September 2022 - Robert P. Russo CPA

Small Business Accountant for Your Business Growth

August 13, 2023September 28, 2022

Small Business Accounting We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad. Through strategic tax planning, we help clients leverage the tax …

Key Tax Provisions of the Inflation Reduction Act of 2022

September 7, 2022September 7, 2022

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more. Let’s take a look:

Small Employer Health Reimbursement Arrangements

September 7, 2022September 5, 2022

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health insurance. Here’s what small business owners need to know about QSEHRAs.

Avoiding Tax Surprises When Traveling Overseas 2022

Avoiding Tax Surprises When Retiring Overseas

September 7, 2022September 3, 2022

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal.

Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

What To Know About IRS Online Accounts

September 7, 2022September 3, 2022

Setting up an IRS Online Account is an easy and secure way for taxpayers to quickly get information about their IRS activity, such as any tax due balance, payments made, and tax records for the past several years. Taxpayers should be aware that balances update no more than once every 24 hours, usually overnight, and should also allow 1 to 3 weeks for payments to show up in the payment history.

RUSSO CPA Tax Tips, how filing status affects your tax return 2022

Filing Payroll Taxes Electronically Using E-file

September 7, 2022September 2, 2022

Business owners can simplify things by filing payroll taxes electronically. E-file software performs calculations and populates forms and schedules using a step-by-step process. It will also alert the filer if they are missing information which reduces the chances of receiving an IRS notice.

Homeowner Records: What to Keep and for How Long 2022

Homeowner Records: What to Keep and How Long

September 7, 2022September 2, 2022

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis.

Penalty Relief for Certain 2019 and 2020 Tax Returns

September 7, 2022September 1, 2022

Penalty relief for struggling taxpayers affected by the COVID-19 pandemic is now available to most people and businesses who file certain 2019 or 2020 returns late. Eligible income tax returns must be filed on or before September 30, 2022, to qualify for this relief. Furthermore, the nearly 1.6 million taxpayers who have already paid these penalties will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September.

Month: September 2022