The IRS lays it all out As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government's fiscal year ending September 30, 2023, …
Category: Sin categoría
An Earnings Report Review is For Everyone!
It is now easier than ever to check your report Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit. Ignoring is problematic …
Contractor versus Employee
Knowing the difference is very important As informational tax forms start flowing in, you are reminded to review the forms and determine the correctness of the form. One of the keys is whether your employer (or contractor) sends you the correct form. Getting it wrong could cost you plenty in the way of Social Security, …
Understanding the Home Gain Exclusion
When is a tax planning session essential? Tip Category: Deductions One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) …
Babies and Children. Tax Tips Everyone Should Know
Especially parents, grandparents and relatives Tip Category: Deductions For parents, challenges come from every direction – feeding times, car seats, sleep schedules, strollers, child care and of course ... taxes. What most parents do not consider is that these bundles of joy complicate their tax situation! Whether you are a parent, grandparent, or know someone …
Continue reading Babies and Children. Tax Tips Everyone Should Know
This Estate Planning Mistake Could Cost You Thousands
While you may never need to worry about forking over an estate tax payment to the federal government, there is a financial trap hidden within your estate that could bite you big time. Spend a few minutes with the following example to see where you could get tripped up by a simple mistake that could …
Continue reading This Estate Planning Mistake Could Cost You Thousands
IRS releases final rules on Business Meals and Entertainment
The IRS on Wednesday issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of …
Continue reading IRS releases final rules on Business Meals and Entertainment
Lenders will not file Form 1099-C for forgiven PPP loans
o prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). The PPP was created under the Coronavirus Aid, Relief, and …
Continue reading Lenders will not file Form 1099-C for forgiven PPP loans
Don’t Run the Risk of a High Tax Bill!
Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking advice …
August 31 is New Deadline to Avoid Distribution Tax Hit
Did you receive a required minimum distribution from a retirement account in 2020? If so, you may be able to return it to another retirement account by August 31 without taking a tax hit. Here is what you need to know: Background on distributions and roll overs You generally must begin taking distributions from IRAs …
Continue reading August 31 is New Deadline to Avoid Distribution Tax Hit
Velisa Bookkeeping Services LLC 