If you use an installment sale to sell property, you may save on taxes by spreading out the tax over a number of years. But be careful! If not properly planned, you may have a nasty tax surprise. If you use an installment sale to help sell property, you can benefit from tax deferral and …
Author: Velisa Bookkeeping Services LLC
Time for a Checkup – Are you withholding enough for your taxes?
With all the changes last year, now is a great time to conduct a tax checkup, especially since their is still time to make adjustments. As we enter mid-year, it's a good time to check your tax withholdings to ensure you haven't been paying too much or too little. This is especially true if your …
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Borrowing Money from Your 401(k) – Good idea? …not so much
Considering loaning yourself money from your retirement account? Read this first! For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan …
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Client Update Newsletter: July 2021
Ideas to Lower Your 2021 Tax Bill Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So consider investing in …
The Household Employee Problem
Don't get caught by the nanny tax This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Could you be impacted? This is what you need to know. Nanny tax explained In an effort to capture income from household employees, the tax code requires you to …
Advanced Child Tax Credit Payments Staring NOW! What everyone should know
Advance Child Tax Credit payments in July. This could be great. It could also create a mess for your family when filing taxes at the end of the year. Here is what you need to know. The American Rescue plan signed in March, 2021 requires the IRS to pay out ½ of enhanced Child Tax …
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Tax & Business Newsletter: June 2021
Here are several tax planning moves to consider this summer for your business. Also read about why a buy-sell agreement is a document you'll want to have for your business. Tax planning for small businesses isn’t restricted to the end of the year. There is plenty you can do in the summer months to reduce …
Turning Your Hobby Into a Business
Hobby or business? You might be surprised by the tax savings in your future if you get this one right. You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a …
Tax Planning Insights: June 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. 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. …
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 …
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