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 …
Author: Velisa Bookkeeping Services LLC
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 …
Continue reading Common Tax Increase Surprises – I did not owe that last year!
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 …
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 …
Continue reading Common Tax Increase Surprises – I did not owe that last year!
Client Update Newsletter: February 2022
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 …
Rent Your Property Tax-Free
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 …
A Time to Organize
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? This Form 1099 is Wrong!
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 …
Tax Planning Insights: January 2022
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 …
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