Here are three factors to consider when determining how much to pay yourself as a business owner. Also read about how an accountable plan is a win-win tax move for you and your employees news.resourcesforclients.com • 2 min read As a small business owner, you grapple with many urgent and important questions on a daily …
Author: Velisa Bookkeeping Services LLC
Inflation Spikes Social Security Checks for 2022
The Social Security Administration announced a whopping 5.9 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2022. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2021. For those contributing to Social Security through wages, the potential maximum income …
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Tax Planning Insights: October 2021
If you're interested in minimizing your tax obligations and maximizing your savings, consider the helpful tips and ideas you'll find in this newsletter. The Mutual Fund Tax Surprise!Some tax planning tips for mutual fund investors From a tax planning viewpoint heading into the 2021 tax season, here are some great mutual fund tips to avoid …
Five Tax-Loss Harvesting Tips
Actively managing your investments throughout the year can lower your taxes, especially if you can offset losses with gains. Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. …
File That Tax Return! – October extension deadline fast approaching
Time to file your tax return for 2020 if you have not already done so. There is no reason to leave a possible refund on the table, and the IRS is not going to beg to send you back your money. Friday, October 15 marks the extension deadline for filing your 2020 Form 1040 Tax …
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How to Reduce Your Property Taxes
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible. Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth.What is happeningProperty taxes typically lag the …
Those Pesky Records!
What do I need to keep? Know when to keep or throw out your tax records. Here is what you need to know. Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention …
Tax Planning Insights: September 2021
As states create tax laws to capture revenue from non-resident individuals and small businesses, many are caught unaware of the changing state tax landscape. Make sure this doesn't happen to you. State Taxing Authorities Are Coming After Your Money Laws have been created that snag taxpayers everywhere New state tax laws are making more and …
Client Update Newsletter: September 2021
Now is the time to lower this year's tax bill! Here are ideas to do that PLUS save valuables from thieves. Time to Schedule Your Tax Planning Session Now is the time to schedule a tax planning appointment. If you are on the fence, here are some things to consider: It can make a difference. This …
Reminder: Third Quarter Estimated Taxes Due
Make your estimated tax payment now 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 third quarter due date is now here. Due date: Wednesday, September 15th, 2021 Remember, you are required to withhold at least 90 …
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