DeFreitas & Minsky Accounting Blog

The Tax Cuts and Jobs Act Streamlines Income Tax Preparation

Posted by thallissey on Oct 17, 2018 10:00:00 AM

The recent tax code changes will go into full effect this coming tax season. While there is likely to be some confusion, income tax preparation may actually be easier for millions of individuals. The IRS estimates that the average time to complete an individual tax return will decrease by four to seven percent this year.

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Topics: Tax Returns, IRS, Tax Deductions

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

Why you should Check your Income Tax Withholding Today

Posted by thallissey on Mar 7, 2018 10:00:00 AM

Although the recent Federal tax overhaul probably padded your paycheck a little, your old tax withholding form could cause you to receive a financial surprise when you submit your 2018 tax return.

“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter.

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Topics: IRS, Tax Returns, 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 Returns, Tax Laws, Tax Planning

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

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: IRS, Tax Returns, Tax Laws

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 Returns, Tax Laws, 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

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

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 Returns, Tax Planning

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