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.

3 reasons why your child should (or shouldn't) have life insurance

Should you carry life insurance on your children? Read on to learn the most common considerations when making this decision

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So You Sold Your Home, Now What? Understanding the taxable gain exclusion on home sales

If you're considering selling your home or have recently sold your home, there are possible tax consequences. The good news: much of the gain on the sale of your home may be tax exempt. Here's what you need to know:

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If you donated money to charity, you'll need these records

If you donated money to charity, you'll need these records

If you plan on deducting charitable contributions on your 2017 tax return, you'll need to have certain records.

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GONE: Unreimbursed expenses deduction for employees

GONE: Unreimbursed expenses deduction for employees

If you're an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act.

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Here's a roundup of your nontaxable income

Good news – there are a lot of revenue sources that aren't taxed. You may have an idea of what they are, but here's a quick list to review.

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Tax Act Tip: The 2018 Quarterly Estimated Payment Challenge

The Tax Cuts and Jobs Act (TCJA) passed in late 2017 made big tax changes, including to individual tax rates. If you are self-employed or retired and pay your taxes on a quarterly basis, calculating your new tax obligation is going to be a little more complicated than usual.

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A new twist on scams this tax season

A new twist on scams this tax season

The IRS urges taxpayers to beware of fake calls to return money from tax return refund checks that have been deposited in error into bank accounts.

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Do you need to take an RMD? April 1 might be an important date for you

Do you need to take an RMD?

April 1 is the last day you can take your required minimum distribution (RMD) for 2017 from your traditional IRAs. If you reached age 70½ last year, this is a big deal.
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Put Your Tax Refund to Good Use

Three-fourths of filers get a tax refund every year, with the average check weighing in at $2,895. Here are some ideas to put that money to good use:

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Are you a caregiver? These tax breaks may be helpful

Are you a caregiver?

Those who care for people who are sick, elderly or disabled are often up against a lot of challenges. Fortunately, there may be a handful of tax breaks that can help.

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More tax breaks available for 2017 tax returns

Tax Breaks

Several tax breaks were revived for use in 2017 tax filing by last month's federal budget bill.

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Putting your tax refund into a retirement account? Read this

Putting your tax refund into a retirement account?

Considering depositing your tax refund into your retirement account? Make sure no confusion happens along the way.
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Three Tax Break Tips for Caregivers

If you’ve ever had to care for a sick, elderly or disabled person, you know it can be difficult financially as well as emotionally. A recent study found that many caregivers are forced to make financial sacrifices, including delaying retirement, in order to help their loved ones.

Luckily, there are three key federal income tax breaks available to help lighten the financial burden on caregivers. Here are some tips to help take advantage of them:

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Considering converting your IRA?

Considering converting your IRA?

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Emergency funds: Why they're worth it

Emergency funds can be a lifesaver. Do you have extra funds saved for unexpected times? If not, it's time to consider how much you'll need if you fall on hard times.

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Tax Act Tip: Employee Expense Rules Have Changed

One of the things that’s going away under the new tax reform laws implemented this year is an employee’s ability to deduct unreimbursed expenses related to their job.

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Watch out for scams this tax season

Watch out for scams this tax season

The IRS is warning taxpayers to keep on high alert for the next few months. Scammers may try to get their hands on your money or tax return by collecting your personal or financial data. According to the IRS, its employees will never:

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Changes to the kiddie tax

Changes to the kiddie tax

The Tax Cuts and Jobs Act has changed the way unearned income is taxed for your children.

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New 1095-B and 1095-C due date: March 2

New 1095-B and 1095-C due date: March 2

The IRS said it will allow large health insurance companies to delay sending out health insurance confirmation forms.

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Check your tax forms

Check your tax forms

Tax time is here. That means you need to check to make sure you have all the forms you need to file your 2017 tax return.

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