DiSabatino CPA Blog

Mike DiSabatino CPA

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

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.

Why walking away from sunk costs is the best option

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Business owners and managers can let emotions dominate the decision-making process. Instead, move past sunk costs with grace and confidence knowing it's the smartest business decision to make.

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New 1095-B and 1095-C due date: March 2

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New 1095-B and 1095-C due date: March 2

The IRS said it will allow large health insurance companies to delay sending out health insurance confirmation forms.

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Check your tax forms

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Check your tax forms

Tax time is here. That means you need to check to make sure you have all the forms you need to file your 2017 tax return.
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Time to go through your tax records? Consider this

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You're probably getting ready to go through last year's records and prepare for this year. But what should you keep and what can you throw away? Here are some things to keep in mind as you sort through your records.

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February 2018, Business Tip of the Month

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Temporary workers: a good or bad idea?

According to the American Staffing Association, there are approximately 3 million temporary and contract employees working for U.S. staffing companies during an average work week. That means there's a wide range of skilled people usually available for work whenever most businesses need them. Even so, should your company hire temporary workers? Consider the following:

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How to Handle All Those Forms

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Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to handle all the forms you get and to head off any potential problems.

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The new tax act means big changes for taxpayers

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Big tax law changes mean even bigger opportunities for taxpayers. Take a look at some of the changes to come out of the Tax Cuts and Jobs Act and consider how they could affect you.

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Review your withholdings

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Review your withholdings

The IRS recently announced new withholding guidelines for all employers and payroll companies.

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Beware This Year's Tax-Season Scam

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Scammers were very successful last year with a scheme to pry W-2 pay stub data away from employers. The IRS warned that it may be one of several techniques they use again this year.

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First-quarter interest rates remain the same

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First-quarter interest rates remain the same

Interest rates for the first quarter in 2018 have not changed since last quarter.

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February 2018 DiSabatino, CPA Newsletter

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February 2018

In this Issue:

  • New Tax Legislation Requires Planning
  • Your New Life as a Pass-Through Entity Owner: An initial look at the new business deduction
  • Taxes and Virtual Currencies: What you need to know
  • How to Navigate the World of Crowdfunding

This Month:

  • Feb. 14th: Valentine's Day
  • Feb. 15th: Employer deadline to adopt new withholding schedule
  • Feb. 19th: Presidents' Day
  • Reminders: • Receive all 1099s and W-2s • Set up tax appointment • Rebalance Investment Portfolios

As your mailbox fills up with the forms you need to file your 2017 returns, you may already be thinking ahead to how tax reform legislation will impact you in 2018. This newsletter outlines seven issues resulting from the Tax Cuts and Jobs Act to think about after the 2017 tax season. The new tax rules affecting small businesses are also explored in detail here, as well as some guidelines for virtual currencies like Bitcoin. Also included: a primer on the current world of crowdfunding, both for entertainment and for entrepreneurs who want to try it themselves.

Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit from this information.

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Is your business susceptible to payroll fraud?

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Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.

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Do you have a household employee? Don't ignore the nanny tax

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It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.

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Update your mileage rate reimbursements

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Update your mileage rate reimbursements

If you plan on using your vehicle for business, medical appointments or moving during 2018, make sure you know the standard mileage rates have changed.

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Simplify your inheritance

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Simplify your inheritance

Did you know that if you inherit a retirement account from a loved one you may be required to pay income tax on the whole thing right away?

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Don't say yes to a reverse mortgage until you read this:

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You've likely heard the good and the bad about reverse mortgages. But what's real? Before you consider this strategy, consider a few key components.

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New year, new estate plan updates

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New year, new estate plan updates

It's time to ask yourself: What changed during 2017? A divorce, a birth, a move and other events can affect your tax and estate planning.

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Tax Season Begins: How to know whether you should file early

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Start your engines! Tax filing season officially begins on Monday, Jan. 29. Not many people file that early, but for some taxpayers it makes sense to do so. Here are common reasons to consider trying to be at the head of the line.

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Business owners: Forms due Jan. 31

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Business owners: Forms due Jan. 31!!!

Don't forget that Jan. 31 is an important due date if you own a business, or have a side business in addition to your regular job.

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Keep good records for mutual funds

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Keep good records for mutual funds

Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker.

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