Month: November 2022

Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

Eligible Families Can Claim Tax Benefits Until Nov. 17th

Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit (RRC), the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and other tax credits depending on their personal and family situation. The letter provides a brief overview of each of these three credits. As a reminder, these and other tax benefits were expanded under last year’s American Rescue Plan Act (ARPA) and other recent legislation.

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Russo CPA Tax Tip Article Image: Mouse Trap snapped closed on U.S. dollar pile

Watch Out for Natural Disaster Donation Scams

After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to charity, people should ensure their money goes to a reputable organization.

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Tips for Avoiding an IRS Tax Audit

Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help.

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Chess pieces and board

Alert: Significant Increase in IRS Texting Scams – Smishing

To date, the IRS has identified and reported thousands of fraudulent domains tied to multiple text scams, known as smishing, targeting taxpayers. Recently, IRS-themed smishing has increased significantly. As such, taxpayers are reminded to be on the lookout for scams and schemes that could put sensitive tax data at risk – especially this latest IRS-themed texting scams aimed at stealing personal and financial information.

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Understanding IRAs: Terms to Know

IRAs, or Individual Retirement Arrangements, provide tax incentives for people to make investments that can provide financial security for their retirement. To help people better understand this type of retirement savings account, here’s a basic overview of terms to know:

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

Beware Third Parties Promoting Improper ERC Claims

Taxpayers are always responsible for the information reported on their tax returns. Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true.

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Deducting Casualty Losses on a Tax Return

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.

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

Avoid a Tax Surprise: Check Your Withholding

While tax season may seem far away, the reality is that there are only two months left in the year. Now is the perfect time to review withholding and estimated tax payments to avoid a surprise tax bill next year.

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