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.

Leveraging Your Children's Lower Tax Rate: One of the best places for parents to look for tax savings

If you're a parent, your dependent children can be a source of tax savings. There are the well-known provisions in the tax code such as the Dependent Child Care Credit and the Child Tax Credit, but there's also an opportunity to shift some taxable income to your children.

Shifting income to your children works because the tax rate increases as your income rises. This provides an incentive to shift income to your lower-earning dependent children. Here's how to make it work:

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May 2018 DiSabatino, CPA Newsletter

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May 2018

In this issue:

  • Tax Cuts and Jobs Act Update
  • Handling Health Care Coverage Gaps
  • Protect Yourself From Port-Out Scams
  • Managing Money Tips for Couples

This Month:

  • May 13th: Mother's Day
  • May 28th: Memorial Day

Now that the 2017 tax filing season is over, it's time to start adapting to some of the momentous tax changes passed last year. This issue provides an update on the latest news affecting 2018 taxes, as well as a guide to the (still intact) IRS penalties for gaps in health care coverage. There's an article about managing money with your significant other, and also an update about the latest identity theft "port-out" scam.

If you wish to review your situation, call at any time. Also feel free to forward this newsletter to someone who may benefit.

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What's the average tax refund check?

What's the average tax refund check?

The IRS returned more than $323 billion in tax refunds to taxpayers last year.

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Want a successful business? Delegate

Even though delegating work may seem like a no-brainer, it's often not the first idea that comes to mind when you're contemplating how to get things done at work. Learn more about how it truly is one of the best approaches.

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Quarterly estimated tax payments just got trickier

Quarterly estimated tax payments just got trickier

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The New World of Charitable Deductions

Your charitable contribution deductions are still a great tax savings tool, but they may require more planning following the passage of the Tax Cuts and Jobs Act (TCJA) last year.

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Don't fall for the "tax-deduction" charity scam

Don't fall for the "tax-deduction" charity scam

The IRS is warning taxpayers about fake charitable organizations tricking people into donating to receive tax deductions.

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Incorporate or not: What's best for your business?

Should you incorporate your business? That is the question. Find out why it may be a good idea.

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Audit Rates Decline for Sixth Year in a Row But don't get complacent...

The IRS reported audit rates declined last year for the sixth year in a row and reached their lowest level since 2002. That’s good news for people who don’t like to be audited (which is everybody)!

But don’t get complacent. A closer look at the IRS data release reveals some audit pitfalls you should know about. Here is what you need to know:

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2nd quarter interest rates increase

2nd quarter interest rates increase

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Can't file your 2017 tax return? Here's what to do

If you need more time to file your 2017 income tax return, you can get an extension. Learn more about what you have to do.

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If You're Expecting a Refund, Read This

The end of tax season is approaching and if you’re getting a refund, here are four useful tips to know.

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Extensions available for 2017 tax returns

Extensions available for 2017 tax returns

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Important April 17 tax deadlines

Important April 17 tax deadlines

As you prepare for tax day, remember that the following are due on April 17:

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How to make the most of your tax refund

If you're receiving a tax refund this year, you have a big decision to make: What to do with it. 

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Is Home Equity Loan Interest Still Deductible?

There is a lot of confusion about home equity loans following the passage of the Tax Cuts and Jobs Act (TCJA) last year. The act changed the rules on whether the interest on these loans is deductible. So is it?

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Fraud victims get FTC refund checks

Fraud victims get FTC refund checks

The Federal Trade Commission is sending refund checks totaling more than $7.2 million to victims who bought "buy-one-get-one-free" products marketed by the Allstar Marketing Group LLC.

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April 2018 DiSabatino, CPA Newsletter

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April 2018

In this issue:

  • Tax Quiz: So You Think Our Taxes Are Crazy?
  • Know the Top IRS Tax Scams
  • When an Extension May Make Sense
  • Win the Battle Against Retirement Health Care Costs

This Month:

  • April 17th: 2017 Individual federal tax returns due
  • April 17th: First-quarter 2018 estimated tax due
  • April 1st: Easter Sunday
  • Other April 17 Deadlines:
    - Six Month Filing Extension
    - 2017 Gift Taxes
    - 2017 IRA Contributions

Happy tax filing month! To help celebrate, this month's newsletter includes a quiz on strange tax laws from around the world. Also included are some tips for using your refund check as well as advice on handling spiraling health care costs during retirement. Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit.

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Tax Act Tip: Change Your Roth Conversion Thinking

If you're considering converting a traditional IRA retirement account into a Roth IRA, be aware that the Tax Cuts and Jobs Act (TCJA) signed last year now limits your ability to change your mind.

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Avoid tax return mistakes

Avoid tax return mistakes!!! As you file your 2017 tax return this season, make sure you don't fall victim to some of the easiest mistakes made each year.

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