Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know. 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. …
Category: Miscellaneous
Are You a Contractor or Employee? – Knowing the difference is very important
A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference. Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states …
Continue reading Are You a Contractor or Employee? – Knowing the difference is very important
Reminder: Fourth Quarter Estimated Taxes Now Due – Now is the time to make your estimated tax payment
Plan now to make your 4th quarter estimated tax payment. 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 2020 fourth quarter due date is now here. Due date: Friday, January 15, 2021 You are required to …
Gone Phishing?
Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know.Phishing requires baitPhishing is the act of creating a fake e-mail or website that looks like …
5 Reasons to Outsource Your Accounting
Here are five reasons to outsource an accountant for you small business: 1. Saves You Money Saving money is arguably the number one reason why you should outsource your small business accounting services. With outsourced accounting services, you don’t need to worry about renting extra office space to house the accounting department or purchasing accounting …
Great Cost Cutting Ideas for Small Businesses
Cutting business expenses is a necessity for all companies, but especially now with the uncertainty caused by the ongoing pandemic. Here are some ideas to help tighten your belt, outside of the tough personnel decisions. Credit card interest rates. Interest rates are at historic lows and all your debt facilities should be reflecting this new rate …
Continue reading Great Cost Cutting Ideas for Small Businesses
IRS Releases Key 2021 Tax Information
The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the income brackets …
Tips to Organize Your Tax Records Creating order out of chaos
As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive 1099 tax form or charitable deduction …
Continue reading Tips to Organize Your Tax Records Creating order out of chaos
Social Security Benefits Increase in 2021
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go up. The …
Fed opens up Main Street loans to smaller businesses
The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage provision of the smaller loans, the board waived transaction fees for all …
Continue reading Fed opens up Main Street loans to smaller businesses
Velisa Bookkeeping Services LLC 