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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Understanding Tax Terms: Contemporaneous Records - Why should you care?

If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term "contemporaneous." So what does it mean and why should you care?

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Considering divorce? Think about your tax filing status

If you're thinking about divorce, you should also be considering what tax filing status you should choose. Here's why.

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Watch out for scams this tax season

Watch out for scams this tax season

The IRS is warning taxpayers to keep on high alert for the next few months. Scammers may try to get their hands on your money or tax return by collecting your personal or financial data. According to the IRS, its employees will never:

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Save on Your Doggone Taxes: The IRS and your pets

It seems like there’s a tax statute that touches on nearly every aspect of our lives. But that’s not all. Tax laws also include the lives of our furry friends. That’s right, even your pets can show up in your tax return in surprising ways.

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Chances of Audit Continue to Drop What you need to know

You can be audited the later date of either three years after the filing deadline of your tax return or when you actually filed your tax return. However, there are two main exceptions to this rule that can extend the risk of being audited;

1

If the IRS audits a tax return and discovers an error of more than 25% of your claimed tax obligation they can go back six years.

2

 If the IRS deems there is fraud involved, they can go back indefinitely.

Every year the IRS publishes their examination statistics. Provided here are three years of published information to help you identify trends:

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Do You Need to File a Tax Return?

Do You Need to File a Tax Return?
Getting this wrong can cost you

One of the more common tax questions is whether you need to file a tax return this year. The answer is: It all depends. Here are some quick tips to help you determine your answer.

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IRS PIN Announcement: DO NOT THROW OUT

IRS PIN Announcement: DO NOT THROW OUT

If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice.

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What every spouse should know before signing a joint return

What every spouse should know before signing a joint return

The advantage of filing a joint tax return is well known - you generally save money compared to filing separately. However, there is at least one potential disadvantage. Both spouses are jointly and severally liable for the entire income tax bill, including interest and penalties, even if one earned most or all the income.

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