Small Business
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 …
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.
Will it help or hurt me? The team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know:
Selecting a successor is a fundamental business succession planning and exit strategy objective. Still, it requires a careful assessment of what you want from the sale of your business and who can best give it to you.
When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things—from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it’s more important than ever to choose the business entity that benefits your business.
Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. Let’s take a look:
We explained in Part 1, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) deduction cap on individual taxpayers by having their PTE pay state income tax on its income at the entity level.
Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab fares, and public transportation can all add up fast.
Cash flow is the lifeblood of every small business, but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
