DiSabatino CPA Blog

DiSabatino CPA Blog

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

Are You Paying too Much?

Are You Paying too Much?
Tips to avoid common investment gain mistakes

All too often when you sell an investment there are errors made in recording the taxable gain or loss on the transaction. Here are some ideas to ensure your tax bite is accurate.

Keep good cost documentation. Brokerage firms are now required to keep track of the cost of your purchases and report them to you and the IRS when you sell. Unfortunately, they are not always accurate. The only way to ensure accuracy is to keep personal records of how much an investment cost. Then you can double-check the accuracy of any Form 1099 received.

Continue reading
5
Tags:
  55260 Hits

They Won't Fix My 1099!

What happens if They Won't Fix My 1099!

It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do?

Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need to support your claim to correct the tax form. This includes receipts, e-mails, and statements. Have your account number handy as well.

Continue reading
2
  37935 Hits

Avoid five common mistakes in your 401(k) plan

Avoid five common mistakes in your 401(k) plan

Participating in a 401(k) or similar retirement plan is a tax-advantaged way to save for retirement. If you have the option of participating in a 401(k) plan, avoid these five common mistakes.

* Failing to participate fully. Too many employees opt out of the plan or don't contribute as much as they can afford. At a minimum, try to set aside enough to receive the full employer-matching contribution. For example, your employer might offer to match 30% of the first 3% of payroll. That match is equivalent to a 30% first-year return on the amount you contribute.

Continue reading
2
  32602 Hits
 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.