Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Cutting business expenses is a necessity for all companies, but especially now with the uncertainty caused by the ongoing pandemic. Here are some ideas to help tighten your belt, outside of the tough personnel decisions. Credit card interest rates. Interest rates are at historic lows and all your debt facilities should be reflecting this new rate …
Continue reading Great Cost Cutting Ideas for Small Businesses
When you hear the word audit, what comes to mind? Sharp-eyed accounting nerds digging through business records and interrogating staff? Disruption of your routine at the busiest time of year? Although audits by external accounting firms can be time-consuming and sometimes difficult, firms often reap substantial benefits by identifying and correcting problems before outside auditors …
Continue reading Get Your Business In Shape With an Internal Audit
In a taxpayer-friendly development, the IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct "specified income tax payments" paid to state and local governments above the line and not as passthrough items for partners and shareholders. Notice 2020-75 defines the specified income tax payments as any amount a partnership or an S …
Continue reading Partnerships and S corps. can deduct state and local taxes
The IRS has reintroduced Form 1099-NEC as the new way to report self-employment income instead of Form 1099-MISC as traditionally had been used. This was done to help clarify the separate filing deadlines on Form 1099-MISC and the new 1099-NEC form will be used starting with the 2020 tax year. There is a new tax …
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
The IRS recently announced key tax figures for 2021, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets: There are currently seven tax brackets ranging from 0 percent to 37 percent. Each of the income brackets …
As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself going through piles of paper looking for that elusive 1099 tax form or charitable deduction …
Continue reading Tips to Organize Your Tax Records Creating order out of chaos
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go up. The …
The Federal Reserve Board on Friday announced changes designed to make Main Street Lending Program loans available to smaller businesses and not-for-profits. Specifically, the board reduced the minimum loan amount on three of the five Main Street loan facilities from $250,000 to $100,000. To encourage provision of the smaller loans, the board waived transaction fees for all …
Continue reading Fed opens up Main Street loans to smaller businesses
After setting a Sept. 30 deadline to file for a catchup payment for qualified child dependents who were left off your initial stimulus check, the IRS has decided to give you more time. You'll now have until Nov. 21 to make a claim if you want to receive that money before the end of 2020. This isn't extra …
Velisa Bookkeeping Services LLC 