DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...
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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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Time to go through your tax records? Consider this

taxes

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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Keep good records for mutual funds

tips

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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Oops. I Wish I Knew That

Oops. I Wish I Knew That

Oops. I Wish I Knew That

Here are five tax topics that seem innocent but can cause problems if not handled correctly.

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Save Those Receipts and Documentation!

Save Those Receipts and Documentation!

 

Save Those Receipts and Documentation!
A little organization now can save money during an audit

When it comes to taking qualified deductions on your Federal Tax return three things must happen.

First, you must recognize that an expense might be deductible on your tax return.

Second, you must keep a record of the expense in an organized fashion.

Third, you must have the proper (and timely) documentation to support your deduction.

While this may seem evident to most, 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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