DeFreitas & Minsky Accounting Blog

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

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 Long to Keep Tax Records and Financial Documents

Posted by thallissey on Apr 6, 2016 10:00:00 AM

While it may feel good to toss out old paperwork, there is good reason to hold on to financial documents. But, you don’t have to hold on to everything, forever. If you are wondering how long to keep tax records, the short answer is, well, it depends. Let us explain the long answer.

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Topics: Tax Laws, Tax Planning

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

Your Guide to Commonly Overlooked Tax Deductions

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

When it comes to individual tax planning and preparation, the last thing you want to do is leave money on the table. But, it isn’t always easy to find those diamonds in the rough amidst the complexities of the tax code. Our guide to commonly overlooked tax deductions shows you seven possibilities for increasing the size of your tax return.

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Topics: Tax Laws

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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