Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
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 …
Establishing strong credit is a must for many small businesses. Companies with consistently robust credit scores reap significant benefits including favorable repayment terms, quicker lease approvals, and ready-access to working capital. Bolster your business credit rating by considering the following 5 Ds: Detailed plan. Step one of building credit is convincing a lender that your company …
Is it always a good idea to amend your tax return if you find an error? 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 always file an amended return? Here are some things …
Prepare for an IRS audit despite a low risk for getting selected. In 2018, the most recent year for which the IRS has released information, you have a 0.05% chance of getting audited if you make more than $1 million. In comparison, if you made more than $1 million in 2010, you had a 9.72% …
Continue reading Don’t Let Plummet in IRS Audits Lead to Complacency
The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. For those contributing to Social Security through wages, the potential maximum income subject …
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee's portion of Social Security will raise your paycheck temporarily until January, 2021. Beginning in 2021, the …
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