Month: March 2024

Retirement Saving Options for Your Small Business

Consider some options if you’re looking for a retirement plan for yourself and your employees but are worried about the financial commitment and administrative burdens involved. One possibility is a Simplified Employee Pension (SEP).

This plan, which comes with relative ease of administration and the discretion to make or not make annual contributions, is especially attractive for small businesses.

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A Strategy to Raise Your Medical Expense Deduction

With a bit of planning, you may be able to boost your itemized medical expense deduction when you file your 2024 tax return next year. Only eligible expenses exceeding 7.5% of your adjusted gross income are deductible.

It’s not an easy hurdle to clear short of a major medical disaster, which, of course, you want to avoid. But you can use a strategy called “bunching” medical expenses to exceed the 7.5% threshold.

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Hiring? How to Benefit from the Work Opportunity Tax Credit

If you’re a business owner or manager seeking to hire, you should be aware of the details of a valuable tax credit for hiring individuals from one or more targeted groups. Employers can qualify for the Work Opportunity Tax Credit (WOTC), which is worth as much as $2,400 for most eligible employees (higher or lower for certain employees). The credit is limited to eligible employees who begin work for an employer before January 1, 2026.

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

Handling Large Cash Transactions

Large Cash Transaction Reporting A reminder for businesses: Within 15 days of a $10,000 transaction, you must use IRS Form 8300 to report the transactions. If you file electronically, forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted …

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Have You Recently Reviewed Your Life Insurance Needs?

At one time, life insurance played a much more significant part in an estate plan than it does now. Why? Families would often use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $13.61 million for 2024, far fewer families currently are affected by the estate tax.

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Russo CPA tax tips: tax break refunds

Returning an Erroneous Refund

Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than you’re entitled to?

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March 2024 Tax Due Dates

March 15 Calendar-year S corporations: File a 2023 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1 or file for an automatic six-month extension (Form 7004). Pay any …

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