The following dates are based on the tax year 2019, coming due in 2020. January 15 Individual taxpayers’ final 2019 estimated tax payment is due. January 31 File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation …
Q4 Estimated Tax Due day
Now is the time to make your 2019 fourth-quarter.Due day is Tuesday, January 15, 2020.
2020 Mileage Rates
IRS issues 2020 standard mileage rates For business use of a car, van, pickup truck, or panel truck, the standard mileage rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. The standard mileage for medical care …
IRS Announces 2020 Contribution and Benefit Limits
The IRS has announced contribution and benefit limits for 2020. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 …
Continue reading IRS Announces 2020 Contribution and Benefit Limits
Clients Beware: 7 Tax Scams to Watch Out for in 2020
Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …
Continue reading Clients Beware: 7 Tax Scams to Watch Out for in 2020
10 Reasons Why Your Small Business Needs a Bookkeeper
With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …
Continue reading 10 Reasons Why Your Small Business Needs a Bookkeeper
Year-End Payroll Checklist for Small Businesses
December is a time to be festive, relax with friends and family, indulge in delicious holiday-party fare — and, on a more practical note, time to get your payroll in order before the end of the year. Slightly less merry, but equally important! To help ease your burden, please find below ConnectPay’s handy checklist of …
Continue reading Year-End Payroll Checklist for Small Businesses
7 Reasons the IRS Will Audit You
An IRS audit is simply the IRS double-checking your numbers to make sure you don’t have any discrepancies in your return. Sometimes state tax authorities do audits, too. If you’re telling the truth, and the whole truth, you needn’t worry. Nothing is inherently sinister about an IRS audit or state audit. However, people who are consciously cheating …
Tax season is coming soon.-
Call, Tex or email to schedule an appointment.-
Why Is My Tax Refund Delayed?
Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …
Velisa Bookkeeping Services LLC 