Tax Law

Russo CPA Use the Tax Code to Make-Business Losses Less Painful 2023

Make Business Losses Less Painful Through Tax Code

Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations.

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Russo CPA Tax Tip Article Image: Mouse Trap snapped closed on U.S. dollar pile

Five Facts About the Opportunity Zone Tax Incentive

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. …

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Russo CPA Seven Common Small Business Tax Myths 2023

Seven Common Small Business Tax Myths

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.

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

Rental Real Estate Qualifies as a Business

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property – are allowed to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.

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Tips to Find Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen) money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts:

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Tax FOMO: Are You Losing $1,000s in Tax Savings?

The Power of Hiring a CPA (And What Could Happen if You Don’t)

You know about FOMO or “fear of missing out” when it comes to skipping a good party. You should also have a very healthy fear of losing out on tax savings. How? By trusting anyone other than a qualified CPA to handle your taxes!

While we are a NYC-based CPA firm, our clients are national and international.

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Russo CPA Do I need to File a 2022 Tax Return

Do I Need To File a 2022 Tax Return?

Most people file a tax return because they have to, but even if you don’t, you might be eligible for a tax refund and not know it. The tax tips below should help determine whether you must file a tax return this year.

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