some suggestions. Also included are great hints if you are audited! Creating your financial statements is just the starting point for analyzing the health of your business. You now need to compare your statements to figure out whether your business is …
You Can’t Deduct that Loss
How to ensure your business is not deemed a hobby Tip Category: Miscellaneous You’ve loved dogs all your life so you decide to breed them and start a dog training business. Is this a business in the eyes of the IRS or a hobby? Knowing what the IRS is looking for and properly positioning your small …
Hidden Back to School Tax Deductions
Before school gets going this fall, check out these school expenses that might help you decrease your tax bill. Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch …
Great Tax Reduction Ideas
Commonly overlooked tax deductions that everyone should know. The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction amounts, those who do not itemize think there are no longer ways to reduce your taxes. Since mid-year is …
2023 Health Savings Account Limits
New contribution limits are on the horizon Contribution limits for the ever-popular health savings account (HSA) are set for 2023. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2023 contributions.What is an HSA?An HSA is a tax-advantaged savings account whose funds can be used to …
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