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.

Hidden Back to School Tax Deductions

Summer is coming to a close and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save:

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Fund Your Retirement or Your Child's College?

As our students prepare to head back to school, many families face the difficult decision to save for retirement or use those funds to pay for their children’s college education. If you are facing that dilemma, here are some thoughts:

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Common Tax Increase Surprises: "I did not owe that last year!"

Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when next year, you are required to send in a fairly big check to settle your tax bill. Believe it or not, this message is almost as hard to deliver to a taxpayer as it is to hear it. Here are some situations to watch for that can increase your tax liability:

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Should You Expense or Depreciate Your Capital Asset?

If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code that were recently expanded:

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Renew your ITIN soon

Don't delay in renewing your Individual Taxpayer Identification Number (ITIN) if it's set to expire at the end of 2018.

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Want to retire someday? Here's how to save more now

Stop procrastinating if you know you need to save more for retirement.

Luckily, saving money doesn't have to be hard work. In fact, many successful savers have found simple ways to cut spending and increase their savings. Here's how.

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IRS Debuts Postcard-sized 1040 for 2018

At the end of June, the IRS unveiled a new draft version of the 2018 Form 1040. This newly proposed postcard-sized 1040 form replaces the old 2017 1040, as well as forms 1040EZ and 1040A. While some in Washington are celebrating the design as a simpler way to file, a closer look may tell a different story.

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New divorce laws to consider

New divorce laws to consider

The taxation of alimony for divorces signed after Dec. 31, 2018 will change drastically.

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Switching jobs this summer? Don't forget about your taxes

If you're changing employers, the first thing on your mind probably isn't taxes. But the actions you take now can make a big difference next April — and beyond.

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Five Common Retirement Mistakes

Here are five common retirement planning mistakes and steps you can take to avoid them.

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Third-quarter interest rates stay the same

Third-quarter interest rates stay the same

The IRS has released the interest rates on tax overpayments and underpayments for the third quarter of 2018.

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Supreme Court Shakes Up Sales Taxes

U.S. Supreme Court ruling last week involving the state of South Dakota vs Wayfair (an online furniture retailer) opens the door for states to impose sales taxes on online retailers located outside their borders.

This will have wide-reaching effects on small businesses and consumers. Here’s what you need to know:

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Consider creating an accountable plan

Consider creating an accountable plan


Now that itemized deductions have been suspended through 2025, employees can no longer deduct unreimbursed business expenses.

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Getting summer help? Classify properly

Getting summer help? Classify properly

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Don't Run Afoul of the IRS's "Nanny Tax"

The IRS is more strictly enforcing rules that determine whether a worker is actually your employee, rather than an independent contractor. Beware: you have many extra tax responsibilities and expenses if you are an employer in the eyes of the IRS.

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A new twist on an old taxpayer scam

A new twist on an old taxpayer scam

Scammers have come up with a new way to steal personal and financial information from non-resident aliens and international taxpayers.

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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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Don't forget your midyear tax-planning

Don't forget your midyear tax-planning

Can you believe 2018 is already half over? If you haven't thought about your 2018 tax situation yet, it's time to do so.

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Alimony Tax Changes Require Planning: Law change to have dramatic tax impact in 2019 and beyond

The taxation of alimony will change drastically starting in 2019. Here’s what you need to know:

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