Velisa Bookkeeping Services, a dedicated and reliable Accounting and Tax firm, serving Maryland since 2017.
Now is the time to pay your taxes AND make your estimated tax payment. Both your individual tax return AND first quarter estimated tax payment are due. Here is what you need to know. First quarter due date: Tuesday, April 15, 2025 The estimated tax payment rule You are required to withhold or prepay throughout …
Continue reading It’s Tax Time! Don’t Forget 1st Quarter Estimated Payments.
Understand the options and costs As the payment alternatives continue to evolve in the economy, so too are the payment options available to you to pay your tax bill. Here is what's available to you this tax filing season along with each option's related costs. Various payment methods to pay taxes 1. Electronic funds withdrawal. This …
Here are some of the common causes Wondering why your tax return is not finished? The delay can often come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing statements. This includes all W-2s and 1099s, including any related to gambling …
Here are seven tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling winnings. If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the amount you won, save copies and records of any gambling …
The requirement to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is now not to be actively enforced or fined per recent announcements from the US Treasury and FinCEN. Background The Corporate Transparency Act requires most small businesses to file a report on FinCEN.gov to report their owners with confirmed identification, or face substantial …
Continue reading ALERT: Small Business Beneficial Ownership Reporting Update
Voluntary tax compliance is measured While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is a voluntary. In other words, the tax code is defined, we are given due dates, and the government …
During the recent chaos of Federal employment moves over the past couple of weeks, two actions will impact how filing your tax return this year could go and how to prepare accordingly. Voluntary termination After being offered voluntary termination, approximately 75,000 employees across all departments of the federal government took up the executive branch’s offer. …
PLUS: Small Business FinCEN Update! In its most recent annual report to Congress, the Taxpayer Advocacy Service outlines troublesome trends it sees in the processing and administration of tax returns and taxpayer support. By law, the National Taxpayer Advocate’s report must identify the 10 most serious problems taxpayers face in their dealings with the IRS …
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit, this is an often disallowed deduction, despite the fact that you actually drove the distance claimed. How can you make sure this …
What to do to fix this thorny problem It's sometime in February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they …
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