DeFreitas & Minsky Accounting Blog

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

Simple Answers to all your Payroll Tax Questions

Posted by thallissey on Feb 21, 2017 10:00:00 AM

Small businesses often perform bookkeeping and payroll tax duties in house to cut costs. But, many make mistakes that cost them time and money. According to one survey, 26 percent of small businesses spend three to five hours a month on these type of tasks. This time can add up significantly over the course of a year.

If you are new to payroll or could use a refresher, our answers to common questions will help guide you through the process.

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Topics: Business Accounting, Tax Planning

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 Planning, Tax Returns

Simple Steps to Smarter Business Succession Planning

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

Smart business owners are always looking ahead into the next quarter or next year, but too many of them overlook how they will exit their company with succession planning. As a result, only about 30 percent of small businesses successfully transition from the first to the second generation.

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Topics: Tax Planning

5 Tax Return Tips for Newlyweds

Posted by thallissey on Dec 7, 2016 10:00:00 AM

As a newlywed, you anticipate change, but you often don’t realize that your new marital status impacts tax return preparation, too. Before tax time approaches, it’s important to make several adjustments. From names changes to filing status and everything in between, this is what you need to know to get ready for tax season.

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Topics: Financial Planning, Tax Planning, Tax Returns

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

How to Get Organized Before Tax Time

Posted by thallissey on Nov 8, 2016 10:00:00 AM

Every year, millions of Americans scramble to meet the tax deadline. Due to a lack of personal financial planning, tax time becomes more painful than it has to be. These taxpayers may spend hours searching for things like receipts or tax identification numbers right before April 15.

If this scenario sounds familiar to you, following our simple tax tips will help make your life a whole lot easier.

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Topics: Financial Planning, Tax Planning

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

Organize your Finances with our Spring Cleaning Checklist

Posted by thallissey on May 4, 2016 10:00:00 AM

The end of tax season is the best time of year to clean your financial house. Our spring cleaning checklist has suggestions for filing, budgeting and more, which will help you get organized for the next fiscal year.

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Topics: Financial Planning, Tax Planning

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

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