Tax Law Changes & Updates

Russo CPA Renewable Energy Tax Credits New Information for 2022 2023 Tax Season

Renewable Energy Tax Credits Now Available

Qualifying commercial and rental property owners who are interested in renewable energy projects—take note! You may qualify for significant tax credits or deductions through the new Inflation Reduction Act. Although the rules and details are quite complex,  the benefits may be very worthwhile. Be sure to call our office for all of the qualifying information and details, but in the meantime, check out the opportunities below to see if any could be a fit for you.

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Russo CPA shares 2023 Tax Code changes for individuals

Individual Taxpayers: Tax Changes for 2023

Every year, it’s a sure bet that there will be changes to current tax law, and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

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Harvest Loss Taxes Loophole on Crypto

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency

ALERT: THE BIDEN INFRASTRUCTURE BILL INCLUDES PROVISIONS THAT INCREASE THE REPORTING REQUIREMENTS FOR CRYPTOCURRENCY TRANSACTIONS. CONTACT US FOR MORE INFORMATION

When it comes to tax losses on bitcoin and other cryptocurrencies, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.

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Self-Employed Can Claim Sick & Family Leave Tax Credit

A new form is available for self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). The FFCRA, passed in March 2020, allows eligible self-employed individuals who, due to COVID-19, are unable to work or telework for reasons relating to their own health or to care for a family member to claim refundable tax credits to offset their federal income tax.

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