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: Tax Laws, Tax Planning, Tax Deductions, IRS

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

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

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

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

IRS Holding over $1 Billion in Unclaimed Income Tax Refunds

Posted by thallissey on Jun 9, 2017 10:00:00 AM

If you haven’t claimed an old income tax refund check in the past few years, you might be in luck. The IRS may still be holding on to your money. Anyone is eligible to claim a tax refund up to three years after the filing date.

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Topics: Tax Laws, 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 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

Vacation Rental Tips: Tax Deductions for Property Owners

Posted by thallissey on Jun 21, 2016 10:00:00 AM

Whether you rent out your second home for a week or all-year-round, you are eligible for certain tax deductions. Before next April 15, increase your summer tax savings by taking advantage of these vacation rental tips.

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Topics: Tax Laws, Tax Planning

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