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Deducting Business-Related Vehicle Expenses

If you’re self-employed and use your car, SUV, or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for business purposes, this can add up to a significant tax deduction

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Russo CPA Tax Breaks for Teachers and Educators

Tax Breaks for Teachers and Educators

It’s almost time for the start of the new school year, and if you are a teacher or other educator, you should know that you can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel will reduce your 2023 income tax liability. And you don’t even have to itemize to claim this deduction.

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Tax Tips 2022 Deducting Medical and Dental expenses

Deducting Medical and Dental Expenses

If you, your spouse, or your dependents had significant medical or dental costs in 2022, you may be able to deduct those expenses when you file your tax return this year. Here’s what you should know about medical and dental expenses and other benefits:

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Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

Employee Business Expense Deductions: Who Qualifies?

Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or eligible educator.

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Russo CPA and Small Business: Deducting Startup Costs

Small Business: Deducting Startup Costs

If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before you began operating the business are treated as capital expenditures. As such, they are part of the cost basis for the business.

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Advertising and Marketing Costs May Be Tax Deductible 2022 Russo CPA

Advertising and Marketing Costs May Be Tax Deductible

As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction:

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Image: A male Chauffeur smiles in morning light as he stands waiting outside a shiny black limousine.

Reminder: Rules for Depreciation and Expensing

As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27, 2017. As a business owner, they could affect your tax situation. Let’s take a closer look:

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RUSSO CPA Blog: Standard vs. itemized deductions

Per Diem Rates Updated for FY 2021-22

Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.

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Small Business: Understanding Payroll Expenses

Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes.

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