Mike DiSabatino CPA

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18 IMPORTANT TIPS!

18 IMPORTANT TIPS!

18 IMPORTANT TIPS!

  1. All of the following are under 140 characters for tweets:
  2. May 15 is the deadline for calendar-year nonprofit organizations to file 2013 information returns.
  3. A recent court ruling will limit IRA rollovers to one per year applied to all IRAs owned by the taxpayer, not one per year, per IRA.
  • Large refund or large balance due with your 2013 tax filing? It may be time to adjust your tax withholding.
  • Changing the amount of your tax withholding is as simple as filing a new Form W-4 with your employer.
  • For 2014, the credit for paying health insurance premiums for your employees increases from 35% to 50%. Qualifications apply.
  • Tax-exempt status is automatically revoked if a nonprofit organization fails to file an annual report for three consecutive years.
  • The social security wage base for 2015 is expected to be $118,800, up $1,800 over the 2014 base.
  • Recent study said it takes 7.7 billion hours and $170.4 billion to comply with IRS filing requirements each year.
  • The individual tax code generates the largest paperwork burden, with 199 forms involved.
  • Gifts to individuals, political candidates or organizations are not deductible. To be deductible, gifts must be to a qualified charity.
  • The IRS matches all W-2 income as well as all Forms 1099 reported on your tax return and will contact you about unmatched amounts.
  • The IRS is warning again about fake IRS phone calls. The IRS usually contacts you by mail about any unpaid taxes.
  • If you receive a phone call with threatening language about immediate payment of taxes, you can be sure it is not from the IRS.
  • You could pay the IRS in installments if you owe taxes but can't pay them at filing time.
  • Always contribute the maximum amount to your retirement account that your employer is willing to match. It is FREE money.
  • Meet with your insurance agent at least once a year to determine if you are over or under insured. Events can cause a need to change.
  • The tax and financial aspects of getting married are not to be taken lightly. Make time for tax planning before you say "I do."
  • Please give us a call to discuss these and other profit-boosting ideas for your business.

    DiSabatino CPA
    Michael DiSabatino
    651 Via Alondra Suite 715
    Camarillo, CA 93012
    Phone: 805-389-7300
    ww.sharpcpa.com

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