Income Tax

Tax Preparation Time

CPa vero Beach, CPA Sebastian, CPA Titusville

It’s the most wonderful time of the year. All the paper is flowing and the numbers are growing and we’ll be of good cheer. Okay, so for some people this is NOT the most wonderful time of the year. But at DiSalvo & Company CPA’s we both LOVE and hate this time of the year. We love it because we get really busy helping people get the best tax preparation and advice that we can offer. The Fact that some people are going to wait until the very last day to bring in their information, we don’t like so much. But we know it will happen, and so we are prepared.

At DiSalvo and Company, we also wish that people would come and see us more during the rest of the year. There are things they do during the year, that if they had consulted us, we could have helped them to save money, or invest more wisely, but I guess that is a conversation for another day.

So what is it that we do that we think is so wonderful at this most wonderful time of the year? Well, we do offer  business tax preparation services for many different types and sizes  of businesses whether you have one location locally or operations in multiple states. It is our job to check and see about every where that we can save you money so your business can realize higher profits.

Tax Returns for Individuals – we make sure you get your tax return back fast with our income tax preparation services for individuals.  Our deductions or credits so you get the highest tax return possible. In addition to traditional tax preparation, we’re qualified to prepare trust, gift and estate tax returns. We meticulously prepare these types of returns and file them on time to avoid penalties.

You run a non-profit? Have no fear, here at DiSalvo and Company, we  provide Form 990 tax returns for churches, charities, foundations, and other non-profit organizations.

Just please don’t wait until the last minute, make an appointment today. Let’s get this done.

Pete DiSalvo, CPA

 

End of the year Tax Tips

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With the end of the year, all new questions and concerns about filing your income taxes arise.  Now is the time to start thinking about last minute adjustments that need to be enacted now to make your filing even easier.  DiSalvo and Company is here to help with your end of year planning and to get you ready for next year.

According to Accounting Today here are several tax tips that will benefit individuals this year.

“First – what’s not changing: While President-elect Trump is in a strong position to enact his promise of lower tax brackets next year, it’s important to remember that the current income tax rates of 10, 15, 25, 33, 35 and 39.6 percent are still in effect for the tax returns being filed next mid-April. The standard deduction amounts remain $6,300 single/married filing separately, and $12,600 for married filing jointly. The standard deduction for heads of households, however, rises to $9,300.

Deferring income: If the president-elect does manage to lower and simplify the individual tax brackets per his plan, that means rates next year will be lower, so it might be worth it for individuals to consider deferring some income into 2017. That may mean getting a bonus in January, instead of December, or waiting to redeem a savings bond, or putting off debt forgiveness income.

New permanent incentives for individuals: The PATH Act of 2015 made a number of tax incentives permanent. For individuals, these include:

  • The American Opportunity Tax Credit;
  • The teachers’ $250 classroom expense deduction;
  • The ability to deduct state and local sales tax instead of state income taxes;
  • The exclusion for direct charitable donation of up to $100,000 from an IRA; and,
  • The 100 percent gain exclusion on qualified small-business stock.”

If this all sounds a bit overwhelming, not to fear, DiSalvo and company are here to help with any and all of your Tax questions. We keep up with the latest in Tax rules so that you don’t have to worry about anything but your own business, so give us a call.

Pete DiSalvo

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

 

 

Have Your Been Tracking Your Expenses?

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Tax Time is going to be here before we know it. If you aren’t tracking your expenses it’s going to make preparing your taxes more difficult and dare I say frustrating. Before the holiday press begins, please take a moment and look through your credit card statements and receipts and begin to list your expenses. Continue reading

News From the IRS

Advice on Moving an IRA, CPA vero beach, tax advice, financial adviceAs a CPA firm, it is our obligation to keep up with new rules and laws which affect the taxes of our community. We regularly study and learn about these new laws, not all of which we enjoy learning about, but this one is a ruling that will help some people a great deal. Taken from the IRS.GOV website:

“New Procedure Helps People Making IRA and Retirement Plan Rollovers

IR-2016-113, Aug. 24, 2016

WASHINGTON — The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).

In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that they qualify for the waiver.

Normally, an eligible distribution from an IRA or workplace retirement plan can only qualify for tax-free rollover treatment if it is contributed to another IRA or workplace plan by the 60th day after it was received. In most cases, taxpayers who fail to meet the time limit could only obtain a waiver by requesting a private letter ruling from the IRS.

A taxpayer who missed the time limit will now ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue procedure, apply to them. They include a distribution check that was misplaced and never cashed, the taxpayer’s home was severely damaged, a family member died, the taxpayer or a family member was seriously ill, the taxpayer was incarcerated or restrictions were imposed by a foreign country.

Ordinarily, the IRS and plan administrators and trustees will honor a taxpayer’s truthful self-certification that they qualify for a waiver under these circumstances. Moreover, even if a taxpayer does not self-certify, the IRS now has the authority to grant a waiver during a subsequent examination. Other requirements, along with a copy of a sample self-certification letter, can be found in the revenue procedure.

The IRS encourages eligible taxpayers wishing to transfer retirement plan or IRA distributions to another retirement plan or IRA to consider requesting that the administrator or trustee make a direct trustee-to-trustee transfer, rather than doing a rollover. Doing so can avoid some of the delays and restrictions that often arise during the rollover process. For more information about rollovers and transfers, check out the Can You Move Retirement Plan Assets? section in Publication 590-A or theRollovers of Retirement Plan and IRA Distributions page on IRS.gov.”

IF you have any questions about this information, please don’t hesitate to call myself or one of my associates. Moving IRA’s can seem like a daunting task, but if it’s done properly by a firm that knows what they are doing, it can be a smooth process.

 

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

September 15th is Almost Here

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You may say :”Pete, why should I care about September 15th?” If you are one of my regular clients, I have you on notice, but if you aren’t one or we have somehow missed you, this is why September 15th is important: September 15 is the extended due date for partnership, S-corporation, and trust tax returns. If you filed an extension earlier this year, then your time is now up!

From the Tax Cut website:

September 15

File a 2015 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

Deposit the third installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

And Just FYI, here are all of the dates that were important this past year, and will likely be just as important for 2017..

September 15

File a 2015 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see March 15.

Deposit the third installment of estimated income tax for 2016. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

December 15

Deposit the fourth installment of estimated income tax for 2016.

Remember, for all of your Tax Preparation needs, whether you are an individual, a partnership, an S-Corp, and LLC or a Corporation, or a Trust, we have highly skilled accountants here at DiSalvo and Company

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

Proof of Health Insurance

tax preparation-VeroBeach-Melbourne-Titusville-FLLast year was the first full year for the mandatory health insurance coverage. Have you received  proof that you had Health Insurance in 2015? If not, better call your insurance provider and obtain a copy of the form BEFORE you file your tax returns or you will be hearing from the IRS.

This is from the Blue Cross Website:

“Starting this year, you will need to show proof that you had health insurance in 2015 when you file your taxes. It’s called Form 1095, and you may receive one or more versions of the form. If you purchased health coverage through the government’s Health Insurance Marketplace, you should have received Form 1095-A from the Marketplace—not your health insurer—by Jan. 31, 2016.

This form will include the information you need to calculate your insurance premium tax credit. You’ll use the information on Form 1095-A to fill the Florida Blue Form 8962. You will need to include Form 8962 with your tax return. If you purchased a health plan directly from a health insurance company like Florida Blue, or have coverage provided by an employer, you will receive either (or both) Form 1095-B or Form 1095-C from your health plan provider and/or employer.

Florida Blue members will receive their Form 1095-B in the mail by March 31. This form shows that you were enrolled in minimal essential coverage in 2015. You can use this form as a reference when you filling out your tax return, but you do not need to file the form with your tax return”

Several of my clients neglected to have that information at hand last year. Please make certain you order them in time this year. The penalties for not obtaining health insurance are no joke.

Pete DiSalvo, CPA

Vero Beach, Titusville and all areas in between.

Melbourne - Titusville - VeroBeach - Certified Public Accountant

 

 

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See more at: https://www.floridablue.com/blog/dont-forget-to-check-this-box-on-your-2015-tax-return?utm_source=newsletter&utm_medium=blog&utm_campaign=spring2016u65&S1=109309251&RTC=8859900010501#sthash.ZOq37Skx.dpuf

Tax Advice From A CPA

Vero Beach Certified Public Accountant

CPA – Front Side

This time of year can be exciting for some, and frustrating for others. For us CPA’s and Tax Accountants it is a little bit of both. It’s exciting when we get Income Taxes filed for our clients. All done and buttoned up nicely. It gets frustrating when our clients only give us half the information, or only parts of the information necessary to file a complete tax return.

At DiSalvo & Company CPA when you are a regular client, we can take what we know from past Tax Returns and use that information to help fill out the current returns. If you are a relatively new client, then we don’t know that much about you yet.

We know that if you want to lower the amount you pay in taxes, then it’s a good idea to fund your IRA or 401k. If you have been actively looking for work there are also certain deductions we can take, that is IF you have kept records.

Have you moved recently for a new promotion or job opportunity? There are expenses relating to relocation which are deductible. According to the IRS.Gov site:

” The distance between your new job and your former home must be at least 50 miles farther than your previous employer is from that home. For example, if your previous commute to work was five miles each way, then the distance from your new job location to your old home must be at least 55 miles.”

“The deduction covers the reasonable expenses you incur to transport your personal effects and household items to your new home. You can even include the cost of renting a storage unit for up to 30 days if you are unable to move into your new home immediately after leaving your former home.

“You can also include the cost of traveling to the new location for yourself and other members of your household. If you drive to the new location in a personal vehicle, you can include the actual cost of oil, gasoline, parking fees and highway tolls. In lieu of using the actual cost of gasoline and oil, the IRS permits you to calculate those costs using the standard mileage rate. For long-distance moves, you can deduct the cost of airline and train tickets.”
At one of our offices we can offer professional advice about what deductions you can use to make certain you only pay the amount of income tax that you should.

Pete DiSalvo CPA

Melbourne - Titusville - VeroBeach - Certified Public Accountant

 

 

 

 

 

 

What About Next Year?

preparing for the new yearYou have gathered all of the information you need for us to prepare your taxes. When you look at this information with a different eye, what do you see? Is it hard to see anything but income and expenses? That’s where we come in. Continue reading

Tax Time is Here!!

Tax economy refund moneyDiSalvo and Company, Certified Public Accounting firm, is ready for you. It’s that time of the year when you dedicate an entire weekend to pulling out all of your receipts, all of your book keeping, and income only to bring them to us. At DiSalvo and Company, we are  a professional service which takes care of all  your accounting & tax preparation needs. Continue reading

Planning for Home Purchase

DiSalvo CPA, Melbourne, Vero Beach, Sebastian

Real Estate is once again an appreciating asset. If the stock market is not your thing, then investing in Real Estate could be a good avenue for investing your money. In a market like the one we are currently in, Real Estate Values are rising.

I say that, but I will also say that if you don’t invest in the right ways, you could lose everything. I am not advising you to invest in Real Estate, but if you think you would like to, please come see me first.

We will need to go over all of your assets, if you are self employed, we will need to make certain you will be able to qualify for a home purchase. Then we will to discuss the safest way for you to invest. There are costs to consider that you may know nothing about if you have never owned a home.

Not to be discouraging, because owning your own home can be a good investment. Here, in Vero Beach, rents have reached the point where it could actually be less expensive to pay a monthly mortgage than it is to pay rent.

Pete DiSalvo

CPA

Melbourne - Titusville - VeroBeach - Certified Public Accountant