Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Here's an area of the tax code that surprises many with a larger tax bill. Tip Category: Miscellaneous One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation …
Continue reading Understanding Tax Terms: Depreciation Recapture
Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two. Tip Category: Miscellaneous Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct …
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
Not all income is the same in the eyes of the tax code Tip Category: Your Income The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term unearned income. Unearned income is often defined as anything that is not earned income. If you …
Tip Category: Retirement If you contribute too much money into your IRA during the year, how do you correct the problem without facing a tax penalty? Here are some tips. Remember the annual limits 2023 Annual IRA contribution limits $6,500 per individual $7,500 per individual if age 50 or older ($1,000 catch up provision) This …
What to do if you miss a quarterly estimated tax payment Tip Category: Miscellaneous Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as …
What everyone should know Tip Category: Your Income When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know. Prizes and taxes Prizes are …
These tips are money in your pocket Be prepared. The moto of the boy scouts AND your motto when in comes to an IRS audit. Here's what to do. Tip Category: The Audit When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here …
The IRS is eliminating most unannounced revenue officer visits. This is what that means for you. Tip Category: What's New The IRS recently announced a major policy change that it will end most unannounced revenue officer visits to taxpayers. This announcement is being picked up by all the major news outlets, but as is usually …
Continue reading IRS Ends Unannounced Revenue Officer Visits
Not always needed or wise To amend or not amend. That is the question...and the answer is not always obvious. Read on. Tip Category: Audit There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you …
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