DiSabatino CPA Blog

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

Weekly Tips

Mike's weekly post usually concentrated on tax saving strategies.

May

To Amend or Not Amend?

Mike DiSabatino

Weekly Tips

Is it always a good idea to amend your tax return?

There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider.

Errors in the IRS' favor

Errors discovered that lead to an additional tax obligation are legally required to be fixed by filing an amended tax return. This is especially true if the discovered error is from missing information found on a 1099 form or W-2 reported income. Why? This information is being reported to the IRS and matching programs will typically catch the error. The sooner you amend your return and pay the tax the lower the possible interest and penalties.

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May

Making Sense of the Individual Tax Calendar

Mike DiSabatino

Weekly Tips

What are the Federal Holidays?

Keeping all the filing dates straight when it comes to the tax calendar can be a challenge in the best of times. Add some unique Federal Holidays and you often have a mess on your hands. So what do you need to know?

Federal Holidays

The Federal Tax Calendar contains some fairly predicable holidays and one or two that can throw you for a loop. Here are the current observed holidays for federal tax purposes in 2012:

• Jan 2:	New Years Day
• Jan 16:	Martin Luther King Jr.
• Feb. 20:	Washington's Birthday (President's Day)
• April 16:	D.C. Emancipation Day
• May 28:	Memorial Day
• July 4:	Independence Day
• Sept 3:	Labor Day
• Oct. 8:	Columbus Day
• Nov. 12:	Veterans' Day (observed)
• Nov. 22:	Thanksgiving Day
• Dec. 25:	Christmas Day

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May

Deductions Don't Lose Your Adoption Credit

Mike DiSabatino

Weekly Tips

Finalize your adoption in 2012...or else

Those who have gone through or are going through the adoption process know only too well how long it takes and how expensive the process is. According to the 2011 Adoptive Family Survey, adoptions can range in cost from $7,000 to over $50,000!

And, unless Congress acts to change the current tax law, the $12,650 adoption credit available in 2012 will no longer be available beginning in 2013. Here is what you need to know:

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May

Phased Out Phase-outs Making a Comeback?

Mike DiSabatino

Weekly Tips

Preparing for the 2013 ''automatic'' tax law rollback

The fuse is lit and it continues to burn with a potential "explosion" in tax law changes at the end of 2012. If you wait until the end of the year to plan for these changes it may be too late. Over the course of 2012 a number of tax tips will be provided to help become aware of the possible changes.

Itemized deductions and personal exemptions are common benefits within the tax code that reduce your taxable income. Prior to 2010, there were provisions to phase-out these tax reduction benefits for those whose income surpassed certain thresholds. After 2012, unless Congress acts, your itemized deductions and personal exemptions may once again be phased-out.

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Apr

Where's My Refund?

Mike DiSabatino

Weekly Tips

With the tax filing due date behind us, those who have not yet received their refund might want to know when it will be processed. If this applies to you, there is a way to check on the status of your refund online. The popular “Where’s My Refund” feature on the IRS web site (www.irs.gov) allows taxpayers to see the status of their refund after filing their income tax return.

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