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.

3 Great Charitable Deduction Ideas

Despite what you may have heard from friends or family, you can still claim generous tax benefits for charitable contributions. Here are three prime examples of charitable tax breaks ripe for the picking if you know where to look:

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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.

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June DiSabatino, CPA Newsletter

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June 2019

In this Issue: 

  • 5 Summer Tax Savings Opportunities
  • Get Your Life Back! Ideas to Unplug
  • Payroll Fraud Schemes Every Business Should Know
  • Never Take on the IRS Alone

This Month:

  • June 16: Father's Day
  • June 17: 2nd qtr estimated taxes due
  • June 17: 2018 tax deadline for U.S. citizens living abroad

Summertime offers unique tax saving situations. Outlined here are five ideas everyone can use. Plus, this issue includes ideas to help you unplug from your electronics and discusses possible payroll fraud schemes. Finally, spend a minute reviewing the wisdom of asking for help should you be contacted by the IRS.

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 send it to them.

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2020 Health Savings Account Limits: New contribution limits are on the horizon

The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison.

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2018 Audit Rates - Don't get complacent...

The IRS reported audit rates declined last year for the seventh 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.

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How to Maximize Your Social Security - What every taxpayer should know

You can begin receiving your Social Security retirement benefit as early as age 62. But by putting off your benefit start date you can receive a check that is 8 percent higher for each year you delay receiving your benefit.

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3 Things to Know About Summer Job Taxes

Summer brings warm weather, fun outdoor activities and new opportunities to earn some additional income. However, taxes on seasonal income need to be handled with care, whether they're related to your child’s first job or an extra income opportunity for you. Here are some tips to help you manage the taxes on your summer earnings:

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The $500,000 Homeowner Tax Break - Understand the rules now to avoid a tax surprise later

There is a large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. But making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need to know:

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Toss This. Not That. - Your guide to post tax-filing record retention

Tax season is over and yet another tax return has been sent off to the government. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:

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May DiSabatino, CPA Newsletter

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May 2019

In this Issue: 

  • You Know You Need Tax Planning If...
  • Al Capone, Aunt Becky, Tax Fraud and You! How you can learn from high-profile tax scandals
  • Watch Out! 7 Vacation Costs That Sneak Up on You
  • 4 Key Elements of Great Business Books

This Month:

  • May 12: Mother's Day
  • May 15: Exempt organization tax returns due
  • May 27: Memorial Day

With tax season in the rear-view mirror, it's full speed ahead into tax planning season. While it's important for everyone to have a tax roadmap, there are key situations that require extra attention so you can avoid a major tax pothole. This issue includes lessons to learn from some high-profile tax scandals, sneaky vacation costs that can ruin your vacation, and an inside look at some key characteristics of a great bookkeeping system.

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 send it to them.

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Improve Next Year's Tax Situation Now!

Improve Next Year's Tax Situation Now!
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Whether you receive a big refund or pay taxes on tax day, taking action now can ensure next year’s tax bill is optimized by not paying a dollar more than necessary.

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Tax Day is Here! Last-minute details, tips and freebies

With the individual tax-filing deadline on Monday, April 15, now is the time to complete all filing arrangements and payments. Ask yourself these six questions now before it’s too late to act:

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April DiSabatino, CPA Newsletter

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April 2019

In this issue:

  • Tax Quiz: Wild State Tax Laws
  • 4 Key Metrics to Fortify Your Business
  • Leasing vs. Buying a Car: Knowing the tricks makes you a better decision-maker
  • Tax Day is Here: 5 Big Questions People Are Asking!

This Month:

  • April 15: Individual tax returns due / C corporation tax returns due / First-quarter 2019 estimated tax due
  • April 21: Easter Sunday
  • Other April 15 Deadlines: Six-month filing extension / 2018 gift taxes / 2018 IRA contributions / 2018 HSA contributions

Tax day is upon us! As we tie a bow on the first tax season using the new tax laws, here's a fun tax quiz you can use to impress your friends with some quirky state tax knowledge. This issue also includes handy metrics to track your business performance, tips to help you decide if you should buy or lease your next vehicle, and five big questions people are asking as the tax deadline approaches.

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 send it to them.

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Reminder: First Quarter Estimated Taxes Now 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 a 2019 estimated quarterly tax payment using Form 1040-ES. The first quarter due date is now here.

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Owe Taxes? Make Payment Arrangements Now!

If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now to ensure your payment arrangements are completed before the deadline.

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The Tax-Free Retirement Savings Option - Is a Roth IRA right for you?

If you are looking for tax-free income and more flexibility during retirement, perhaps you should look into investing in a Roth IRA. While Roth IRA contributions are not sheltered from current taxes like contributions to traditional IRAs, they offer other tax benefits during retirement.

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Where's My Refund?

The popular “Where’s My Refund” feature on the IRS website allows you to see the status of your refund after filing your income tax return.

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Save Those Receipts! These tips are money in your pocket!

When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expense is a must. Here are some typical areas that taxpayers often fall short, costing them plenty during tax filing season and during IRS audits:

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Tax Scam Alert! Defend Yourself Now

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year:

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March 2019 DiSabatino, CPA Newsletter

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March 2019

In this issue:

  • Oh No! Your Tax Refund is Now a Bill
  • Hints to Eliminate Monthly Bill Creep
  • Businesses: File on Time or Pay the Price!
  • Candyland Getting Stale? Try These Board Game

This Month:

  • March 15th: Due date for Partnership & S Corp Tax Returns (Forms 1065, 1120S)
  • Reminders: Daylight Savings time begins Sunday, March 10th

  Tax season is in full swing. Early reports from the IRS indicate that, on average, refund amounts are down compared to last year. If this is you, the first article lays out some reasons for the change. This issue also includes a warning to business owners to file their taxes on time, tips to keep your monthly bills in check, and some exciting board games to try.

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 send it to them.

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