Small Business

Russo CPA Tax Tips Image: A wooden storage box holding receipts and papers.

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.

Read more

C-suite executives working in a conference room. On male senior CEO is smiling at us.

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.

Read more

A male business owner is sitting in front of his laptop, rubbing his eyes under his raised glasses.

Common Growth Mistakes Small Businesses Make

A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people, or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff, or stall momentum. The good news? Many growth missteps are predictable and preventable.

Read more

Male professional taking photos of a rust-colored baseball cap with his cell phone as a hobby.

The IRS Criteria for Distinguishing Hobbies From Businesses

Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.

All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related expenses (and losses) are deductible only if the activity is a business.

Read more

Should I Hire an Accountant or Do Taxes Myself?

Is It Worth Hiring an Accountant to Do My Taxes?

Every tax season, we’re flooded with ads promising easy filing through DIY tax software and pop-up prep centers. For those with a simple W-2 and no other complications, those tools might work just fine.

But what if your tax situation is a bit more complex? Hiring an accountant or CPA might not only save you time — it could save you thousands of dollars and help you avoid costly mistakes or IRS audits.

Read more

Two businesswomen in the conference room, sitting across from each other, working together and smiling at each other.

Increase Business Deductions with Tangible Property Safe Harbors

Did your business make repairs to tangible property in 2025, such as buildings, equipment, or vehicles? In many cases, these costs may be fully deductible on your 2025 federal income tax return. However, expenses that qualify as improvements must generally be capitalized and depreciated over time.

Read more