DeFreitas & Minsky Accounting Blog

5 Small Business Tax Credits that Add up to Big Savings

Posted by thallissey on Apr 19, 2017 10:00:00 AM

Tax preparation is a complex process for small business owners. As a result, many first-time filers or even some experienced executives miss out on big tax credits. Before you file your tax return or plan a big business expense, learn more about how these tax breaks could help your company financially.

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Topics: Business Accounting, IRS

How to Get More Personal Tax Preparation Done in Less Time

Posted by thallissey on Apr 5, 2017 10:00:00 AM

Since the tax deadline clock is ticking, it’s time to get to get down to business. Even if you haven’t done any tax preparation yet, it’s still not too late. Our five tips will help you get everything done by April 18.

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Topics: Tax Planning, Tax Returns, IRS

Tax Questions: Who you can and can't Claim as a Dependent

Posted by thallissey on Mar 21, 2017 10:00:00 AM

While it may seem simple, there are many rules to who you can and can’t claim as a dependent. Since each qualified dependent can reduce your taxable income by more than $4,000, it’s worth examining to see if you qualify. These answers to typical tax questions about dependents will tell you everything you need to know.

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Topics: Tax Laws, Financial Planning, IRS

How to Handle Stress before the Tax Return Deadline

Posted by thallissey on Mar 8, 2017 10:00:00 AM

Tax season can be a trying time for many Americans. Individuals and business owners often have a lot on their plate as they scramble to meet the tax return deadline. If you are one of those people experiencing a high level of stress, these three tips can help make tax time less taxing.

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Topics: Tax Planning, Tax Returns

Simple Answers to all your Payroll Tax Questions

Posted by thallissey on Feb 21, 2017 10:00:00 AM

Small businesses often perform bookkeeping and payroll tax duties in house to cut costs. But, many make mistakes that cost them time and money. According to one survey, 26 percent of small businesses spend three to five hours a month on these type of tasks. This time can add up significantly over the course of a year.

If you are new to payroll or could use a refresher, our answers to common questions will help guide you through the process.

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Topics: Business Accounting, Tax Planning

Learn the Warning Signs of IRS Identity Theft

Posted by thallissey on Feb 7, 2017 10:00:00 AM

IRS identity theft happens every day, even to the most careful Americans. However, there is no need to lose sleep at tax time. If you know these warning signs, you can better protect yourself from financial crimes.

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Topics: IRS scams

A Taxpayer's Handbook to the Home Office Deduction

Posted by thallissey on Jan 17, 2017 10:00:00 AM

If you use your house as your office, there are many tax write-offs worth knowing about. The home office deduction allows you to deduct certain household expenses, like a business telephone line or the maintenance of an office.

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Topics: Financial Planning

2017 Tax Season Dates and Deadlines to Know

Posted by thallissey on Jan 3, 2017 10:00:00 AM

Tax season is just around the corner. This year, the IRS will begin accepting paper and electronic tax returns on Monday, Jan. 23, 2017. However, the final deadline for filing is not until Tuesday, April 18, 2017.

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Topics: Tax Planning, Tax Returns

Simple Steps to Smarter Business Succession Planning

Posted by thallissey on Dec 18, 2016 10:00:00 AM

Smart business owners are always looking ahead into the next quarter or next year, but too many of them overlook how they will exit their company with succession planning. As a result, only about 30 percent of small businesses successfully transition from the first to the second generation.

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Topics: Tax Planning

5 Tax Return Tips for Newlyweds

Posted by thallissey on Dec 7, 2016 10:00:00 AM

As a newlywed, you anticipate change, but you often don’t realize that your new marital status impacts tax return preparation, too. Before tax time approaches, it’s important to make several adjustments. From names changes to filing status and everything in between, this is what you need to know to get ready for tax season.

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Topics: Financial Planning, Tax Planning, Tax Returns