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.

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:

Continue reading
0
  1540 Hits

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:

Continue reading
0
  1405 Hits

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.

Continue reading
0
  1647 Hits

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.

Continue reading
0
  1545 Hits

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.

Continue reading
0
  1758 Hits

New divorce laws to consider

New divorce laws to consider

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

Continue reading
0
  1563 Hits

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.

Continue reading
0
  2464 Hits

Five Common Retirement Mistakes

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

Continue reading
0
  1749 Hits

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.

Continue reading
0
  1772 Hits

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:

Continue reading
1
  1811 Hits

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.

Continue reading
0
  1938 Hits

Getting summer help? Classify properly

Getting summer help? Classify properly

Continue reading
0
  1988 Hits

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.

Continue reading
0
  1815 Hits

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.

Continue reading
0
  1956 Hits

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.
Continue reading
0
  1953 Hits

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?

Continue reading
0
  1856 Hits

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.

Continue reading
1
  2218 Hits

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:

Continue reading
1
  1936 Hits

Summer's a time for vacations and tax planning

Don't let the warm weather go straight to your head. Make a point to review your tax plan and make effective changes while you still can this year.

Continue reading
1
  1836 Hits

Reminder: Second Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment

If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here.

Continue reading
1
  1918 Hits

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.