DiSabatino CPA Blog

Mike DiSabatino CPA

Mike is the founder of the firm of Michael DiSabatino, CPA.  He produces this blog to keep his clients and friends informed of new tax laws, tax saving strategies, as well as, business tips. 

If you have a question or comment for Mike, please use our Contact Form to reach out for us.

November 2018 DiSabatino, CPA Newsletter

news header

November 2018

In this issue:

  • 5 Annual Tax Essentials
  • Retirees Should Check Withholdings...or Else...
  • The IRS Loves Your Business ... and That is NOT Good
  • Turkey Trivia

This Month:

  • Sunday, Nov 11th: Veterans Day
  • Thursday, Nov 22nd: Thanksgiving
  • Friday, Nov 23rd: Black Friday (shopping deals day)
  • Monday, Nov 26th: Cyber Monday (online deals day)
  • Tuesday, Nov 27th: #GivingTuesday (charitable giving day)
  • Reminder: Conduct year-end tax and financial planning

It's November and the holiday season is upon us. With the end of the year less than two months away, now is the time to run down your annual year-end checklist. Before you dig in to some turkey and stuffing, check out the 5 Annual Tax Essentials article for some year-end tips you can use every year. Also included in this issue is a warning to retirees regarding their federal tax withholdings, an article detailing the areas the IRS scrutinizes a business during an audit, and some turkey trivia you can use to impress your friends.

Please call if you would like to discuss how any of this information relates to you. If you know someone that can benefit from this newsletter, feel free to forward it to them.

Continue reading
0
Tags:
  30266 Hits

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
  24023 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
  21806 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
  27284 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
  21609 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
  20375 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:
  22290 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:
  21850 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
  20363 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:
  21744 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
  25528 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:
  21289 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
  22143 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
  25118 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
  26310 Hits

No change to fourth-quarter interest rates

Fourth-quarter interest rates will stay the same.

Continue reading
0
  23442 Hits

October 2018 DiSabatino, CPA Newsletter

news header

October 2018

  • Time to Launch Your Tax Strategy
  • Keys to Creating a Satifying Retirement 
  • Fraud? Negligence? Know the Difference!
  • Six Ideas to Help Your Business Survive & Thrive
  • Find Your Sleep Sweet Spot
  • Hustling for Extra Income 

This month:

  • October 1: SIMPLE IRA plan establishment due
  • October 15: Extended individual and C-corp tax filing deadline
  • October 31: Halloween 

    The leaves are starting to change colors and cool air is just around the corner. With the fourth quarter upon us, now is the time to finalize your tax plans before the busy holiday season arrives. Included here are some steps you can take to jumpstart the process for you. Also included are articles on how to create a satisfying retirement, how the IRS identifies tax fraud, and six ideas to keep your business successful. In addition, there are some practical ideas to help improve your sleep quality, and tax considerations for side income.

    Please call if you would like to discuss how any of this information relates to you. If you know someone who can benefit from this newsletter, feel free to forward it to them.

Continue reading
0
  24789 Hits

Minimize your tax bill with your charitable work

Have you done volunteer work for a charitable organization? You may find that helping others has also helped you and your tax bill.

Continue reading
1
  21532 Hits

Business owners: Do you have a succession plan?

Succession planning should be on the top of every business owner's to-do list. To help you plan, think about these three key items.

Continue reading
0
  30606 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
  20862 Hits
 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

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