Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
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?!?!?
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 …
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 …
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 …
With the 2020 tax filing season...FINALLY... in the rearview mirror, now is the time to become aware of major changes for 2021. Here's what you need to know. With the end of the 2020 filing season upon us, now is the time to become aware of major changes for 2021. But be prepared, politicians are …
Many pandemic related tax rules are scheduled to fall off the books in 2021. Are you prepared? It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules and adjusting to …
Did you know that 40% of employees already worked remotely in some capacity before the pandemic began in 2020 according to a recent Gallup poll? By the end of summer in 2020, that percentage rose to 58%. With working remotely becoming more popular over the years, even before the pandemic, it's plausible that the widespread use of …
Recent legislation provides another round of financial assistance for qualifying businesses. Also read about several suggestions for managing remote workers in your business. More Financial Assistance Available for Businesses PPP loan application deadline extended to May 31 Businesses can get another round of financial assistance courtesy of the recently-passed American Rescue Plan Act and an …
Hot housing market requires tax knowledge With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the …
What you need to know The whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021. Here is what you need to know: Age matters. The old credit was for children under the age of 17. The new credit …
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