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.
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.
C Corporation Advantages and Disadvantages
What Are Some Advantages and Disadvantages of a C Corporation? C Corporations can provide significant advantages, particularly if your goal is to grow the company and eventually attract outside investors. C Corporations hold substantial benefits for investors who maintain their …
Business Growth and Accounting Success – Robert P. Russo CPA
Meet our clients: Jessica Hanson, James Johnson, and Jeff Buffum, who’ve experienced significant business growth and financial transformation with Robert P. Russo CPA PC. Their diverse profiles include a certified financial planner and wealth management advisor, a New York City …
Employee Relocation: What Happens to Your Home?
Employees and small business owners often have questions about what to do with an employee’s home when they move to a new job location. Here are some answers.
Tax Withholding for Seasonal and Part-Time Employees
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season.
Avoiding a Tax Surprise When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications — because not all retirement country destinations are created equal.
Tax Credits for Energy-Efficient Home Improvements
Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home energy tax credits.
What Teen Entrepreneurs Should Know About Taxes
Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when classified as independent contractors or self-employed, they’re responsible for paying taxes themselves.
Don’t Miss Out! 7 Tips to Ensure Your Business Earns the 20% QBI Tax Deduction
What is the 20% QBI Tax Deduction?
In the tax world – and at Robert P. Russo, CPA – everyone is talking about QBI. QBI stands for qualified business income, and it’s the key to unlocking a 20% QBI tax deduction for certain business owners.