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.

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.

Continue reading
0
  8971 Hits

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. 

Continue reading
0
  7969 Hits

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?

Continue reading
0
  10185 Hits

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.

Continue reading
0
  8044 Hits

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.

Continue reading
0
  7862 Hits

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.

Continue reading
0
Tags:
  8570 Hits

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.

Continue reading
0
Tags:
  8393 Hits

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:

Continue reading
0
  7770 Hits

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. 

Continue reading
0
Tags:
  7882 Hits

Make Your Child a Tax-Free Millionaire!

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

Continue reading
0
Tags:
tax
  9418 Hits

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.

Continue reading
0
Tags:
  7861 Hits

Do you have misclassified workers?

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

Continue reading
0
  8428 Hits

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).

Continue reading
0
Tags:
tax
  9163 Hits

Those affected by Hurricane Florence get tax relief

You may be able to claim a casualty loss deduction on your tax return if you suffered uninsured or unreimbursed losses from Hurricane Florence or other recent federally declared natural disasters. But did you know you may not need to live in a federally declared natural disaster area to qualify for relief?

Continue reading
0
Tags:
tax
  9490 Hits

No change to fourth-quarter interest rates

Fourth-quarter interest rates will stay the same.

Continue reading
0
  8728 Hits

Rent Your Property Tax-Free

Most income you receive is taxable income that is reported to you and to the federal/state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules.

Continue reading
0
  9217 Hits

Effectively manage medical expenses with an HSA

Medical expenses pile up fast. But there are ways to make paying them more manageable and cost-effective. If you have a high deductible health plan, you can open a health savings account (HSA) account to pay your medical bills.

Continue reading
0
  8467 Hits

3 natural disaster prep tax tips

One of the best ways to manage the aftermath of a natural disaster is to plan ahead. If you live in a natural disaster high-risk area, you can take steps to alleviate tax and financial issues post-disaster by following these tips:

Continue reading
0
  8471 Hits

School your children on money matters

Not sure how to talk to your kids about the importance of well-managed money? No problem. Try this guideline of topics to discuss as they grow.

Continue reading
0
  8412 Hits

Salvage that Sunken Uncollectible Debt: Victims of reneged payment agreements might have a tax deduction

There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a tax deduction. The IRS has two classifications for bad debt: business and non-business, each with its own deductibility rules.

Continue reading
0
  8125 Hits

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