Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
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 …
Continue reading Common Tax Increase Surprises – I did not owe that last year!
OUCH! Discover common areas that create a tax surprise, plus keep a special eye out for these unusual tax documents and discover hints to keep your home business running smoothly. With tax season now officially underway, you’ll start seeing more tax documents show up in your inbox or mailbox. And this year, there are some …
Did you know you can rent your home or cabin tax-free for up to 14 days per year? Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the …
Get organized or pay the price when filing your taxes. This year it is more important than ever. The time to organize your tax records is now. Informational tax information is hitting your regular and digital mailboxes from now until late March. To make matters worse, this year there are economic recovery payments, unemployment benefits, …
What to do to fix this thorny problem It is late February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence …
This Year's tax return will be as complicated as ever. Here are changes to plan for your situation. Navigate this Year's Tax Season Welcome to the new year! And welcome to another interesting and challenging tax filing season. As you start putting together your materials to file your tax return, here are the major changes …
Look for an IRS letter confirming your economic impact payments and advance child tax payments. Here is what you need to know. The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multiple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here is what you …
Continue reading IRS to Send Recap of Economic Impact and Child Tax Payments
The new year is upon us and so is another tax filing season. With all the late breaking tax law changes, advance payments of the child tax credit, and several stimulus payments, this year's tax return may be a bit chaotic. But your situation does not have to be. Included in this month's newsletter are …
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 2021 4th quarter due date is now here. Due date: Tuesday, January 18, 2022 You are required to withhold at least 90 percent of your 2021 tax obligation …
Continue reading Reminder: Fourth Quarter Estimated Taxes Now Due
The IRS increased the standard business mileage rates for 2022 by 2.5 cents, to 58.5 cents per mile. Learn more here. Mileage rates for travel are now set for 2022. The standard business mileage rate increases by 2.5 cents to 58.5 cents per mile. The medical and moving mileage rates also increases by 2 cents …
Continue reading 2022 Mileage Rates are Here! New mileage rates announced by the IRS
Velisa Bookkeeping Services LLC 