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.

The $500,000 Homeowner Tax Break - Understand the rules now to avoid a tax surprise later

There is a large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. But making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need to know:

Continue reading
0
  442 Hits

Toss This. Not That. - Your guide to post tax-filing record retention

Tax season is over and yet another tax return has been sent off to the government. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:

Continue reading
0
  437 Hits

Improve Next Year's Tax Situation Now!

Improve Next Year's Tax Situation Now!
article image

Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year’s tax bill is optimized by not paying a dollar more than necessary.

Continue reading
0
  658 Hits

Tax Day is Here! Last-minute details, tips and freebies

With the individual tax-filing deadline on Monday, April 15, now is the time to complete all filing arrangements and payments. Ask yourself these six questions now before it’s too late to act:

Continue reading
0
  615 Hits

Reminder: First Quarter Estimated Taxes Now Due Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make a 2019 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here.

Continue reading
0
  939 Hits

Owe Taxes? Make Payment Arrangements Now!

If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now to ensure your payment arrangements are completed before the deadline.

Continue reading
0
  1069 Hits

The Tax-Free Retirement Savings Option - Is a Roth IRA right for you?

If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement.

Continue reading
0
  1066 Hits

Where's My Refund?

The popular “Where’s My Refund” feature on the IRS website allows you to see the status of your refund after filing your income tax return.

Continue reading
1
  986 Hits

Save Those Receipts! These tips are money in your pocket!

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits:

Continue reading
0
  804 Hits

Tax Scam Alert! Defend Yourself Now

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year:

Continue reading
0
  736 Hits

Do You Need to File a Tax Return? Getting this wrong can cost you

One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty. Here are some quick tips to help you determine your answer.

Continue reading
0
  1340 Hits

Homeowner Alert! Review Your Tax Forms - New tax rules are creating confusion

Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, it no longer means all the interest and points reported on these statements are tax-deductible.

Continue reading
1
  1332 Hits

Audit Proof Your Tax Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.

Continue reading
0
  1426 Hits

IRS Announces Impact of Government Shutdown - See how due dates, collections and audits are affected

The government shutdown is over (for now) and the IRS is up and running. Here is a recap of IRS clarifications regarding the impact of the recent shutdown:

Continue reading
0
  1761 Hits

Early Filers Alert! - Know whether you should file early

Tax filing season officially begins on Monday, Jan. 28. While the U.S. government remains shut down, the IRS will be bringing back 36,000 employees, without pay, to process returns and issue refunds. With the new rules and uncertainty around the shutdown, it's more important than ever to get your tax records organized early. If any of the following situations pertain to you, consider filing your taxes as soon as possible.

Continue reading
0
  1658 Hits

Tax Forms are Arriving. ARE YOU READY? Conduct an essential review now!

Tax forms come in more varieties than flavors of ice cream. Nearly any time something of value changes hands, there’s a specific tax form available to capture it for posterity. Check out the list below to familiarize yourself with some of the forms that are likely to hit your mailbox this tax season:

Continue reading
0
  1536 Hits

New Baby? Tax Tips Everyone Should Know - Especially parents, grandparents and relatives

For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course ... taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax situation!

Whether you are a new parent, grandparent, or know someone who is expecting, here are some tax tips to consider:

Continue reading
0
  2403 Hits

Retirees: You still owe taxes

Did you know that full retirement doesn't end your income tax obligations?

Continue reading
0
  2478 Hits

 IT'S TIME FOR 2019 W-4 FORMS 

IT'S TIME FOR 2019 W-4 FORMS

It is important for you to understand the importance for all employers to get new 2019 W-4 forms from all employees. I think that employers should give all employees not only the 2019 W-4 forms to fill out, SIGN, and DATE., and include all 4 pages of instructions, especially pages 3 & 4.
Continue reading
0
  2456 Hits

Last-Minute Tax Deductions Hiding in Your Closet - There is still time to lower your tax bill!

Mileage rates for travel are now set for 2019. The standard business mileage rate increases by 3.5 cents to 58 cents per mile. The medical and moving mileage rates also increase by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.

Continue reading
0
  2447 Hits
 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.