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.

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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December 2018 DiSabatino, CPA Newsletter

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December 2018

In this issue:

This Month:

  • December 2: Hanukkah begins
  • December 25: Christmas Day
  • December 25: Kwanza begins
  • January 15: 4th Quarter Estimated Payments Due
  • Take final year-end actions: Deductible gifts, Capital gains/losses, Charitable giving, Dividend income

Happy holidays! Tis the season for family, friends, food, and of course ... last second tax moves! While time is running short, consider some of these moves you can make to cut your tax liability. Also, retirement contributions are rising for 2019. The second article lays out the changes for you.

Did you know that there are billions of dollars of unclaimed property each year? Read on to find out how to search for yours. Finally, there's an article explaining the new qualified business income deduction and what you can do to prepare for it.

Call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to forward it to them.

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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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Is your business the right entity type?

Small business owners have multiple entity options available to them, including C corporations and pass-through entities, such as S corporations, partnerships and LLCs.

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Small businesses: How to compete against the big guys

Worried about big business rivals? Don't wait around — take a look at some ideas of how to compete and succeed.

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