Month: July 2023

Tax Strategies for High-Net-Worth Individuals

High-net-worth individuals require astute and tailored financial strategies. In this video, we demystify tax planning by examining the tax considerations that come into play for those with substantial assets. From understanding your investment portfolio to exploring uncharted tax-saving territories like …

Read more

Robert Russo How to Verify Your Identity When Calling the IRS

How to Verify Your Identity When Calling the IRS

Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS’s ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or someone the taxpayer has authorized to speak on their behalf. Therefore, the IRS will ask taxpayers and their representatives to verify their identity when they call.

Read more

Tips for Taxpayers With Hobby Income

Hobby activities are a source of income for many taxpayers. As a reminder, this income must be reported on tax returns. But the reporting rules are different than for income from a for-profit business. For one thing, hobbyists can’t deduct their hobby expenses.

Read more

Robert Russo CPA Is My College Student's Scholarship Taxable?

Is Your College Student’s Scholarship Taxable?

May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.

Read more

Russo CPA Tax Tips for Filling a Final Tax Return for A Deceased Person

Filing a Final Tax Return for a Decedent

When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person’s will or appointed by a court. Sometimes when there isn’t a surviving spouse or appointed representative, a personal representative will file the final return.

Read more

Russo CPA What To Know About Reverse Mortgages

Reverse Mortgages: What To Know

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. You can use this cash to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses. A reverse mortgage is not without risk, however.

Read more

Small Business Financing: Securing A Loan

Small Business Financing: Securing a Small Business Loan

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

Read more

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

What to Know About the Adoption Tax Credit

If you adopt a child in 2023, you may qualify for a tax credit for related expenses. If your employer helped pay for the costs of an adoption, you may be able to exclude that income from tax. In 2023, the maximum adoption tax credit and exclusion on a combined basis is $15,950 per child.

Read more