DiSabatino CPA Blog

DiSabatino CPA Blog

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

Summer's a time for vacations and tax planning

summer

Don't let the warm weather go straight to your head. Make a point to review your tax plan and make effective changes while you still can this year.

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Tax Reform Passed -- What You Need to Know Now

reform

Tax reform was passed by Congress this week and is expected to be signed into law soon. Most of the new laws take place in the 2018 and 2019 tax years, but there are a couple items that you need to know about right away for your 2017 taxes.

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Don't take a vacation from tax planning

Don't take a vacation from tax planning

Don't take a vacation from tax planning

Don't ignore your opportunity to save on taxes just because it's summertime. Here are some summertime tips to keep your tax plans going.

If you are a sole proprietor with children, you might consider putting them on the payroll during the summer months. Wages paid to your children under age 18 are not subject to social security and Medicare taxes. What's more, their earnings are not subject to federal unemployment tax until they turn 21.

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Reminder: 2nd Quarter Estimated Tax Payment Due

Reminder: 2nd Quarter Estimated Tax Payment Due
Reminder:
2nd Quarter Estimated Tax Payment Due 

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.

Normal due date: Monday, June 15th 2015

Remember you are required to withhold at least 90% of your current tax obligation or 100% of last year’s federal tax obligation.* A quick look at last year’s tax return and a projection of this year’s obligation can help determine if a payment might be necessary. Here are some other things to consider:

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For effective tax planning, do a midyear review

For effective tax planning, do a midyear review

For effective tax planning, do a midyear review

With summer vacations and warm weather just around the corner, tax planning may not be a priority on your agenda. The problem is that if you wait until December, you cut the time for planning strategies to take effect. But if you take the time to plan now, you still have eight months for your actions to make a difference on your 2015 tax return.

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December 2014 DiSabatino CPA Newsletter

December 2014 DiSabatino CPA Newsletter

news-headerIn this issue:

  • Last-Minute Tax Moves - There's still time
  • Remember the Nanny Tax - Do you have a household employee?
  • Word of the Year - Are you current with the New English?
  • The Extension that Never Ends

The Month of December:

    Take final year-end actions:
    • Gifts
    • Capital gains/losses
    • Charitable giving
    • Dividend income
    December 24th: Last day of Chanukah
    December 25th: Christmas Day
    December 26th: Kwanzaa Begins
    January 15th: 4th Quarter Estimated Payments Due


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November 2014 DiSabatino CPA Newsletter

November 2014 DiSabatino CPA Newsletter

news-header

In this issue:

 

  • Don't Make this Mistake
    Caution with car donations
  • Holiday Budgeting Ideas
  • Time for a Credit Checkup?
  • Breaking News:
    2015 Pension Contribution Limits

 

The Month of November:

  •    Conduct Year-End Tax Planning
  •    November 27th - Thanksgiving
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Advance projections released for 2015 tax numbers

Advance projections released for 2015 tax numbers

Advance projections released for 2015 tax numbers

Each year the IRS is required to make inflation adjustments to hundreds of tax numbers in the tax law. Advance projections of what some of the 2015 numbers will be have recently been published.

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Make time for a year-end tax review

Make time for a year-end tax review

Make time for a year-end tax review

Take some time to review your tax situation for 2014 while there are still a few months to make tax-cutting adjustments. With more of the Affordable Care Act going into effect for 2014, both individuals and businesses will find that an investment in a year-end review could make a significant difference in their final tax bill.

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