Month: February 2024

Traveling for Business in 2024? What’s Deductible?

If you and your employees will be traveling for business this year, there are many factors to keep in mind. Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction. The rules apply if the business conducted reasonably requires an overnight stay.

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

There May Still Be Time to Lower Your Tax Bill

If you’re preparing to file your 2023 tax return, you may still be able to lower your tax bill – or increase your refund. If you qualify, you can make a deductible contribution to a traditional IRA right up until the original filing deadline, April 15, 2024, and see tax savings on your 2023 return.

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How to Secure a Tax Benefit with the QBI Deduction

QBI may sound like the name of a TV quiz show. But it’s actually the acronym for “qualified business income,” which can trigger a tax deduction for some small business owners or self-employed individuals. The QBI deduction was authorized by the Tax Cuts and Jobs Act (TCJA), and it took effect in 2018.

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

Deductions vs. Credits: What’s the Difference?

One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take the standard deduction or itemize deductions if it will reduce your taxable income more. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions.

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Tracking Down Donation Substantiation

If you’re like many Americans, your mailbox may have been filling up in recent weeks with letters from your favorite charities acknowledging your 2023 donations. But what happens if you haven’t received such a letter for a contribution? Can you still claim a deduction on your 2023 income tax return for the gift? It depends.

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The Kids Are More Than Alright: 3 Tax Benefits of Employing Your Kids

Tax Advantages of Employing Your Kids

Do you run a small business? Got kids under 18? Now is the time to put them on the payroll. Employing your kids is a winning triple play that benefits your children, your business, and your family’s financial wellbeing. Discover the tax advantages of employing your kids, then see 4 must-follow tips if you put the kids to work!

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

February 2024 Tax Due Dates

February 15 Individuals: File a new Form W-4 to continue exemption for another year if you claimed exemption from federal income tax withholding in 2023. Businesses: Provide Form 1099-B, 1099-S, and certain Forms 1099-MISC (those in which payments in Box …

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