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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Elections. Elections. Elections. - Tax savings can be found in the elections you make!

Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option.

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How to Maximize Your Social Security - What every taxpayer should know

You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit start date you can receive a check that is 8 percent higher for each year you delay receiving your benefit.

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5 ways to get smart when giving at year-end

Considering a last-minute donation? You've still got time. Here are a few tips on the best way to proceed.

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Seasonal spender or credit card addict?

The holiday season has arrived … and so has the shopping season. Are you a seasonal spender or do your excessive spending habits stretch over the entire year?

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Have you thought about these year-end investment moves?

It's that time of the year to clean up your investment portfolio. Check out some year-end moves that might help your situation.

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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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If You're Expecting a Refund, Read This

The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know.

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How to make the most of your tax refund

If you're receiving a tax refund this year, you have a big decision to make: What to do with it. 

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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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Beware This Year's Tax-Season Scam

Scammers were very successful last year with a scheme to pry W-2 pay stub data away from employers. The IRS warned that it may be one of several techniques they use again this year.

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Small Business Filing Deadline Approaching Fast: Form W-2s and 1099-MISCs are Due Jan. 31

If you own your own business or have a side business in addition to your regular job, you may need to send out several IRS forms by Jan. 31 this year.

The deadline is for forms you issue to employees and others who were paid as part of your business activities throughout the year. Forms W-2s and 1099-MISC forms that contain non-employee compensation in box 7 will have to be postmarked or sent electronically to both the IRS and the person you did business with on or before Jan. 31, otherwise you may face fines for each late form.

Most businesses understand that a W-2 is required for each of your employees. But did you know that you also may need to issue a 1099-MISC to each contractor or vendor you’ve done business with during the year?

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Five Tax-Loss Harvesting Tips

Though the markets have been up strongly this year, your investment portfolio could have a few lemons in it. Using the tax strategy of tax-loss harvesting, you may be able to turn those lemons into lemonade. Here are five tips:

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One Last Checkup: Are you withholding enough for your taxes?

As we enter into the fall months, it's a good time to check your tax withholdings to make sure you haven't been paying too much or too little. This is especially true if major changes took place in your life this year to your marital status, number of dependents, or your employment.

This quick checkup will ensure you are not surprised with a large tax bill when you file your income tax return. Fortunately, you still have a few months left to fix any problems. 

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