Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
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
Here is how you can find out... Tip Category: Miscellaneous There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, filing past year tax returns, or simply getting a copy of tax records for your files. A great place …
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 …
You will be surprised how many are impacted Tip Category: What's New In the fourth move in three years, the IRS in late November changed the reporting requirements for Form 1099-K. So why should you care? Well pay attention if you’ve ever sold anything on Amazon or eBay, have ever sold tickets to sporting events …
Continue reading Late Breaking News: New 1099-K Requirements Delayed
When to know to conduct a tax review Tip Category: Miscellaneous Here are some tips that should trigger you to conduct a full tax planning session to ensure your tax bill next year is not higher than it needs to be. 1. You owed tax last year. If you have not adjusted your withholdings, you could …
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 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 …
Your best audit defense Tip Category: Deductions The IRS is being very public about increasing the review of tax returns. The best defense for you is to be prepared before it happens. Here are some suggestions: The one-two punch To prove your deduction, most auditors look for two key documents: receipts and proof of payment. …
Do you know the benefits of municipal bonds? Here is what you should know. Tip Category: Your Income Everybody likes getting something for free, and taxes are no different. If you invest in securities such as municipal bonds (munis) or municipal bond funds, you can generate tax-free interest income. Here is what you need to …
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 …
Velisa Bookkeeping Services LLC 