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DiSabatino CPA Blog

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

A monthly newsletter produced by the firm of DiSabatino, CPA providing tax saving, business and financial strategies geared towards helping our clients.

May DiSabatino, CPA Newsletter

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August 2019

In this Issue: 

  • I Owe Tax on That? 5 Surprising Taxable Items
  • Headed to the Fair? Avoid These Spending Traps
  • Smart Tactics to Manage Student Debt
  • Cash Flow Concepts That Can Save Your Business

This Month:

  •  September 2: Labor Day

Summer is starting to wind down and the kids will soon be headed back to school. Now is a great time to review if you've had, or will have, any special taxable events this year. The first article highlights five taxable items that come as a surprise to many people. This month's newsletter also includes spending traps to avoid when headed to the fair, ways to manage the burden of student loan debt, and cash flow strategies that can save your business.

Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them.

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July DiSabatino, CPA Newsletter

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July 2019

In this Issue: 

  • Effective Tax Planning Starts Now!
  • Can't Miss Stops for Your Summer Road Trip
  • What You Need To Know About IRS Audits
  • Make Setting Salaries Easier With These 5 Steps

This Month:

  • July 4: Independence Day

Tax day might seem far away, but waiting until year-end to make your tax moves may prove costly to you. Maximizing your tax savings starts with an effective mid-year strategy! Detailed here are some ideas to kick-start your summer tax planning. This issue also includes some unique and free summer travel destinations, an infographic with key IRS audit information, and five steps to help your business set the right salaries for your employees.

Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them.

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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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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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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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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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December 2018 DiSabatino, CPA Newsletter

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December 2018

In this issue:

This Month:

  • December 2: Hanukkah begins
  • December 25: Christmas Day
  • December 25: Kwanza begins
  • January 15: 4th Quarter Estimated Payments Due
  • Take final year-end actions: Deductible gifts, Capital gains/losses, Charitable giving, Dividend income

Happy holidays! Tis the season for family, friends, food, and of course ... last second tax moves! While time is running short, consider some of these moves you can make to cut your tax liability. Also, retirement contributions are rising for 2019. The second article lays out the changes for you.

Did you know that there are billions of dollars of unclaimed property each year? Read on to find out how to search for yours. Finally, there's an article explaining the new qualified business income deduction and what you can do to prepare for it.

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.

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November 2018 DiSabatino, CPA Newsletter

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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.

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October 2018 DiSabatino, CPA Newsletter

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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.

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September 2018 DiSabatino, CPA Newsletter

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This month:

  • September 3:
  • Labor Day
  • September 17:
  • 3rd quarter estimated tax due
  • Filing deadline for 2017 S corp and partnership returns that received extension
  • October 1: SIMPLE IRA plan establishment due
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August 2018 DiSabatino, CPA Newsletter

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August 2018

In this issue:

  • Student Loan Forgiveness Creates New Tax Trap
  • Ideas to Improve Your Financial Health
  • Dramatic Sales Tax Change
  • Are you Sharing Too Much Information Online?
  • Setting up Your Business Accounting System
  • Manage Capital Gains Tax Tip

This Month:

  • September 3: Labor Day

Summer is in full swing and the air conditioners are working overtime. Hopefully you are finding ways to stay cool while enjoying your outdoor activities. Included in this newsletter are articles about a new tax trap created by student loan forgiveness, tips to improve your financial situation and ideas to ensure that you are not sharing too much online. For your business, there are articles explaining "economic nexus" for sales tax and best practices for setting up your accounting system. Lastly, there are tips to help you manage your capital gains taxes.

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July 2018 DiSabatino, CPA Newsletter

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July 2018

In this issue:

  • Five Tax Breaks for New Parents
  • How Long Will It Last?
  • Planning to replace common items
  • Become Debt-Free
  • Is It Worth It to Amend Your Return?
  • Elements of a Good Business Partnership
  • Useful Online Productivity and Security Tools

This Month:

  • July 4: Independence Day

It's the height of summer, and hopefully you've had a chance to enjoy some pleasant weather and Fourth of July fireworks. This issue contains tips on tax breaks for new parents, deciding whether to amend a tax return, strategies for reducing debt, and budgeting for replacing major household items. There's also an article about creating a strong business partnership, and a review of some of the best online productivity and security tools.

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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June 2018 DiSabatino, CPA Newsletter

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June 2018

In this issue:

  • Tax Planning Time
  • Six Home Ownership Tax Benefits
  • Unconventional Summer Vacation Ideas
  • Five Great Finance Tips Everyone Should Know
  • Overlooked Business Metrics
  • New! Small Business Medical Leave Credit

This Month:

  • June 15th: 2nd quarter estimated taxes due
  • June 15th: 2017 tax deadline for Americans living abroad
  • June 17th: Father's Day

Summer is the perfect time to schedule a tax planning session. Take a look at the lead article to learn why. Summer is also peak season for buying a home. There are tax breaks discussed in this issue that may make owning a home more affordable for you. Also inside is a review of some often overlooked summer vacation ideas, as well as some classic finance fundamentals everyone should know.

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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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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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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March 2018 DiSabatino, CPA Newsletter

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March 2018

In this issue:

  • Answers to Commonly Asked Tax Questions
  • Alert: Expired Tax Breaks Revived for 2017
  • Your Brain on Social Media: How to make online interaction better for your health
  • Staying Organized Before and After Tax Time

This Month:

  • March 15th: Due date for partnership and S corporation tax returns (Forms 1065,1120S)
  • Reminders: Daylight-saving time begins Sunday, March 11

Tax season is underway, and articles in this month's issue will help get you over the finish line. Included are some answers to commonly asked tax questions, an update on some late tax breaks now available for 2017, and some tips on how to stay organized when you file your return this year. Also included is an article about how to make social media use healthier for you and your family.

Should you wish to review your situation, please feel free to call. Also feel free to forward this newsletter to someone who may benefit from this information.

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February 2018 DiSabatino, CPA Newsletter

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February 2018

In this Issue:

  • New Tax Legislation Requires Planning
  • Your New Life as a Pass-Through Entity Owner: An initial look at the new business deduction
  • Taxes and Virtual Currencies: What you need to know
  • How to Navigate the World of Crowdfunding

This Month:

  • Feb. 14th: Valentine's Day
  • Feb. 15th: Employer deadline to adopt new withholding schedule
  • Feb. 19th: Presidents' Day
  • Reminders: • Receive all 1099s and W-2s • Set up tax appointment • Rebalance Investment Portfolios

As your mailbox fills up with the forms you need to file your 2017 returns, you may already be thinking ahead to how tax reform legislation will impact you in 2018. This newsletter outlines seven issues resulting from the Tax Cuts and Jobs Act to think about after the 2017 tax season. The new tax rules affecting small businesses are also explored in detail here, as well as some guidelines for virtual currencies like Bitcoin. Also included: a primer on the current world of crowdfunding, both for entertainment and for entrepreneurs who want to try it themselves.

Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit from this information.

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January 2018 DiSabatino, CPA Newsletter

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January 2018
In this issue:

  • Tax Reform in 2018: Individual rule changes
  • Best Way to Avoid an Audit: Preparation
  • Where Did My Retirement Go?: How to locate lost benefits
  • New Year's Resolutions Are for Suckers: Do this instead
  • Mileage Rates for 2018

This Month:

  • Jan. 1st: New Year's Day
  • Jan. 15th: Martin Luther King Jr. Day
  • Jan. 16th: 4th Quarter Estimated Payments Due
  • Start tax planning for the new year:
    • Adjust withholdings
    • Organize filing records
    • Schedule tax reform consultation
    • Rebalance investment portfolio

Happy New Year! Now that tax reform has passed, there are many changes to consider. Some of the major ones are summarized in this newsletter. And as you prepare to file your 2017 return, take note of the advice on avoiding audits. Also included are some tips on locating lost retirement benefits, and some unconventional thinking about New Year's resolutions.

Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit from this information. Have a happy and productive 2018!

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December 2017 DiSabatino, CPA Newsletter

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December 2017

In this Issue:

  • New Year, New Job: Five Tax Tips for Job Changers
  • Save more in 2018: Retirement contribution and Social Security limits on the rise
  • A Happy Holiday Traditions Quiz
  • Credit Card Transactions Could Pose Audit Risk: What small businesses need to know

This Month:

  • December 12th: Hanukkah Begins
  • December 25th: Christmas Day
  • December 26th: Kwanzaa Begins
  • January 16th: 4th Quarter Estimated Payments Due
  • Take final year-end actions:
    • Deductible gifts
    • Capital gains/losses
    • Charitable giving
    • Dividend income

After an eventful year, we all deserve a happy holiday season and hopefully some well-needed relaxation. While tax reform will continue to be debated, many preliminary figures for 2018 are set. Check out the details inside. The economy and job market have continued to improve, which means you may be considering new work. If you are planning on a change, look at the tax checklist for job changers. Or, if you work for yourself and take credit cards as payment, learn about the new IRS focus on those small business payments.

Looking for something to talk about at the next family gathering? Consider sharing the quiz regarding the sometimes strange origins of popular holiday traditions.

As always, should you know of someone who may benefit from this information please feel free to forward this newsletter to them.

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November 2017 DiSabatino, CPA Newsletter

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November 2017

In this Issue:

  • Year-End Tax Checklist
  • Six Must-Dos When You Donate to Charity 
  • The Equifax Breach and You: Be Proactive
  • Five Great Banking Tips
  • Holiday Shopping Survival Guide 

This Month:

  • Saturday, Nov. 11th: Veterans Day
  • Thursday, Nov. 23rd: Thanksgiving
  • Friday, Nov. 24th: Black Friday (shopping sale day)
  • Monday, Nov. 27th: Cyber Monday (online shopping sale day)
  • Tuesday, Nov. 28th: #GivingTuesday (charitable giving day)
  • Reminder: Conduct year-end tax and financial planning

Now is a good time to review your year-end tax situation while there is still time to act. This newsletter begins with a handy checklist to help you do that. There are details on "must-dos" to get the most out of your charitable donations.

Also inside: personal finance articles on how to protect your credit in the wake of the Equifax security breach earlier this year, as well as how to get the best experience from your bank. Finally, check out the survival guide for the upcoming Black Friday and Cyber Monday shopping days.

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