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Michael DiSabatino of Sharp CFO™ shares expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.
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Thought Providing Shorts - August 2014

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Thought Providing Shorts - August 2014

Thought Provoking Shorts - August 2014

  • If there's a wedding in your summer plans, take a look at how marriage could affect your tax bill.
  • Business Tip: Customer service is not in the SAYING…..it's in the DOING.
  • You must report all capital gains on your tax return. But only capital losses on investment property are deductible.
  • To protect tax records and other important documents, consider reducing them to digital and storing them out of the area in which you live.
  • Money in a foreign bank branch in New York is not a foreign investment for FBAR filing, but money in a U.S. bank in a foreign location is.
  • For two new digital publications on the Affordable Care Act, go to irs.gov/aca.
  • Some taxpayers may not need to report forgiven mortgage debt as income on their tax returns.
  • There are three types of IRS audits: correspondence, office, and field. Correspondence audits can be a simple request for more information.
  • If you and your spouse-to-be each have taxable income, you may pay more income tax than you would as two single filers.
  • Frivolous arguments to avoid paying federal income tax can cost you $5,000. You can't use religious or moral grounds to avoid federal tax.
  • Part of financial planning is how you hold title to property. There are different "joint" ownerships. Consult with us and your attorney.
  • Your marital status as of December 31 determines how you can file your income tax return: married, single, head of household, etc.
  • Meet with your insurance agent at least once a year to determine if you are over or under insured. Events can cause a need to change.
  • Know the "nanny tax" rules. Is your baby sitter, your yard keeper, or your health assistant an employee or independent contractor?
  • An employee works under your supervision and with your equipment. An independent contractor works with his own tools and for others.
  • If you have no will, your state of residency may end up deciding who gets your assets. See your attorney.
  • A reverse mortgage can provide retirement cash. If you are age 62 or older, you can borrow against your home and make no payments.

    • Please give us a call to discuss these and other profit-boosting ideas for your business.

    DiSabatino CPA
    Michael DiSabatino
    651 Via Alondra Suite 715
    Camarillo, CA 93012
    Phone: 805-389-7300
    ww.sharpcpa.com

    This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here.  All rights reserved.

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    Mike DiSabatino

    Mike DiSabatino

    Mike DiSabatino
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