Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
A great way to shelter over $1,000 from tax each year is to leverage the kiddie tax rules. Here is what you need to know. Now is the time to take action on reducing next year's tax bill. One area to help reduce your tax obligation is leveraging your kids to the fullest by understanding …
Continue reading Leveraging Kiddie Tax Rules Tax Saving tips for parents and grandparents
Here are several cash flow management tips to keep your business humming along as we head into 2022. Also read about tips for safeguarding your business's inventory from inside and outside threats. In this issue:Cash Flow Tips for 2022Preventing Inventory TheftHere are some cash flow management tips for your business as we head into a …
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …
Continue reading Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity
As part of your planning for next year, now is the time to review funding your retirement accounts In 2022. With the cost of living calculations and increases in inflation, higher phaseout limits make many more taxpayers eligible for fully deductible contributions. So plan now to take full advantage of this tax benefit. Here are …
There are still a few weeks left in the year to reduce your tax obligation. Here are 15 great ideas. It's that time again! The final chance to reduce your annual tax bill is here. Spend a few minutes considering the following ideas:1. Make last minute charitable donations.2. Review and maximize use of the $15,000 annual gift …
Personal Information A Social Security or tax ID number for everyone included on your tax return Date of birth for everyone on your return. Valid ID or Driver License Income and Investment Information Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes. Retirement account contributions. If you have an IRA an …
Continue reading Tax Prep Checklist: Here is what you might need to file your taxes
A little mistake could cost you plenty At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you …
Continue reading Tips to Maximize the Value of a Car Donation
New contribution limits are on the horizon 2022 HSA limits rise to $3,650/individuals and $7,300/families. HSAs are a versatile way to save for both medical care and retirement. The savings limits for the ever-popular health savings accounts (HSA) are set for 2022. The new limits are outlined here with current year amounts noted for comparison. …
Losing money is never fun, but business losses can potentially be deductible. Here's what you need to know. Also consider these tips for maximizing your business's customer retention. In this issue: New Rules Could Limit Your Business LossesHere's what you need to know about net operating losses starting in 2021Ideas to Improve Customer Retention New …
Tips to avoid IRS penalties on 401(k) retirement plan distributions While each retirement plan has similar early withdrawal penalty exemptions, they are not all alike. Knowing these subtle differences within 401(k) plans can help you avoid a 10 percent tax penalty if you take money out of the plan prior to reaching age 59 1/2. …
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