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.

Audit Rates Decline for Sixth Year in a Row But don't get complacent...

IRS-Audit

The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!

But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about. Here is what you need to know:

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2nd quarter interest rates increase

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2nd quarter interest rates increase

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Can't file your 2017 tax return? Here's what to do

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If you need more time to file your 2017 income tax return, you can get an extension. Learn more about what you have to do.

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If You're Expecting a Refund, Read This

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The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know.

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Extensions available for 2017 tax returns

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Extensions available for 2017 tax returns

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Important April 17 tax deadlines

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Important April 17 tax deadlines

As you prepare for tax day, remember that the following are due on April 17:

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How to make the most of your tax refund

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If you're receiving a tax refund this year, you have a big decision to make: What to do with it. 

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Is Home Equity Loan Interest Still Deductible?

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There is a lot of confusion about home equity loans following the passage of the Tax Cuts and Jobs Act (TCJA) last year. The act changed the rules on whether the interest on these loans is deductible. So is it?

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Fraud victims get FTC refund checks

FTC

Fraud victims get FTC refund checks

The Federal Trade Commission is sending refund checks totaling more than $7.2 million to victims who bought "buy-one-get-one-free" products marketed by the Allstar Marketing Group LLC.

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Tax Act Tip: Change Your Roth Conversion Thinking

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If you're considering converting a traditional IRA retirement account into a Roth IRA, be aware that the Tax Cuts and Jobs Act (TCJA) signed last year now limits your ability to change your mind.

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Avoid tax return mistakes

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Avoid tax return mistakes!!! As you file your 2017 tax return this season, make sure you don't fall victim to some of the easiest mistakes made each year.

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Calling the IRS? Let the agency know who you are

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Calling the IRS? Let the agency know who you are

If you need to call the IRS this tax season, be aware that you'll be asked to verify your identity. This is part of the IRS's continuing effort to keep taxpayer data secure. You can help your phone call go smoothly by having the following information handy when you dial:

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3 reasons why your child should (or shouldn't) have life insurance

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Should you carry life insurance on your children? Read on to learn the most common considerations when making this decision

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So You Sold Your Home, Now What? Understanding the taxable gain exclusion on home sales

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If you're considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here's what you need to know:

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If you donated money to charity, you'll need these records

If you donated money to charity, you'll need these records

If you donated money to charity, you'll need these records

If you plan on deducting charitable contributions on your 2017 tax return, you'll need to have certain records.

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GONE: Unreimbursed expenses deduction for employees

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GONE: Unreimbursed expenses deduction for employees

If you're an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act.

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Here's a roundup of your nontaxable income

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Good news – there are a lot of revenue sources that aren't taxed. You may have an idea of what they are, but here's a quick list to review.

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Tax Act Tip: The 2018 Quarterly Estimated Payment Challenge

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The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little more complicated than usual.

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A new twist on scams this tax season

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A new twist on scams this tax season

The IRS urges taxpayers to beware of fake calls to return money from tax return refund checks that have been deposited in error into bank accounts.

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Do you need to take an RMD? April 1 might be an important date for you

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Do you need to take an RMD?

April 1 is the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½ last year, this is a big deal.
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