Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences. Let’s take a closer look:
Small Business: Tips for Ensuring Financial Success
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.
While you may wish it was that easy, the truth is that you can’t let your business run on autopilot and expect good results. Every business owner knows you need to make numerous adjustments along the way. So, how do you handle the array of questions facing you? One way is through cost accounting.
Tax Due Dates for September 2021
September brings important tax filing deadlines for businesses and individuals. At Russo CPA we help navigate the waters of tax preparation through smart tax planning. Schedule a free tax consultation today and let us know how we can help you. …
Start Planning Now for Next Year’s Tax Return
This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone.
Keeping Good Tax Records Is Essential
An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips:
Realty Speak Real Estate Podcast: 1031 Like-Kind Exchanges
Don’t miss this episode of the Realty Speak podcast, featuring Bob Russo!
Changing Jobs? Don’t Forget About Your 401(k)
One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns.
Health Savings Account — HSA Limits Increase for 2022
Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650 for individuals with self-only coverage (up $50 from 2021) and $7,300 for family coverage (up $100 from 2021).
What are Estimated Tax Payments? The Details
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here’s what you should know about estimated tax payments:
Beat the Unfair $10,000 SALT Cap with a C Corporation
C corporations cause double taxation for business owners, so you probably think you want to avoid them at all costs.
And for many of you, this is true, as the S corporation often provides the lower overall tax outcome.
But for some of you, the C corporation could provide the best tax outcome, especially since you can bypass the $10,000 state and local tax (SALT) deduction cap, which was introduced by the Tax Cuts and Jobs Act (TCJA), with a C corporation.