Month: May 2026

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Summer Day Camps May Qualify for the 2026 Child Care Credit

With summer vacations and school breaks around the corner, many parents are turning to day camps to keep their children active and supervised. Under the updated 2026 tax laws—specifically the provisions from the One Big Beautiful Bill (OBBBA)—those camp expenses could lead to a significantly higher tax credit than in previous years.

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Got Tax Refund Blues? 4 Tips to Make This Year Better

Surprised by a small or non-existent 2026 tax refund? You’re not alone. While the media often focuses on last-minute savings, the real headlines this year are about the One Big Beautiful Bill (OBBBA). This massive piece of legislation has fundamentally shifted how deductions work, leaving many taxpayers wondering where their expected “windfall” went.

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Russo CPA Tax Tips: Excise Taxes and your business

How IRS Tax Debt Affects Your Passport Under the FAST Act

Under the Fixing America’s Surface Transportation (FAST) Act, the IRS has the authority to certify individuals with “seriously delinquent tax debts” to the State Department. This certification can lead to the denial of a passport application or renewal and, in some cases, the revocation of an existing passport.

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Russo CPA Tax Tips: Excise Taxes and your business

Navigating the June 15 Deadline for Americans Abroad

If you live or work outside the United States, your tax obligations remain largely the same as those of U.S. citizens, including for dual citizens. However, the IRS recognizes the unique challenges of filing from overseas by granting an automatic two-month extension. For the 2026 tax season, your federal income tax return and any tax due must be submitted by June 15, 2026.

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Maximizing Wealth with Section 1031 Like-Kind Exchanges

In the world of real estate investing, few tools are as powerful as the Section 1031 Like-Kind Exchange. While tax laws shifted significantly with the Tax Cuts and Jobs Act (TCJA), the core benefit remains: the ability to sell a property and reinvest the proceeds into a new one without paying immediate capital gains taxes.

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What To Do if You Missed the Tax Deadline

If you missed the April 15, 2026, filing deadline, the most important step is to file as soon as possible. Whether you owe the IRS or are expecting a refund, delaying your return increases the risk of penalties and lost credits under the new 2026 tax laws.

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Layoff Alternatives: Strategies to Reduce Costs and Retain Talent

Laying off staff is every business owner’s least-favorite task. While reducing your workforce can restore short-term stability, it often comes with hidden long-term costs: severance pay, legal fees, loss of institutional knowledge, and the massive expense of rehiring when the economy rebounds.

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A Guide to Maximizing Tax-Free Gains with QSB Stock and OBBBA

If you operate your business as a C corporation, you may be sitting on one of the most powerful wealth-building tools in the Internal Revenue Code: the Qualified Small Business (QSB) stock exclusion. Historically known as Section 1202, this provision allows founders and investors to exclude significant portions of their capital gains from federal income tax.

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