by DeFreitas & Minsky | May 28, 2015 | Financial Planning, Tax Laws, Tax Planning
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,...
by DeFreitas & Minsky | Apr 28, 2015 | Business Accounting, Financial Planning, Tax Laws, Tax Planning
Small restaurants, if they last any length of time, are always super busy preparing and serving meals, pouring drinks and cleaning up the mess. With customers continually coming in and out, a small restaurant owner’s time is at a premium. But when it comes to...
by DeFreitas & Minsky | Apr 23, 2015 | Business Accounting, Financial Planning, Tax Laws
Businesses and individuals begrudgingly pay interest, because it appears little is to be gained. This is not entirely true. Interest expense, in certain cases, is tax-deductible. Shown on an income statement, interest expense is defined as the interest payable on any...
by DeFreitas & Minsky | Apr 21, 2015 | Tax Laws, Tax Planning
It’s a common misconception that the IRS has the power to audit anything or anyone at any time. By law, the IRS audit statute of limitations expires after three years. However, certain important exceptions you should know about can extend that audit window...
by DeFreitas & Minsky | Apr 5, 2015 | Financial Planning, Tax Laws, Tax Planning
Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds....
by DeFreitas & Minsky | Apr 2, 2015 | Business Accounting, Tax Laws
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers. IRS Audit Myths Debunked Since IRS audits are very rare, most honest taxpayers are already in the clear without knowing it. Only...
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