Skip to main content

Insights from the Fastlane

Blog

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.
Categories
Tags
Calendar
Categories:   All Categories
Suggested keywords
x
Font size: + –
Report
  Print
2 minutes reading time (426 words)

18 IMPORTANT TIPS!

62905 Hits
18 IMPORTANT TIPS!

18 IMPORTANT TIPS!

  1. All of the following are under 140 characters for tweets:
  2. May 15 is the deadline for calendar-year nonprofit organizations to file 2013 information returns.
  3. A recent court ruling will limit IRA rollovers to one per year applied to all IRAs owned by the taxpayer, not one per year, per IRA.
  • Large refund or large balance due with your 2013 tax filing? It may be time to adjust your tax withholding.
  • Changing the amount of your tax withholding is as simple as filing a new Form W-4 with your employer.
  • For 2014, the credit for paying health insurance premiums for your employees increases from 35% to 50%. Qualifications apply.
  • Tax-exempt status is automatically revoked if a nonprofit organization fails to file an annual report for three consecutive years.
  • The social security wage base for 2015 is expected to be $118,800, up $1,800 over the 2014 base.
  • Recent study said it takes 7.7 billion hours and $170.4 billion to comply with IRS filing requirements each year.
  • The individual tax code generates the largest paperwork burden, with 199 forms involved.
  • Gifts to individuals, political candidates or organizations are not deductible. To be deductible, gifts must be to a qualified charity.
  • The IRS matches all W-2 income as well as all Forms 1099 reported on your tax return and will contact you about unmatched amounts.
  • The IRS is warning again about fake IRS phone calls. The IRS usually contacts you by mail about any unpaid taxes.
  • If you receive a phone call with threatening language about immediate payment of taxes, you can be sure it is not from the IRS.
  • You could pay the IRS in installments if you owe taxes but can't pay them at filing time.
  • Always contribute the maximum amount to your retirement account that your employer is willing to match. It is FREE money.
  • 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.
  • The tax and financial aspects of getting married are not to be taken lightly. Make time for tax planning before you say "I do."

    • 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.

    2
    Tweet
    Tags:
    tips
    In the Military? Special Tax Benefits May Apply
    I Need a Copy of My Tax Return...

    About the author

    Mike DiSabatino

    Mike DiSabatino

    Mike DiSabatino
    Author's recent posts
    More posts from author

    Related Posts