Now What? For some reason, some believe it's better to receive than to give when it comes to filing taxes. While that may help your savings account, it's not always a great idea. Here's why. You are the bank. You are giving the IRS an interest-free loan. And now with higher interest rates, you could be …
Category: Planning
Be Prepared. Audits Still Happen.
Better to be surprised now than during an audit Before you file away your tax return and all its related records, now is the time to make a final review of the material. This can be in either paper or digital form as long as you know where it is, it's securely stored, and you …
Age (not death!) and Taxes
Age does matter, when it comes to tax obligations One of the elements that make our Federal Tax Code so hard to follow is that different laws apply to you based on you or your dependents’ age. To help you navigate through some of this maze, here is a chart that outlines key ages and …
Leveraging Kiddie Tax Rules
PLUS: Small Business Judicial ALERT Tip Category: Planning The beginning of each year is a great time to start next year's tax planning. One area to help reduce your tax obligation, that benefits from an early in the year start, is leveraging your kids to the fullest using the kiddie tax rules. Background The term kiddie …
Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
Is there a taxable income reduction idea you can use? Tip Category: Planning Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its …
Continue reading Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
15 Year-End Tax Tips
Tip Category: Planning At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. Pay attention to your itemized deduction limit to ensure your deduction …
Estate Taxes: What EVERYONE Should Know
Tip Category: Planning 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 most recent change is scheduled to take place after 2025. The best …
Reminder: Third Quarter Estimated Taxes are Due
Now is the time to make your estimated tax payment Tip Category: Planning 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: Monday, Sept. 16, 2024 You are required …
Continue reading Reminder: Third Quarter Estimated Taxes are Due
A Dozen Tax Planning Triggers
Tip Category: Planning Now is the tax planning season. Those that treat tax filing as an event and not a process often are the ones paying more than they need. So how do you go about moving from the event to planning? By looking at triggers that should stimulate a discussion. Here are some of the …
Five Big Tax Mistakes
Don't let them happen to you! Tip Category: Planning 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 …
Velisa Bookkeeping Services LLC 