DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

2014 Tax Extenders Signed by Obama

It’s finally official—President Barack Obama signed H.R. 5771, The Tax Increase Prevention Act Friday, December 19, 2014.

Businesses will enjoy the one-year extension of the research and development credit and bonus depreciation

Business Tax Provisions:

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Section 179 Update!!

Sect. 179 Update

The U.S. House of Representatives approved a proposal
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October 2014 DiSabatino CPA Newsletter


In this issue:

  • Preview of Some Key 2015 Tax Figures
  • A Cheaper Hotel Stay
  • Business Use of your Home
  • A tax deduction under your nose?
  • No Such Thing as a Free Lunch?

The Month of May:October 1st:

  •     October 1st:  SIMPLE IRA plan establishment due
  •     October 15th:  Extension tax return filing deadline
  •     October 31st:  Halloween
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June 2014 DiSabatino CPA Newsletter


In this issue:

  • The Chances of Being Audited
    2013 audit statistics show changes
  • Alimony in the Spotlight
  • Setting up Your Business
    Accounting System
  • Looking for a Summer Job

The Month of May:

  • June 15th: Father's Day
  • June 16th: 2nd Quarter Estimated Tax Due
  • July 4th: Independence Day


With the end of tax filing and the start of summer why not focus on new beginnings? Included in this month's newsletter are some ideas to help find summer employment and some suggestions on the benefits of creating a good accounting system for your small businesses.

Wonder what the IRS has in store for audits? Consider reviewing the article on audit statistics and a new area of focus within the agency on alimony reporting compliance.

Should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

The Chances of Being Audited

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DiSabatino CPA Receives 2014 Best of Camarillo Award


Camarillo Award Program Honors the Achievement

CAMARILLO June 20, 2014 -- DiSabatino CPA has been selected for the 2014 Best of Camarillo Award in the Certified Public Accountants category by the Camarillo Award Program - the second consecutive year!

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Plan for Lower Section 179 Expense

Small Businesses: Plan for Lower Section 179 Expense
In 2014, the annual expense limit for Section 179 is now $25,000, down from $500,000 in 2013. You will need to plan accordingly.


Section 179 of the tax code allows businesses to immediately expense qualified capital purchases versus depreciating (recovering) their cost over time. Qualified purchases can be new or used equipment and certain software placed in service during the year. This benefit can be maximized as long as total qualified asset purchases by your business do not exceed $200,000 (formerly $2 million) during your 2014 tax year.

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Do You Need to File a Tax Return?

Too many taxpayers assume they are not required to file a tax return and end up losing a potential refund. To help ensure this does not happen to you, here are some common things to help you decide whether a review of your situation is in order.

  1. Know the triggers. You are required to file a tax return based on your income, filing status, and age. If your income is above the amounts below, you are generally required to file a tax return.
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IRS Penalty for Lack of Health Insurance!


Do You Have a Sleeping Tax Penalty for 2014?


If you know someone who lacks health insurance...read this!
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February 2014 Newsletter

DiSabatino CPA

Phone: 805-389-7300 •  Fax: 805-435-7498 • This email address is being protected from spambots. You need JavaScript enabled to view it.www.SharpCPA.com

FEBRAURY 2014 Client Newsletter

  • Leasing Versus Buying A Car
  • Knowing the tricks makes you a better buyer
  • Children's Online Privacy Gets a Boost
  • Estate & Gift Tax Update
  • Key 2014 Tax Information
  • 2014 Mileage Rates
  • Receive all 1099s and W-2s
  • Set up Tax Appointment
  • Rebalance Investment Portfolios
  • February 14th: Valentines Day
  • February 17th: President's Day
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IRS Announces New FSA Rule

Flexible spending accounts (FSAs) allow taxpayers to set aside pre-tax dollars to pay for out-of-pocket medical expenses. The drawback has been the fact that unused amounts each year are forfeited. Plans could provide a 2½ month grace period to use up unspent set-asides.

Now a change announced by the IRS adds more flexibility to these accounts. Plans can be modified by employers to allow up to $500 of unused amounts to be carried over into the following year. Health FSAs cannot have both the old 2½ month grace period and the $500 carryover; they can have one or the other (or neither).

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Plan Your 2014 Retirement Contributions

As part of your planning for next year, now is the time to review funding your retirement accounts. By establishing your contribution amounts at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for the more popular programs:

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January 2014 Newsletter


Phone: 805-389-7300 • Fax: 805-435-7498 • This email address is being protected from spambots. You need JavaScript enabled to view it.www.SharpCPA.com

January 2014 Monthly Client Newsletter

This Month:

  • January 15th:
  • 4th Quarter Estimated Payments Due
  • Action Items:
  • Start gathering 2013 tax information
  • Review 2014 W-2
  • Set 2014 financial goals
  • Dividend income

In This Issue:

  • These Oft-extended Tax Provisions are Now Gone
  • Crowdfunding: Using the Internet to Raise Funds
  • Five Ideas for a Better 2014
  • Health Insurance Penalty Starts Now Time to be thinking about health insurance
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2014 Fiscal Year Per Diem Rate Increase - Start Now...

b2ap3_thumbnail_business-strategy.jpgEvery year,the General Services Administration (GSA) establishes per diem rates for government employees in the 48 states in the continental U.S. and the District of Columbia ("CONUS" rates); in areas outside the continental United States (Hawaii, Puerto Rico and U.S. possessions ("OCONUS" rates); and in foreign countries.

The IRS says that private employers may use these "per diem" rates as a record keeping shortcut to reimburse employees for business travel with no hassles.

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A Solo 401(K) - Great Tax Deferment

Retirement-PlanningEveryone wants to save taxes.  Well here is a solution to defer taxes, which in the long run may save you taxes - feel free to contact us to learn more about the basic strategy of retirement planning.

Strategy: Set up a solo 401(k) plan. Due to special tax rules, you can contribute more to this type of plan than other comparable retirement plans.  In fact, a solo 401(k) offers an unprecedented tax-saving opportunity for a married couple working together.

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