Month: January 2023

Russo CPA Renewable Energy Tax Credits New Information for 2022 2023 Tax Season

Renewable Energy Tax Credits Now Available

Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex,  the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.

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New York City pass-through entity tax Opt-In

Pass-Through Entity Tax (PTET): Due Dates & Important Info

The New York State pass-through entity tax (PTET) and New York City pass-through entity tax (NYC PTET) have many upcoming due dates and deadlines. We’ve put the most important PTET information in one place below to help you meet any PTET responsibilities.

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Reporting Foreign Income for US Tax Payers

Reporting Foreign Income for U.S. Taxpayers

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

In addition, U.S. taxpayers with foreign accounts exceeding certain thresholds may be required to file Form FinCen114, known as the “FBAR,” as well as Form 8938, also referred to as “FATCA.”

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Should my business be an S corp

7 Questions to Ask Before Hiring an NYC Accountant

Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.

From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:

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Russo CPA Getting Ready for the 2023 Tax Filing Season; Filing your 2022 return promises to be complicated.

Getting Ready for the 2023 Tax Filing Season

Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s take a look at what’s new for 2022 and some key items taxpayers should consider before they file.

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Standard Mileage Rates for 2023

Standard Mileage Rates for 2023

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be as follows. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

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Russo CPA shares 2023 Tax Code changes for individuals

Individual Taxpayers: Tax Changes for 2023

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

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Russo CPA tax tips: tax break refunds

Watch Out for Holiday Gift Card Scams

There’s never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long. As such, it is once again time to remind taxpayers that while gift cards make great presents for loved ones, they cannot be used to pay taxes.

Nonetheless, that doesn’t stop scammers from targeting taxpayers by asking them to pay a fake tax bill with holiday gift cards. Scammers may also use a compromised email account to send emails requesting gift card purchases for friends, family, or co-workers.

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