Now is the time to plan next year's retirement contributions. Here's what you need to know. Tip Category: Planning As part of your planning for next year, now is the time to review funding your retirement accounts in 2024. Recent cost of living calculations means much higher contribution limits for next year. Plus the higher …
Category: Planning
Selling Property to Family Creates Tax Complications
Sales to related parties, like children, grandchildren and siblings can cause tax trouble if you aren't careful. Before you act, call to discuss the specifics of your transaction. Tip Category: Planning Selling property to a family member or loved one is deemed a related party transaction by the IRS. If contemplating a transaction like this, …
Continue reading Selling Property to Family Creates Tax Complications
Surprise! The Mutual Fund Tax Trap
Surprise! The Mutual Fund Tax Trap Tip Category: Planning Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does …
Tax Efficient Retirement Requires Planning
Large retirement account balances can cause tax problems Tip Category: Planning Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach age 73, the trigger requiring minimum distributions (RMDs) from qualified retirement …
Employee Tax-Free Income
Take advantage of all tax-free ideas. Many of them come from your employer. Here are a few to consider. Tip Category: Planning While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of …
Reminder: Third Quarter Estimated Taxes 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: Friday, Sept. 15, 2023 You are …
Continue reading Reminder: Third Quarter Estimated Taxes Due
Tax Tips for Those Getting Married
Know someone getting married? Send them this tip now. Tip Category: Planning If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by filling …
Reminder: Second 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 second quarter due date is now here. Due date: Thursday, June 15, 2023 You are required …
Continue reading Reminder: Second Quarter Estimated Taxes Are Due
New College Savings Option
Wow! Now there is a way to help a student without impacting their federal aid package. Here's how to do it. Tip Category: Planning Beginning in 2023 there is a new way to save money for college that won't impact your student’s ability to qualify for financial aid. This change is in the 529 college …
Improve Next Year’s Tax Situation Now!
Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year's tax bill is optimized by not paying a dollar more than necessary. Tip Category: Planning Whether you receive a big refund or pay your taxes on tax day, taking action now can ensure next year’s tax …
Velisa Bookkeeping Services LLC 