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.

3 big ways the tax code helps natural disaster victims

The aftermath of a natural disaster can be devastating. Fortunately, there's a few major ways the tax code can offer relief to those affected by Hurricane Michael and other federally declared natural disasters. 

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Beware the Tax Torpedo - Large retirement account balances can cause Social Security tax problems

Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach 70 ½, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts is pulled and a potential tax torpedo is launched.

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Alimony payment tax rules are changing

If a divorce is in your near-future plans, consider the new tax treatment for those agreements finalized after Dec. 31, 2018.

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Retirement account contributions increase in 2019

Good news — 401(k) accounts and IRA contribution maximums will increase $500 in 2019.

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Seasonal spender or credit card addict?

The holiday season has arrived … and so has the shopping season. Are you a seasonal spender or do your excessive spending habits stretch over the entire year?

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Five Reasons Why the IRS Will Audit You

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:

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2019 Social Security updates

The Social Security Administration announced a 2.8 percent cost-of-living adjustment (COLA) to monthly Social Security and Supplemental Security Income benefits for 2019.

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Have you thought about these year-end investment moves?

It's that time of the year to clean up your investment portfolio. Check out some year-end moves that might help your situation.

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Understanding Tax Terms: Head of Household

The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only if you qualify.

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Final-hour tax moves

While 2018 is almost up, there are a few tax moves worth considering:

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Outsmart email scams in 3 simple steps

So you got an email from the IRS. Or did you? Here are three steps to follow to help you avoid becoming a victim of an email scam.

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Parents: Child Tax Credit reminder

If you're bummed about the elimination of the personal exemption, don't forget that you do have some good news to fall back on. The Child Tax Credit has been doubled to $2,000 per child (it was $1,000 in 2017).

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IRS Releases Key 2019 Tax Information

The IRS recently announced key tax figures for 2019, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.

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Consider an HSA

Have you thought about opening a health savings account (HSA)?

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Don't have a mutual fund-kiddie tax surprise

Many taxpayers purchase mutual funds in their children's names to take advantage of their lower-tax rates.

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Take advantage of being self-employed

Do you work for yourself? Make sure you're taking advantage of all the tax breaks out there for self-employed individuals. Here are some of the big ones.

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Tips to Fund your Retirement Account: New 2019 contribution limits create retirement saving opportunity

For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details:

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Help your child earn

A way to give your child a head start on their retirement is to open a Roth IRA as soon as they start earning money.

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2019 Social Security Changes Announced

The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12 months ending in September 2018.

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Don’t put off year-end tax planning

Take some time to review your tax situation for 2018 while there are still a few months to make tax-cutting adjustments.

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