Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax return. Don’t be too hard on yourself if …
Author: Velisa Bookkeeping Services LLC
SBA, Treasury to publish names of some PPP loan recipients
The U.S. Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program (PPP) loans of $150,000 or more. In a news release issued Friday night, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said they had reached an agreement with the bipartisan …
Continue reading SBA, Treasury to publish names of some PPP loan recipients
Tax Tips to Aid in Retiring Early
Wouldn’t it be nice to check out of the workforce early and not have to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. Here are some tax tips that could help you …
Tax Planning Insights
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. …
Estate Taxes: What EVERYONE Should Know
Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the estate tax. …
Common Tax Filing Mistakes
With the tax filing extension giving you until July 15th to file your return, it is easy to overlook ways to avoid receiving a letter from the IRS. Here are some of the most common tax filing mistakes: Forgetting a W-2 or 1099. The IRS does an effective job comparing W-2s and 1099s they receive from …
Think Before Tapping 401(k) as Emergency Fund
Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as …
Continue reading Think Before Tapping 401(k) as Emergency Fund
2020 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?
The Treasury Department and the IRS have officially extended the federal income tax filing due date from April 15, 2020, to July 15, 2020. At this time, refunds are still being processed on schedule according to the United States Department of Treasury. The IRS started accepting returns on January 27th, 2020. Most refunds will be issued by the IRS in less …
Continue reading 2020 Refund Schedule: How Long Do I Have to Wait Until I Get My Tax Refund?
6 Tips to Avoid Common Payroll Mistakes
1. Carefully set up your payroll system and update it regularly Take the time to input correct employee information, tax withholding amounts and payment information. By doing this, you'll avoid paying the wrong amount to employees and stay away from errors in the long run. 2. Pay your employees on time If you want to …
IRS offers guidance for farmers on small-business tax break
The Internal Revenue Service and the Treasury Department released guidance Friday to help farmers deal with a provision of the Tax Cuts and Jobs Act and reduce their taxes by leveraging a tax break for small businesses. The 2017 tax law included a provision that exempts small business taxpayers from the capitalization rules under Section …
Continue reading IRS offers guidance for farmers on small-business tax break
Velisa Bookkeeping Services LLC 