DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

Mike's weekly post usually concentrated on tax saving strategies.

New 1095-B and 1095-C due date: March 2

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New 1095-B and 1095-C due date: March 2

The IRS said it will allow large health insurance companies to delay sending out health insurance confirmation forms.

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Check your tax forms

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Check your tax forms

Tax time is here. That means you need to check to make sure you have all the forms you need to file your 2017 tax return.
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Time to go through your tax records? Consider this

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You're probably getting ready to go through last year's records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.

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How to Handle All Those Forms

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Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems.

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The new tax act means big changes for taxpayers

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Big tax law changes mean even bigger opportunities for taxpayers. Take a look at some of the changes to come out of the Tax Cuts and Jobs Act and consider how they could affect you.

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Review your withholdings

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Review your withholdings

The IRS recently announced new withholding guidelines for all employers and payroll companies.

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Beware This Year's Tax-Season Scam

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Scammers were very successful last year with a scheme to pry W-2 pay stub data away from employers. The IRS warned that it may be one of several techniques they use again this year.

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First-quarter interest rates remain the same

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First-quarter interest rates remain the same

Interest rates for the first quarter in 2018 have not changed since last quarter.

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Do you have a household employee? Don't ignore the nanny tax

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It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.

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Update your mileage rate reimbursements

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Update your mileage rate reimbursements

If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed.

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Simplify your inheritance

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Simplify your inheritance

Did you know that if you inherit a retirement account from a loved one you may be required to pay income tax on the whole thing right away?

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Don't say yes to a reverse mortgage until you read this:

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You've likely heard the good and the bad about reverse mortgages. But what's real? Before you consider this strategy, consider a few key components.

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New year, new estate plan updates

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New year, new estate plan updates

It's time to ask yourself: What changed during 2017? A divorce, a birth, a move and other events can affect your tax and estate planning.

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Tax Season Begins: How to know whether you should file early

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Start your engines! Tax filing season officially begins on Monday, Jan. 29. Not many people file that early, but for some taxpayers it makes sense to do so. Here are common reasons to consider trying to be at the head of the line.

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Keep good records for mutual funds

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Keep good records for mutual funds

Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker.

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Your tax-time financial review

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Your tax-time financial review

It's the new year … and that means it's time to review your financial affairs. Take advantage of all of that top-of-mind tax-time knowledge and increase your changes of a fiscally sound 2018.

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Avoid high RMD penalties

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Avoid high RMD penalties

Required minimum distribution (RMD) rules are pretty strict. If you don't want to face a hefty fine, you must withdraw a certain amount of money every year from tax-deferred retirement plans like 401(k)s and traditional IRAs after you reach age 70½.

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2017 Tax Highlights Videos

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2017 Tax Highlights Videos

Don't miss the new 2017 Personal and Business Tax Highlight videos posted in our Video Blog section.

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Tax Act News: Paycheck Withholdings Changing Now

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The IRS released new income tax withholding tables that reflect the changes to the tax bracket structure in the Tax Cuts and Jobs Act (TCJA) passed in late December. Employers will have until Feb. 15 to update their payroll systems to reflect the new changes, and employees will start seeing the changes in their paychecks after that point.

The TCJA reduces income tax rates for almost all taxpayers. Widespread tax changes like this seldom happen, so it’s worth keeping an eye on your pay stubs over the next few weeks. The danger is that if the changes aren’t done right, you’ll either have too much tax taken out every paycheck, or end up with a big tax bill because too little was withheld. Here are some tips:

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Small Business Filing Deadline Approaching Fast: Form W-2s and 1099-MISCs are Due Jan. 31

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If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year.

The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. Forms W-2s and 1099-MISC forms that contain non-employee compensation in box 7 will have to be postmarked or sent electronically to both the IRS and the person you did business with on or before Jan. 31, otherwise you may face fines for each late form.

Most businesses understand that a W-2 is required for each of your employees. But did you know that you also may need to issue a 1099-MISC to each contractor or vendor you’ve done business with during the year?

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