DiSabatino CPA Blog

DiSabatino CPA Blog

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

Common Tax Increase Surprises: "I did not owe that last year!"

Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or not, this message is almost as hard to deliver to a taxpayer as it is to hear it. Here are some situations to watch for that can increase your tax liability:

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No paperwork means no deduction

No paperwork means no deduction

Did you give contributions to qualified charities during 2014? Be sure to get a receipt.

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Mortgage Interest Deduction OK for Non-Homeowner

Mortgage Interest Deduction OK for Non-Homeowner

I thought some readers of my blog might be interested in this fairly common topic, for which I did some research.  I see if commonly where a parent buys a home in their name, and more improtantly, using their credit, the a child lives in the home and makes ll the mortgage payments.  Typically, a non-owner cannot take the deduction for the mortgage interest paid and real estate taxes... this discusses the basis of law for which this deduction for the child may be possible...

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You may have a deduction for moving expenses

You may have a deduction for moving expenses

If you moved in 2014 because of a new job location, you may be entitled to a tax deduction for your moving expenses.

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Deductions for business travel expenses need support

If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up to an IRS audit. Besides, audits are often a year or so after the events which make it more difficult to recall what took place if you don't have proper documentation.

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Rule for deducting medical expenses has changed

Rule for deducting medical expenses has changed

You may be familiar with the old tax rule that let you take an itemized deduction for unreimbursed medical expenses that exceeded 7½% of your adjusted gross income. For 2013 and future years, the income threshold increases to 10% for taxpayers under age 65. Those 65 and older may continue to use the 7½% threshold through the year 2016.

As always, should you have any questions or concerns regarding your situation please feel free to call.

DiSabatino CPA
651 Via Alondra, Suite 715
Camarillo, CA 93012

Phone: 805-389-7300

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Lock in write-offs at assisted living facilities

Lock in write-offs at assisted living facilities

Suppose that a family member has to move into an assisted living facility (ALF). Although nursing expenses are generally deductible as medical expenses, the lines can get blurred.

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Use Your Tax Refund to Fund Your IRA

If you're short on cash to fund an IRA contribution this year, Uncle Sam may effectively lend you the money.

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How to maximize your tax deduction after a disaster strikes

How to maximize your tax deduction after a disaster strikes

Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden.

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Simplified Option for Home Office Deduction

Do you want to simplify your tax return, yet still claim a deduction for your home office?  Beginning in tax year 2013 (returns that we will file in 2014), taxpayers may use a simplified option when figuring the deduction for business use of their home.  

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Get 'extra credit' for your kids in college

HARVARDGet 'extra credit' for your kids in college

The price tag on a college diploma keeps going up, but at least you might be able to salvage some tax benefits if you're paying the tab.

An Example: If your child is attending college this fall, you may have a chance to claim an enhanced tax break for higher education expenses.

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How to Secure a Home Office Deduction

How to Secure a Home Office Deduction

Even if you have never before qualified for a home office deduction, you may be able to now. Starting a few years ago, the IRS began to apply more liberal rules, allowing more people to qualify for the write-off. Specifically, the old, hard-to-meet “principal place of business” standard was made much more taxpayer-friendly. But there are other scenarios that allow you to claim deductions as well.

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