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.

April DiSabatino, CPA Newsletter

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April 2019

In this issue:

  • Tax Quiz: Wild State Tax Laws
  • 4 Key Metrics to Fortify Your Business
  • Leasing vs. Buying a Car: Knowing the tricks makes you a better decision-maker
  • Tax Day is Here: 5 Big Questions People Are Asking!

This Month:

  • April 15: Individual tax returns due / C corporation tax returns due / First-quarter 2019 estimated tax due
  • April 21: Easter Sunday
  • Other April 15 Deadlines: Six-month filing extension / 2018 gift taxes / 2018 IRA contributions / 2018 HSA contributions

Tax day is upon us! As we tie a bow on the first tax season using the new tax laws, here's a fun tax quiz you can use to impress your friends with some quirky state tax knowledge. This issue also includes handy metrics to track your business performance, tips to help you decide if you should buy or lease your next vehicle, and five big questions people are asking as the tax deadline approaches.

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 send it to them.

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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.

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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.

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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.

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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.

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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:

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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:

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March 2019 DiSabatino, CPA Newsletter

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March 2019

In this issue:

  • Oh No! Your Tax Refund is Now a Bill
  • Hints to Eliminate Monthly Bill Creep
  • Businesses: File on Time or Pay the Price!
  • Candyland Getting Stale? Try These Board Game

This Month:

  • March 15th: Due date for Partnership & S Corp Tax Returns (Forms 1065, 1120S)
  • Reminders: Daylight Savings time begins Sunday, March 10th

  Tax season is in full swing. Early reports from the IRS indicate that, on average, refund amounts are down compared to last year. If this is you, the first article lays out some reasons for the change. This issue also includes a warning to business owners to file their taxes on time, tips to keep your monthly bills in check, and some exciting board games to try.

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 send it to them.

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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.

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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.

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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.

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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:

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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.

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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:

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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:

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Retirees: You still owe taxes

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

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Layoffs imminent? Include these 4 steps in your plan

Are you at the point you need to make difficult staffing decisions? Here are four items not to forget.

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 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.
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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.

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Your year-end beneficiary designation checkup

Now is a good time to check in on your beneficiary designations, as life events that happened in 2018 may have changed circumstances.

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