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.

Incorporate or not: What's best for your business?

business

Should you incorporate your business? That is the question. Find out why it may be a good idea.

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Audit Rates Decline for Sixth Year in a Row But don't get complacent...

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The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!

But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about. Here is what you need to know:

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2nd quarter interest rates increase

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2nd quarter interest rates increase

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Can't file your 2017 tax return? Here's what to do

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If you need more time to file your 2017 income tax return, you can get an extension. Learn more about what you have to do.

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If You're Expecting a Refund, Read This

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The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know.

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Extensions available for 2017 tax returns

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Extensions available for 2017 tax returns

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Important April 17 tax deadlines

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Important April 17 tax deadlines

As you prepare for tax day, remember that the following are due on April 17:

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How to make the most of your tax refund

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If you're receiving a tax refund this year, you have a big decision to make: What to do with it. 

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Is Home Equity Loan Interest Still Deductible?

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There is a lot of confusion about home equity loans following the passage of the Tax Cuts and Jobs Act (TCJA) last year. The act changed the rules on whether the interest on these loans is deductible. So is it?

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Fraud victims get FTC refund checks

FTC

Fraud victims get FTC refund checks

The Federal Trade Commission is sending refund checks totaling more than $7.2 million to victims who bought "buy-one-get-one-free" products marketed by the Allstar Marketing Group LLC.

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April 2018 DiSabatino, CPA Newsletter

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April 2018

In this issue:

  • Tax Quiz: So You Think Our Taxes Are Crazy?
  • Know the Top IRS Tax Scams
  • When an Extension May Make Sense
  • Win the Battle Against Retirement Health Care Costs

This Month:

  • April 17th: 2017 Individual federal tax returns due
  • April 17th: First-quarter 2018 estimated tax due
  • April 1st: Easter Sunday
  • Other April 17 Deadlines:
    - Six Month Filing Extension
    - 2017 Gift Taxes
    - 2017 IRA Contributions

Happy tax filing month! To help celebrate, this month's newsletter includes a quiz on strange tax laws from around the world. Also included are some tips for using your refund check as well as advice on handling spiraling health care costs during retirement. Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit.

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Tax Act Tip: Change Your Roth Conversion Thinking

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If you're considering converting a traditional IRA retirement account into a Roth IRA, be aware that the Tax Cuts and Jobs Act (TCJA) signed last year now limits your ability to change your mind.

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Avoid tax return mistakes

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Avoid tax return mistakes!!! As you file your 2017 tax return this season, make sure you don't fall victim to some of the easiest mistakes made each year.

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Calling the IRS? Let the agency know who you are

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Calling the IRS? Let the agency know who you are

If you need to call the IRS this tax season, be aware that you'll be asked to verify your identity. This is part of the IRS's continuing effort to keep taxpayer data secure. You can help your phone call go smoothly by having the following information handy when you dial:

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3 reasons why your child should (or shouldn't) have life insurance

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Should you carry life insurance on your children? Read on to learn the most common considerations when making this decision

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So You Sold Your Home, Now What? Understanding the taxable gain exclusion on home sales

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If you're considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here's what you need to know:

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If you donated money to charity, you'll need these records

If you donated money to charity, you'll need these records

If you donated money to charity, you'll need these records

If you plan on deducting charitable contributions on your 2017 tax return, you'll need to have certain records.

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GONE: Unreimbursed expenses deduction for employees

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GONE: Unreimbursed expenses deduction for employees

If you're an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act.

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Here's a roundup of your nontaxable income

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Good news – there are a lot of revenue sources that aren't taxed. You may have an idea of what they are, but here's a quick list to review.

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Tax Act Tip: The 2018 Quarterly Estimated Payment Challenge

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The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little more complicated than usual.

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