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.

New Baby? Tax Tips Everyone Should Know - Especially parents, grandparents and relatives

For new parents, information is coming from every direction – feeding times, car seats, sleep schedules, strollers, child development and of course ... taxes. What most new parents do not consider is that this little bundle of joy just complicated their tax situation!

Whether you are a new parent, grandparent, or know someone who is expecting, here are some tax tips to consider:

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Retirees: You still owe taxes

Did you know that full retirement doesn't end your income tax obligations?

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 IT'S TIME FOR 2019 W-4 FORMS 

IT'S TIME FOR 2019 W-4 FORMS

It is important for you to understand the importance for all employers to get new 2019 W-4 forms from all employees. I think that employers should give all employees not only the 2019 W-4 forms to fill out, SIGN, and DATE., and include all 4 pages of instructions, especially pages 3 & 4.
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Last-Minute Tax Deductions Hiding in Your Closet - There is still time to lower your tax bill!

Mileage rates for travel are now set for 2019. The standard business mileage rate increases by 3.5 cents to 58 cents per mile. The medical and moving mileage rates also increase by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.

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Your year-end beneficiary designation checkup

Now is a good time to check in on your beneficiary designations, as life events that happened in 2018 may have changed circumstances.

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Beware of fake tax transcript emails

If you get an email claiming to be from the IRS with an attached tax return transcript file, delete it.

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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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Modified Adjusted Gross Income - What is it?

Under the Affordable Care Act, eligibility for income-based Medicaid and subsidized health insurance, such as Covered California, through the marketplaces is calculated using the modified adjusted gross income (MAGI) of your household.  Let's take a look at how this MAGI is different then the Adjusted Gross Income found on your tax return. 

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Last-Minute Tax Deductions Hiding in Your Closet - There is still time to lower your tax bill!

There’s no time left to procrastinate! Now is the time to make last-minute tax moves to save you some money. Here are ideas to consider:

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Bringing business clients out for a night on the town?

Recent entertainment deduction clarification from the IRS stated that you may still deduct 50 percent of food and beverages during a business outing with clients as long as those items are paid separately from other entertainment expenses.

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Say goodbye to the individual mandate health insurance penalty

Starting in 2019, the penalty imposed on people who don't have qualified health insurance will go away. This penalty is still in effect through 2018, however.

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3 big ways the tax code helps natural disaster victims

The aftermath of a natural disaster can be devastating. Fortunately, there's a few major ways the tax code can offer relief to those affected by Hurricane Michael and other federally declared natural disasters.

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Beware the Tax Torpedo - Large retirement account balances can cause Social Security tax problems

Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach 70 ½, the trigger requiring minimum distributions (RMDs) from qualified retirement accounts is pulled and a potential tax torpedo is launched.

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Alimony payment tax rules are changing

If a divorce is in your near-future plans, consider the new tax treatment for those agreements finalized after Dec. 31, 2018.

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Retirement account contributions increase in 2019

Good news — 401(k) accounts and IRA contribution maximums will increase $500 in 2019.

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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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Five Reasons Why the IRS Will Audit You

Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest reasons the IRS may choose to audit your return:

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2019 Social Security updates

The Social Security Administration announced a 2.8 percent cost-of-living adjustment (COLA) to monthly Social Security and Supplemental Security Income benefits for 2019.

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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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Understanding Tax Terms: Head of Household

The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only if you qualify.

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