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 …
Author: Velisa Bookkeeping Services LLC
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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Avoid Tax Traps with Loans to Friends and Family
The IRS assumes you'll charge interest if you make personal loans, even to friends and family. Even if you don't charge interest, you'll owe tax on an assumed rate of interest. Lending to friends and relatives can be tricky, and not only because of the stress it can place on your relationships. There are tax …
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The $24,000 Tax Time Bomb
A key lesson within EVERY tax surprise Within each tax surprise is a common lesson. Here is an actual story that cost $24,000 and a lesson for everyone. What follows is a true story. A story with a sad ending. But one that has a lesson for everyone. Stick with the story, with a high …
The Marriage Penalty: Alive and Well in the Tax Code
Couples filing jointly still get the short end of the stick There are a lot of positive things about getting married, but the IRS' marriage penalty isn't one of them. The marriage penalty occurs when you pay more tax as a married couple than you would as two single filers making the same amount of …
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You Owe Us, Not Them!
State tax authorities clamp down If you work remotely in another state or are thinking about changing your residence from one state to another, you may be caught in the middle of a major state tax audit. If you keep a home in your original state or you later decide to return, you could have …
The Tax Impact as Your Children Grow Up
Prepare now for potential income tax hits As your children grow older, you can easily be surprised by a larger tax bill. To help ease the possible burden, consider these tax implications as your dependent children age. A higher tax bill in your future At age 6: Loss of excess Child Tax Credit. In 2021, the …
Tax Planning with Mutual Funds
Ten ideas to maximize the benefits of your investments Mutual funds benefit from the long-standing belief that they allow investors to diversify their holdings without buying individual stocks. But to the unwary investor, tax surprises are abound. From a tax planning viewpoint, here are some great mutual fund tips. Most of these tips assume your …
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