DeFreitas & Minsky Accounting Blog

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Tax Reform could cause your Property Tax Bill to Spike

Posted by thallissey on Apr 18, 2018 10:00:00 AM

The recent Federal tax reform package could significantly cut into your tax refund next year. The Tax Cuts and Jobs Act greatly reduces the amount of property tax a homeowner is eligible to deduct in 2018.

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Topics: Tax Laws, Tax Deductions, IRS

5 Deductible Business Expenses every Owner can Claim

Posted by thallissey on Apr 4, 2018 10:00:00 AM

If you run a business, you know expenses pile up quickly. But, the good news is that you can get some of that money back. Companies that turn a profit are eligible to claim many deductible business expenses come tax time.

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Topics: Tax Deductions, Tax Returns

How to Calculate Taxable Income for your Business

Posted by thallissey on Mar 21, 2018 10:00:00 AM

A business’ taxable income is the portion of its profits that are subject to Federal and State income tax. This can be calculated by subtracting permissible tax deductions from gross sales. It’s an important figure to know, because it helps you determine how much of your business’ profits you will ultimately be able to keep.

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Topics: Business Accounting

Why you should Check your Income Tax Withholding Today

Posted by thallissey on Mar 7, 2018 10:00:00 AM

Although the recent Federal tax overhaul probably padded your paycheck a little, your old tax withholding form could cause you to receive a financial surprise when you submit your 2018 tax return.

“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter.

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Topics: Tax Planning, Tax Returns, IRS

A Homeowners' Guide to the New York State STAR Credit

Posted by thallissey on Feb 27, 2018 10:00:00 AM

If you are a new homeowner or have never applied for the New York State STAR credit, you may be able to save hundreds of dollars on your next tax bill. The state School Tax Relief Program, also known as the STAR Program, is a school tax rebate program that annually reduces homeowners’ school district property taxes on their primary residences.

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Topics: Tax Laws, Tax Planning

New York State Income Tax Guide for Individual Filers

Posted by thallissey on Feb 6, 2018 10:00:00 AM

If you live in New York, you must pay state income tax to support municipal services. Although New York State’s personal income tax is structured similarly to the Federal income tax, it has its own tax rates and brackets.

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Topics: Tax Laws, Tax Planning, Tax Returns

Sole Proprietorship Taxes: What you Need to Know

Posted by thallissey on Jan 23, 2018 10:00:00 AM

A sole proprietorship is the simplest type of company to start and operate. It is an unincorporated business owned by one individual in which there is no legal separation between the company and the owner. Sole proprietorships are also known by the IRS as “pass-through” entities, which means that business revenue passes through the company and are taxed as personal income. Sole proprietorship taxes are relatively simple to calculate, but there are several important things you need to know before you file.

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Topics: Tax Planning, Tax Deductions, Tax Returns, IRS

5 Changes that Affect your 2018 Federal Income Tax Return

Posted by thallissey on Jan 9, 2018 10:00:00 AM

There were several important updates to the tax code in 2017, which could affect your Federal income tax return preparation. From tax bracket adjustments to higher available standard deductions, these new laws could mean a larger tax refund check in 2018.

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Topics: Tax Laws, Tax Returns, IRS

2018 Business Tax Return Checklist

Posted by thallissey on Dec 20, 2017 10:00:00 AM

As the book closes on 2017, it’s time to time to think about taxes again. If you own a business, you will need to start preparing your paperwork soon. Whether you choose to hire a local accountant or not, this business tax return checklist provides an overview of what you will need to have in hand.

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Topics: Business Accounting

The Best Finance Books to give Long Island Business Leaders

Posted by thallissey on Dec 6, 2017 10:00:00 AM

Books are always a great holiday gift, but it’s never easy to find a quality read. If you have a business leader on your shopping list, you could impress them with one of these three best finance books of all time.

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Topics: Networking

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