Time is short to file your S corporation or partnership tax return. The due date is March 15. Here's why you need to file on time. Tip Category: Miscellaneous March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing …
Category: Miscellaneous
Common Missing Items = DELAYS
Review these common causes of filing delays Tip Category: Miscellaneous Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year's tax return, make a list of W-2s and 1099s. Then use the list to ensure they are received …
IRS Identity Theft Season Begins Now
Now is the time for tax-related identity theft. Be on alert! Tip Category: Miscellaneous Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the …
Reminder: Fourth Quarter Estimated Taxes Now Due
Now is the time to make your estimated tax payment Tip category: Miscellaneous 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 4th quarter due date for the 2023 tax year is now here. Due date: Tuesday, …
Continue reading Reminder: Fourth Quarter Estimated Taxes Now Due
Know What the IRS Knows About You
Here is how you can find out... Tip Category: Miscellaneous There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, filing past year tax returns, or simply getting a copy of tax records for your files. A great place …
Tax Planning Triggers
When to know to conduct a tax review Tip Category: Miscellaneous Here are some tips that should trigger you to conduct a full tax planning session to ensure your tax bill next year is not higher than it needs to be. 1. You owed tax last year. If you have not adjusted your withholdings, you could …
Understanding Tax Terms: Depreciation Recapture
Here's an area of the tax code that surprises many with a larger tax bill. Tip Category: Miscellaneous One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation …
Continue reading Understanding Tax Terms: Depreciation Recapture
Deduct Business Meals the Right Way
Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two. Tip Category: Miscellaneous Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct …
A Tip to Avoid Late Payment Penalties
What to do if you miss a quarterly estimated tax payment Tip Category: Miscellaneous Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as …
How to Reduce Your Property Taxes
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible. Tip Category: Miscellaneous Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth. What is happening …
Velisa Bookkeeping Services LLC 