DiSabatino CPA Blog

Mike DiSabatino CPA

Mike is the founder of the firm of Michael DiSabatino, CPA.  He produces this blog to keep his clients and friends informed of new tax laws, tax saving strategies, as well as, business tips.  If you have a question or comment for Mike, please use our Contact Form to reach out for us.

Understanding Tax Terms: Pass-through Entities What are they? Why should you care?

Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "pass-through" entities like S corporations, Partnerships and Limited Liability Companies (LLC).

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Minimize your tax bill with your charitable work

Have you done volunteer work for a charitable organization? You may find that helping others has also helped you and your tax bill.

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Business owners: Do you have a succession plan?

Succession planning should be on the top of every business owner's to-do list. To help you plan, think about these three key items.

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Effectively manage medical expenses with an HSA

Medical expenses pile up fast. But there are ways to make paying them more manageable and cost-effective. If you have a high deductible health plan, you can open a health savings account (HSA) account to pay your medical bills.

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Salvage that Sunken Uncollectible Debt: Victims of reneged payment agreements might have a tax deduction

There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two classifications for bad debt: business and non-business, each with its own deductibility rules.

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Rent Your Property Tax-Free

Most income you receive is taxable income that is reported to you and to the federal/state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules.

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3 natural disaster prep tax tips

One of the best ways to manage the aftermath of a natural disaster is to plan ahead. If you live in a natural disaster high-risk area, you can take steps to alleviate tax and financial issues post-disaster by following these tips:

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School your children on money matters

Not sure how to talk to your kids about the importance of well-managed money? No problem. Try this guideline of topics to discuss as they grow.

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Here's why your 2018 tax bill may be different

Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year:

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What Does the IRS Have on You? Here is how you can find out..

There are multiple situations where you need to find out what the IRS knows about you. It could be for the purpose of obtaining a loan, refinancing your house, or continuing your citizenship status. Possibly you are a few years behind on filing tax returns and need to know where to start. Or maybe you lost a return and simply need a copy for your personal records. Here are three items that will help you see what the IRS has on file for you:

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September 2018 DiSabatino, CPA Newsletter

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September 2018

Don't ignore a paycheck withholding review

Paycheck withholdings were adjusted by the IRS earlier this year as a result of major tax changes. While the IRS strives to make withholdings accurate, it's difficult to account for every situation.

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Protect your young children through estate planning

While many people find estate planning important, those with small children may find it especially critical.

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Kick your record-keeping skills into high gear

With all the major tax changes, it's more important than ever to make sure you're keeping the right records for tax purposes. Here are some tips.

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Reminder: Third Quarter Estimated Taxes 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 an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here.

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Is amending your tax return worth it?

Before you decide to amend your tax return, ask yourself if it's necessary, especially if amending an error only saves you a few dollars.

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Save on out-of-pocket school expenses

Do you help out at your child's school? If you donate your time at school functions, donate books to the school library, or help assist the teaching staff, you may be able to save come tax time.

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Now is a Great Time to Organize Your Tax Records

The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.

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Reduce Your Medical Expenses: Tax smarts that make a difference

Medical expenses are on the rise. According to the Milliman Medical Index, the average family of four on an employer-sponsored plan will spend $28,000 on healthcare in 2018 – a $1,000 increase from 2017. Below are some ways you can save tax dollars when paying those medical bills:

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August 2018 DiSabatino, CPA Newsletter

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August 2018

In this issue:

  • Student Loan Forgiveness Creates New Tax Trap
  • Ideas to Improve Your Financial Health
  • Dramatic Sales Tax Change
  • Are you Sharing Too Much Information Online?
  • Setting up Your Business Accounting System
  • Manage Capital Gains Tax Tip

This Month:

  • September 3: Labor Day

Summer is in full swing and the air conditioners are working overtime. Hopefully you are finding ways to stay cool while enjoying your outdoor activities. Included in this newsletter are articles about a new tax trap created by student loan forgiveness, tips to improve your financial situation and ideas to ensure that you are not sharing too much online. For your business, there are articles explaining "economic nexus" for sales tax and best practices for setting up your accounting system. Lastly, there are tips to help you manage your capital gains taxes.

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