DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...
Mike's weekly post usually concentrated on tax saving strategies.

IRS Releases Key 2019 Tax Information

The IRS recently announced key tax figures for 2019, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year.

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Consider an HSA

Have you thought about opening a health savings account (HSA)?

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Don't have a mutual fund-kiddie tax surprise

Many taxpayers purchase mutual funds in their children's names to take advantage of their lower-tax rates.

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Take advantage of being self-employed

Do you work for yourself? Make sure you're taking advantage of all the tax breaks out there for self-employed individuals. Here are some of the big ones.

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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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Help your child earn

A way to give your child a head start on their retirement is to open a Roth IRA as soon as they start earning money.

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2019 Social Security Changes Announced

The Social Security Administration announced a 2.8 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. The increase is the largest in seven years, and is based on the rise in the Consumer Price Index over the past 12 months ending in September 2018.

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Don’t put off year-end tax planning

Take some time to review your tax situation for 2018 while there are still a few months to make tax-cutting adjustments.

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Want to minimize rent and storage costs? Consider this

Have you ever considered that you could be spending less on storage and rent? Consider these ideas for cutting down on costs. 

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Surprise! The Mutual Fund Tax Trap

Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does this happen and what can you do about it?

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Don’t pay more because of underpayment penalties

A great way to make sure your tax bill isn’t larger than it has to be come April is to keep track of your 2018 withholding and/or estimated taxes.

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Your information privacy is important … yet it’s at risk every day. Take these steps to help you manage and protect your personal data.

Do you use a smart phone, tablet or desktop computer to connect with friends and make purchases, as well as share health concerns with your doctor? If so, your privacy may be at risk.

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It's Your (and the IRS's) Lucky Day! You won a prize. Now what?

When you win a prize, there are really two winners: you and the taxing authorities. Should you be fortunate enough to win that trip of a lifetime to the French Riviera in your new yacht, here is what you need to know.

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Need old tax records? You have options

If you’re trying to track down past tax documents and other important IRS transcripts, you’re in luck.

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Do you have deductible bad business debt?

Can you deduct your bad business debt this year? According to the IRS, the debt must be closely related to your trade or business. This type of bad debt is typically involves unpaid customer invoices, but it can also include business-related loans. To qualify as a deduction, these two statements must be true:

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Survive financial stress with these 3 mindset changers

Finances stressing you out? A few small tweaks to your mindset could help you handle the hard stuff. 

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Make Your Child a Tax-Free Millionaire!

Want to jump start your child's retirement with a million dollar tax-free account? Consider this:

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Employers, stay payroll-compliant!

Third-quarter payroll reports are due this month, making it a great month for employers to check in on their payroll compliance practices.

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Do you have misclassified workers?

Have you misclassified your worker as an independent contractor or employee? Find out now and make a fix.

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Understanding Tax Terms: Pass-through Entities What are they? Why should you care?

Small business owners have a number of options on how to organize their business for tax purposes. Many small, single owner, businesses are not incorporated, and are deemed "sole proprietors", in the eyes of the IRS. Other business entities, like C corporations, are taxed as a separate entity with distributions to owners taxed a second time as dividends. Still others are deemed "pass-through" entities like S corporations, Partnerships and Limited Liability Companies (LLC).

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