DeFreitas & Minsky Accounting Blog

New York Sues IRS over new SALT Cap Deduction

Posted by thallissey on Aug 8, 2018 10:00:00 AM

Last month, New York and three other states filed a federal lawsuit to prevent a reduction in the State and Local Tax (SALT) deduction, which was included in last year’s tax reform package. The new SALT cap, which is part of the 2017 tax reform law, could cost Long Island homeowners thousands of dollars at tax time.

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Topics: IRS, Tax Deductions, Tax Laws, Tax Planning

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: IRS, Tax Deductions, Tax Laws

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

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: IRS, Tax Deductions, Tax Returns, Tax Planning

How to Avoid Tax Overpayment

Posted by thallissey on Nov 22, 2016 10:00:00 AM

Although everyone enjoys receiving a large tax refund from the IRS, it’s usually not the most-sound financial strategy. Each year, many Americans fall victim to tax overpayment by either not adjusting their withholding rate or failing to capitalize on tax credits and deductions. Although there are numerous ways to reduce taxable income, it’s up to taxpayers to realize those savings.

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Topics: Tax Laws, Tax Planning, Tax Deductions

Your Guide to Summer Savings: Terrific Tips and Tax Breaks

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

For many people, summer is a time when spending is at its highest. With vacations, childcare and other seasonal expenses, it’s tough to find summer savings. But rather than cutting into your pleasure spending, take advantage of these terrific tips and tax breaks.

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Topics: Tax Laws, Tax Deductions, IRS

How to Reduce Taxable Income to Boost Retirement Savings

Posted by thallissey on Mar 24, 2016 10:00:00 AM

Financial planning is essential to leading a worry-free retirement. Even if you already have set aside a little money, it’s always smart to increase your retirement savings some more. Our analysis of the benefits of IRAs, 401(k)s and HSAs will show you how to reduce taxable income today.

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Topics: Tax Laws, Tax Planning, Tax Deductions, IRS

Self Employment Tax Deductions: What You Need to Know

Posted by thallissey on Feb 4, 2016 11:12:14 AM

The IRS allows self employed workers to deduct many expenses related to their work, including housing, travel and health insurance. If itemized thoroughly, these deductions can add up to a larger tax return than expected from the government. By practicing a few of our simple self employment tax deduction tricks, business owners and freelancers will be rewarded with a return they can invest for their future.

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Topics: Tax Laws, Tax Deductions, Self Employed

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