Tax Law

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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Russo CPA Experts describe the difference between taxable and nontaxable income on your 2022 income taxes

Taxable vs. Nontaxable Income

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that.

Taxable income includes any money you receive, such as wages, tips, and unemployment compensation. It can also include noncash income from property or services. For example, both parties in a barter exchange must include the fair market value of goods or services received as income on their tax return.

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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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Russo CPA tax professionals explain highlights of the Secure 2.0 Act of 2022

Highlights of the Secure 2.0 Act of 2022

The $1.66 trillion Consolidated Appropriations Act, 2023 was signed into law on December 29, 2022 by President Biden. Included in the 4,155 page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to …

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Tips to Find Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

If you’ve given money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but exceptions exist. Because gift tax laws can be confusing, here are seven tips you can use to figure out whether your gift is taxable.

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RUSSO CPA Tax Tips, how filing status affects your tax return 2022

Understanding Your Rights as a Taxpayer

By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer Bill of Rights. Here’s an overview:

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