DiSabatino CPA Blog

DiSabatino CPA Blog

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

Using Losers to Make Winners

With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can really help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 37%. This, plus the 3.8% net investment income tax, makes planning around when to take investment losses an important tax subject this year.

Know the meaningful rules

What makes investment losses such an important tax planning subject? Here are the relevant tax ramifications surrounding investment losses.

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Tax Savvy Moves to Consider During the Pandemic

Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomena underscores the concept that within every problem there is opportunity. Here are some tax strategies to think about during the coronavirus pandemic.

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4 Awesome Summertime Tax Saving Tips

Summer is usually the time for relaxing, but it can also be a time for tax savings, especially if you’re still reeling from an unexpectedly large tax bill in April. Here are four timely tips:

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Reminder: First Quarter Estimated Taxes Now Due Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make a 2019 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here.

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Last-Minute Tax Deductions Hiding in Your Closet - There is still time to lower your tax bill!

There’s no time left to procrastinate! Now is the time to make last-minute tax moves to save you some money. Here are ideas to consider:

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Tips to Fund your Retirement Account: New 2019 contribution limits create retirement saving opportunity

For the first time in six years, limits for IRAs are rising. 401(k) accounts and IRAs will see an increase of $500 in contribution maximums for 2019. Check out the table below for the details:

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Now is a Great Time to Organize Your Tax Records

The time to organize your tax records is now. Waiting until the end of the year or, even worse, waiting until you are audited can lead to headaches. Here are some tips to get on top of your tax records.

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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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Reminder: Second Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment

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.

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Want a successful business? Delegate

Even though delegating work may seem like a no-brainer, it's often not the first idea that comes to mind when you're contemplating how to get things done at work. Learn more about how it truly is one of the best approaches.

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Can't file your 2017 tax return? Here's what to do

If you need more time to file your 2017 income tax return, you can get an extension. Learn more about what you have to do.

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Your tax-time financial review

Your tax-time financial review

It's the new year … and that means it's time to review your financial affairs. Take advantage of all of that top-of-mind tax-time knowledge and increase your changes of a fiscally sound 2018.

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Reminder: Third Quarter Estimated Taxes 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 third-quarter due date is now here.

Normal due date: Friday, September 15th 2017

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Reminder. 2nd Quarter Estimated Taxes are 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: Thursday, June 15th 2017

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: Underpayment penalty. If you do not have proper tax withholdings during the year, you could be subject to an underpayment penalty. The penalty can occur if you do not have proper withholdings throughout the year. So a quick payment at the end of the year may not help avoid the underpayment penalty. Who is impacted. If you paid additional tax last year with your tax return filing, have a business that flows profits to your personal tax return, or have a change in your filing status pay attention to this reminder. You may be a candidate for potential estimated tax payments. W-2 withholdings have special treatment. A W-2 withholding payment can be made at any time during the year and be treated as if it was made throughout the year. If you do not have enough to pay the estimated quarterly payment now, you may be able to adjust your W-2 withholdings to make up the difference.

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