April is tax month! Included this month is a fun state tax quiz. In addition, there are answers to common tax questions received this month plus lots of great money management tips. Welcome to tax month! Perhaps welcome is not quite the right word, but to help lighten the mood, included in this month's newsletter …
Author: Velisa Bookkeeping Services LLC
April Fools! You’ve Been Scammed.
Great tips to identify scams BEFORE they happen In honor of the traditional day of practical jokes and harmless antics, instead of chasing the hottest new tax scam, why not arm yourself with traits that will help identify even the most recent version of them. Here is what you need to know:You are a targetWhile …
Homeowner Alert! Review Your Tax Forms
New tax rules are creating confusion New rules for deducting mortgage interest are causing confusion and adding additional documentation. It's more important than ever to understand the numbers on your tax forms. Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to …
Do You Need to File a Tax Return? – Getting this wrong can cost you
One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer.• Income thresholds matterIf your gross income is …
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Yikes! It’s that Bad? – The 1040 tax instruction publication lays it all out
Ouch! Government overspending is reported each year in our 1040 IRS instruction booklet. Here's what it looks like for the most recent fiscal year for which info is available. It doesn't look good! Any way you look at it, the federal government's spending habits are a big mess. As required by law, in every Form …
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Client Update Newsletter: March 2022
Here's how to avoid getting your tax return stuck at the IRS. Also read about tax tips for parents and grandparents, tips to handle rising interest rates, and why you should read the fine print! Tax season is now underway! In this month's newsletter, we share the secret to getting a quick tax refund.Also read …
Make Your Child a Tax-Free Millionaire!
Give your child a jump-start on retirement. Open a Roth IRA as soon as they start earning money to take advantage of compound interest and favorable tax treatment. Want to jump start your child's retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn …
Why is the IRS Sending Me This?!? – IRS turns off some notices
IRS turns off many automatic notices. Here is what you should know. In a recent announcement, the IRS is telling taxpayers it's turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late tax law changes from Congress, the congressional imposition on the IRS to send …
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Common Tax Increase Surprises – I did not owe that last year!
Avoid tax increase surprises at the filing deadline by reviewing these common causes now. Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when this year, you are required to send in a fairly big check to settle your tax …
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Tax Planning Insights: February 2022
When creating a trust, you need to consider how the money and assets inside the trust will be taxed. Here are some suggestions for effectively dealing with the tax liability created by a trust. Tax Strategies for Your Trust and EstateThere are many legal reasons why you would want to create a trust, including to …
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