DeFreitas & Minsky Accounting Blog

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

Congress Approves 2015 Tax Extenders Act

Posted by thallissey on Dec 30, 2015 2:13:25 PM

In late December, Congress approved the Tax Extenders Act, which makes many temporary individual and business tax breaks permanent. The $680 billion in tax incentives benefits small businesses, parents and students, among others.

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Topics: Tax Laws, Tax Planning

When Do I Need to File an Estate Tax Return?

Posted by Nick Gaffney on Dec 7, 2015 9:00:00 AM

Since the laws that govern estate taxes are constantly changing, it’s hard to provide a concrete explanation of when a state tax return should be filed. Filing an estate tax return is confusing enough as it is, and the inconsistency of estate tax laws only worsens the headache. With the following information, we hope to educate you on when and how to file an estate tax return.

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Topics: Tax Laws, Estate Tax

How Do I Adjust My Tax Withholding?

Posted by thallissey on Nov 5, 2015 11:08:37 AM

how do i adjust my tax withholding

Is your take-home pay smaller than you would like it to be? Or, do you typically owe the government a large sum at year’s end? There is a quick fix to these problems: adjusting your tax withholding. If you are one of many who wonder: how do I adjust my tax withholding? We have the answer.

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Topics: Tax Laws, Financial Planning, Tax Planning

Is it Time to Change Your Tax Withholding Code?

Posted by thallissey on May 28, 2015 8:52:33 AM

tax withholding

Every so often, it pays to update your tax withholding code to avoid owing a big tax bill at year’s end. Otherwise, you are essentially loaning the government your hard-earned money at zero interest. Especially if you’ve gotten married or had a baby in the last year, consider updating your information with the IRS today.

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Topics: Tax Laws, Financial Planning, Tax Planning

Learn to Recognize the 3 Most Common IRS Scams

Posted by thallissey on May 15, 2015 9:11:56 AM

irs scams

Around tax season, it’s important for everyone to remain vigilant with protecting personal data because of an increasing number of IRS scams nationally. By learning these warning signs now, you can avoid becoming the next victim.

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Topics: Tax Laws, Financial Planning

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