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. Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to send it to them. …
Author: Velisa Bookkeeping Services LLC
Reminder: Second Quarter Estimated Taxes Are Due
Now is the time to make your estimated tax payment Reminder: Second quarter estimated taxes are due Tuesday, June 15th. 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 second quarter due date is now here. Due …
Continue reading Reminder: Second Quarter Estimated Taxes Are Due
Client Update Newsletter: June 2021
Find out the one number you need to know! Also read about hiring your kids for a summer job, the benefits of doing a 12-month financial forecast and dive into the wonderful world of podcasts! Do you know your net worth? Find out why knowing this number is one of the most important financial concepts …
Don’t Lose Your Refund!
The only way to get a refund is to file a tax return. If you don't file a return, your overpayment turns into a donation to the U.S. Treasury. Here is what you should do. The tax filing due date often brings a sigh of relief to most taxpayers. Unfortunately, every tax day also closes …
A Letter from the IRS!
What steps you should take Yikes! You just got a letter from the IRS. Here is what you should do. If you receive a notice from the IRS, do not automatically assume it is correct and submit payment to make it go away. Because of all the recent tax law changes and so little time …
Tax & Business Newsletter: May 2021
Find out how to build a fortress balance sheet and a cash reserve for your business. Also read about small business fraud masked as fake invoices and unordered office supplies! As a business owner, cash is one of your most valuable commodities. Find out how to build a fortress balance sheet so your business can …
Forced to Withdraw from Retirement Accounts?!?!?
What you need to know We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD) rule. Here are some tips …
Continue reading Forced to Withdraw from Retirement Accounts?!?!?
Tax Planning Insights: May 2021
A big surprise can occur when you see your Social Security retirement benefits being subject to income tax. This "tax torpedo" is often triggered by retirement account distributions. Beware the Tax Torpedo! Large retirement account balances can cause Social Security tax problems Building a nest egg and holding a majority of your assets in your …
Who Pays What?
97% of income taxes are paid by less than 50% of the households in America. So who is paying their fair share? There will be a lot of political rhetoric about increasing the national debt with trillions more in spending, adding billions to allow the IRS to audit high income taxpayers, and creating more changes …
May Client Update Newsletter
Tax day is finally here! To celebrate getting your tax return finished, test out your knowledge of tax history with our trivia quiz. Also read about some helpful hints that can make paying your bills less stressful. We also have some suggestions for how small businesses can help one another stay afloat until the entire …
Velisa Bookkeeping Services LLC 