DeFreitas & Minsky Accounting Blog

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

How to Control your Holiday Spending Habits

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

Holiday spending is an area that can easily break your budget. In fact, the average American spends nearly $1,000 on gifts for friends and loved ones during the holiday season. However, much of these runaway expenses can be reined in with a little pre-season planning.

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Topics: Financial Planning

How to Improve Data Security at your Small Business

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

In the wake of the massive Equifax breach, data security has become a major issue small businesses cannot afford to ignore. According to one survey, 61 percent of those companies who fell victim to cyberattacks in 2016 had less than 1,000 employees. If you think your business might be vulnerable, there are many steps you can learn to take to protect your data.

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Topics: Business Accounting

Definitive Signs your Business needs a Certified Accountant

Posted by cmcgorty on Oct 19, 2017 10:00:00 AM

When a small business starts out, bookkeeping may not seem like a difficult task. But as your business evolves and your client base expands, you may not have the necessary time, money or know-how to properly manage it all. At a certain point, any growing company should seriously consider hiring a full-time certified accountant. Besides payroll and tax returns, they can be of great assistance when it comes to compliance and legal issues.

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Topics: Business Accounting, Tax Laws, Tax Planning

The Best Finance Apps to use for Personal Money Management

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

All the tools you need to manage your money are in the palm of your hands. Today, there are a growing number of apps available that help with personal financial planning and more. From Mint to Acorns to HomeBudget, today’s best finance apps help you track the flow of your money on the go.

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Topics: Financial Planning

How Savvy Companies Avoid Check Fraud Scams

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

Chase bank has called check fraud “one of the greatest challenges facing business today.” With more than 500 million checks forged every year, this fast-growing problem is estimated to cost the American financial system $10 billion annually, according the National Check Fraud Center. Despite these sobering statistics, many businesses still do not have an effective fraud-prevention strategy. If you may be one of these vulnerable businesses, use these tips to safeguard your bank account.

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Topics: Business Accounting

Timeless Tips to Build Financial Stability in Retirement

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

Every working American dreams of a comfortable retirement. Unfortunately, far too many people fail to develop a strategic plan to make financial stability in their golden years a reality.

If you are like many Americans who are concerned about retirement but don’t know what to do about it, you should know it’s never too late to begin planning. These seven tips will give you a head start.

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Topics: Financial Planning, retirement

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