DiSabatino CPA Blog

DiSabatino CPA Blog

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

Extension for Form 1095 Reporting

Extension for Form 1095 Reporting
What everyone needs to know

For 2015 tax returns, everyone employed by a company with 50 or more employees will receive a new Form 1095. This form is in addition to the Form 1095’s received by other taxpayers using the Marketplace to purchase their health insurance. You need this form to file your taxes as it provides the necessary proof that you have adequate health insurance for the year.

A recent announcement by the IRS provides a delay for the issuing of this form due to complications in creating the proper form by employers and insurers.

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March TIPS!

March Tips...

  • March 2 is the deadline for payers to file 2014 information returns, such as 1099s, with the IRS.
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TIPS for the Month

TIPS for the Month

If you paid a household worker $1,900 or more in 2014, you may have payroll tax obligations.

The IRS is again warning taxpayers not to fall for tax scams which proliferate during tax season.

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End of January Tax Tips...

End of January Tax Tips...

You need not make the January 15 quarterly estimate for 2014 if you file your 2014 tax return and pay taxes due by February 2, 2015.

February 2 is the deadline for employers to provide 2014 W-2s to employees.

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December Tips....

December Tips....

The Social Security Administration announced that the maximum earnings subject to social security tax in 2015 will be $118,500.

The "nanny tax" limit for 2015 remains at the 2014 limit of $1,900.

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15 Year-end Tax Tips

15 Year-end Tax Tips

At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review.

  1. Make last minute charitable donations
  2. Review and maximize use of the $14,000 annual gift giving limit
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Thought Providing Shorts - August 2014

Thought Provoking Shorts - August 2014

  • If there's a wedding in your summer plans, take a look at how marriage could affect your tax bill.
  • Business Tip: Customer service is not in the SAYING…..it's in the DOING.
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18 IMPORTANT TIPS!

18 IMPORTANT TIPS!

  1. All of the following are under 140 characters for tweets:
  2. May 15 is the deadline for calendar-year nonprofit organizations to file 2013 information returns.
  3. A recent court ruling will limit IRA rollovers to one per year applied to all IRAs owned by the taxpayer, not one per year, per IRA.
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A Tip on Tip Reporting

A Tip on Tip Reporting
I
f you are like millions of taxpayers in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions:

Think 1 2 3

Proper tip reporting has three components.

  1. Keeping a daily tip record
  2. Reporting your tips to your employer
  3. Recording your tips on your income tax return
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