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 …
Author: Velisa Bookkeeping Services LLC
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 …
Five Reasons Why the IRS Will Audit You
Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk. Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing which tax returns to audit. Knowing …
Retirement Basics: Understanding Tax Efficient
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! One of the basics when considering how to fund your retirement is to be as tax efficient with your income …
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Client Update Newsletter: July 2022
In a new inflationary world its time to be aware of shrinkflation and review suggestions to get the most out of your bank accounts. Here are some ideas. Plus tax surprises and new mileage rates! The recent run of inflation is causing many people to rethink how to save and where to spend. In this …
IRS Announces NEW 2022 Mileage Rates – New rates begin in July
The IRS responds to high gas prices by raising the standard mileage rate in the second half of 2022. Here is what you need to know. In a recent announcement, the IRS raised the standard mileage rates for travel beginning in July, 2022. Use the previously announced mileage rates for qualified travel in the first …
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Tax & Business Newsletter: June 2022
Your business must prepare for new reporting requirements if you accept credit cards, debit cards, or use third-party payment processors like PayPal, Venmo or Stripe. Here is what you need to know. New tax laws usually mean more work for you preparing future tax returns, and this year is no different. In this month’s newsletter …
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