Ask Bob

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Tax Records: What Can You Toss, and What Should You Keep?

Generally, the IRS has three years to audit a tax return, from the later of the due date or the date you file. If you overlooked something, you can also file an amended return within this time frame.

Here’s what you need to know about keeping financial records involved in your tax returns.

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Appraisals Aren’t Just for Businesses

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets. An appraisal may be necessary for many hard-to-value items, such as closely held business interests, real estate, art, and collectibles.

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Russo CPA Is Disability Income Taxable? 2023

Is Disability Income Taxable?

If you may be eligible for disability income should you become disabled, it’s important to know whether that income will be taxable. As is often the case with tax questions, the answer is “it depends.”

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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 …

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Behind the Numbers: Unlock Business Opportunities

At Robert P. Russo CPA PC, we understand the thrill of entrepreneurship. We also recognize the challenges that come with it.

In the video below, Bob shares the process of helping clients in the ever-changing tax world and how his clients unlock opportunities. If you prefer, you can also read the transcript below.

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HSA Limits Increase for 2024

Contributions to a Health Savings Account (HSA) are used to pay the current or future medical expenses of the account owner, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2024, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $4,150 for individuals with self-only coverage (up $300 from 2023) and $8,300 for family coverage (up $550 from 2023). The additional catch-up contribution for individuals aged 55 or older before the end of the tax year remains at $1,000.

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