Month: December 2023

Choosing the Right Entity for Your Real Estate Business: Protection and Tax-Advantages

Choosing the Right Entity for Your Real Estate Business

When it comes to real estate, selecting the right business entity is a pivotal decision. Join us as we explore the best options tailored to your real estate endeavors. Rental Properties: Discover why LLCs and partnerships are top choices for …

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Russo CPA Use the Tax Code to Make-Business Losses Less Painful 2023

Make Business Losses Less Painful Through Tax Code

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

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Chess pieces and board

3 Strategies for Estimated Tax Payments

Many individuals today are self-employed or generate income from interest, rent, dividends, and other sources. If you’re in this situation, you could be risking penalties if you don’t pay enough taxes during the year through estimated tax payments and withholding. (The due date for the final estimated payment for 2023 is January 16, 2024.)

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Russo CPA Self Directed IRAs Provide Both Flexibility and Risk 2023

Self-Directed IRAs Provide Both Flexibility and Risk

Traditional and Roth IRAs can be relatively “safe” retirement-saving vehicles, though, depending on what they’re invested in, they limit your investment choices. For more flexibility in investment choices but also more risk, another option is a self-directed IRA.

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Russo CPA Tax Tips Businesses can save taxes by acquiring and placing assets in service by year end

Business Savings: Acquiring & Placing Assets in Service by Year-End

Under Section 179 of the Internal Revenue Code, companies can “expense” the full cost of qualifying fixed assets to reduce their taxable income. This means they can deduct the purchase amount currently rather than having to depreciate the asset over many years. Both new and used fixed assets can qualify. The election is available for qualified property placed in service anytime during the tax year.

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Tips to Find Out if Your Gift is Taxable

Make 2023 Annual Exclusion Gifts by December 31

”One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without owing gift tax or using up any of your lifetime gift and estate tax exemption. For 2023, the annual exclusion amount is $17,000.“One of the most effective estate-tax-saving techniques is also one of the simplest: making use of the gift tax annual exclusion. It allows you to give to an unlimited number of family or friends cash or property valued up to a “specified” amount each year without owing gift tax or using up any of your lifetime gift and estate tax exemption. For 2023, the annual exclusion amount is $17,000.

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

December 2023 Tax Due Dates

December 15 Corporations – Deposit the fourth installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. Employers – Social Security, Medicare, and withheld income tax. If the …

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