DiSabatino CPA Blog

DiSabatino CPA Blog

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

Are you a seasonal worker? Check your withholding!

Are you a seasonal worker? Check your withholding!

Even if you only work during the summer and fall, you still need to check your tax withholding for 2018.
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Are business meals still deductible?

Are business meals still deductible?

Deducting business meals with clients is no longer so clear-cut following the passage of the Tax Cuts and Jobs Act.

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A new credit for small business owners

A new credit for small business owners

Starting this year, employers can take advantage of a new credit for paid family and medical leave created by the Tax Cuts and Jobs Act.

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Deduct Business Meals the Right Way

Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost?

The answer is not so clear after the passage of the Tax Cuts and Jobs Act. Here are some tips to stay on the right side of the new rules:

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May 2018 DiSabatino, CPA Newsletter

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May 2018

In this issue:

  • Tax Cuts and Jobs Act Update
  • Handling Health Care Coverage Gaps
  • Protect Yourself From Port-Out Scams
  • Managing Money Tips for Couples

This Month:

  • May 13th: Mother's Day
  • May 28th: Memorial Day

Now that the 2017 tax filing season is over, it's time to start adapting to some of the momentous tax changes passed last year. This issue provides an update on the latest news affecting 2018 taxes, as well as a guide to the (still intact) IRS penalties for gaps in health care coverage. There's an article about managing money with your significant other, and also an update about the latest identity theft "port-out" scam.

If you wish to review your situation, call at any time. Also feel free to forward this newsletter to someone who may benefit.

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Quarterly estimated tax payments just got trickier

Quarterly estimated tax payments just got trickier

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The New World of Charitable Deductions

Your charitable contribution deductions are still a great tax savings tool, but they may require more planning following the passage of the Tax Cuts and Jobs Act (TCJA) last year.

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Is Home Equity Loan Interest Still Deductible?

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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Tax Act Tip: Change Your Roth Conversion Thinking

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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GONE: Unreimbursed expenses deduction for employees

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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Tax Act Tip: The 2018 Quarterly Estimated Payment Challenge

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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Three Tax Break Tips for Caregivers

If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that many caregivers are forced to make financial sacrifices, including delaying retirement, in order to help their loved ones.

Luckily, there are three key federal income tax breaks available to help lighten the financial burden on caregivers. Here are some tips to help take advantage of them:

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Changes to the kiddie tax

Changes to the kiddie tax

The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children.

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The new tax act means big changes for taxpayers

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

Review your withholdings

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

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Tax Act News: Paycheck Withholdings Changing Now

The IRS released new income tax withholding tables that reflect the changes to the tax bracket structure in the Tax Cuts and Jobs Act (TCJA) passed in late December. Employers will have until Feb. 15 to update their payroll systems to reflect the new changes, and employees will start seeing the changes in their paychecks after that point.

The TCJA reduces income tax rates for almost all taxpayers. Widespread tax changes like this seldom happen, so it’s worth keeping an eye on your pay stubs over the next few weeks. The danger is that if the changes aren’t done right, you’ll either have too much tax taken out every paycheck, or end up with a big tax bill because too little was withheld. Here are some tips:

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