Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
What everyone needs to know Recent tax legislation includes new provisions that allow for the establishment of new investment accounts for children ages 18 or younger. The goal of the account is to have funds available for them when they become adults. While not yet available to create, news out of the IRS in early …
Continue reading IRS Updates Regulations for New Trump Accounts
What you need to know For years, the tax code trend was to reduce the amount of interest that may be deducted on your tax return. Until recently, it really only allowed interest deductions as an itemized deduction on qualified residences and vacation property. That is changing now with the passage of the OBBB Act …
Review and act NOW! In late September, the Treasury Department presented a list of preliminarily-approved occupations that will qualify for the new federal tax-free tip income provision on 2025 tax returns. Here is what you need to know. Background As part of the One Big Beautiful Bill Act (OBBBA), qualifying tip income will not be …
Continue reading Tentative Tax-Fee Tip Occupations Announced
With the passage of the One Big Beautiful Bill Act (OBBBA) of 2025, there's the ability to receive a deduction for overtime pay from your federal tax obligation. Here's a recap of the rule and several tax tips to ensure you receive the full benefit of the deduction. The Tax Law Change From 2025 through …
What everyone should know The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know. The Changes Personal exemptions are gone! First and foremost, the law …
Continue reading Personal Exemptions gone plus $6,000 new Deduction
What you need to know The One Big Beautiful Bill Act (OBBBA) makes tip income tax-free. But as with any new tax law, the fine print matters, and some of these details still need clarification. Here is what you should know. The basic facts From January 1, 2025 through December 31, 2028 you can deduct …
What you need to know With the passage of the One Big Beautiful Bill Act or OBBBA, many of the temporary tax laws set to expire at the end of 2025 have been made permanent. This week's tip summarizes the changes to several of the more popular deductions and credits, while the tax tips over …
The requirement to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is now not to be actively enforced or fined per recent announcements from the US Treasury and FinCEN. Background The Corporate Transparency Act requires most small businesses to file a report on FinCEN.gov to report their owners with confirmed identification, or face substantial …
Continue reading ALERT: Small Business Beneficial Ownership Reporting Update
During the recent chaos of Federal employment moves over the past couple of weeks, two actions will impact how filing your tax return this year could go and how to prepare accordingly. Voluntary termination After being offered voluntary termination, approximately 75,000 employees across all departments of the federal government took up the executive branch’s offer. …
PLUS: Small Business FinCEN Update! In its most recent annual report to Congress, the Taxpayer Advocacy Service outlines troublesome trends it sees in the processing and administration of tax returns and taxpayer support. By law, the National Taxpayer Advocate’s report must identify the 10 most serious problems taxpayers face in their dealings with the IRS …
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