Tax Planning

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

Deductions vs. Credits: What’s the Difference?

One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take the standard deduction or itemize deductions if it will reduce your taxable income more. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions.

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Section 179 Expensing and Bonus Depreciation Pitfalls

If eligible, you can elect to use Section 179 expensing or bonus depreciation to deduct a large portion of the cost (and, in some cases, the full cost) of eligible property in the year it’s placed in service. Alternatively, you may follow regular depreciation rules and spread deductions over several years or decades, depending on how the asset is classified under the tax code.

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Russo CPA Tax tips pre wedding checklist

Did You Get Married in 2023?

Your filing status options for your 2023 income tax return depend on your marital status on December 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look at the married filing separately status.

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Russo CPA How to be ready to secure a business bad debt deduction on your 2023 Tax return

Secure a Business Bad Debt Deduction on Your Tax Return

Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return. But if you hope to take the deduction on your return for this year, you’ll have to get busy because you must be able to show that you’ve made a “reasonable” effort to collect the debt.

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Inside the Numbers with Susy Gao

Meet Susy Gao, a compassionate and dedicated partner at Robert P. Russo CPA PC. With over 15 years of experience in accounting, Susy has cemented herself as a cornerstone of the firm. In this video, she shares her journey from …

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Tax Strategies for High-Net-Worth Individuals

High-net-worth individuals require astute and tailored financial strategies. In this video, we demystify tax planning by examining the tax considerations that come into play for those with substantial assets. From understanding your investment portfolio to exploring uncharted tax-saving territories like …

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C Corporation Advantages and Disadvantages

What Are Some Advantages and Disadvantages of a C Corporation? C Corporations can provide significant advantages, particularly if your goal is to grow the company and eventually attract outside investors. C Corporations hold substantial benefits for investors who maintain their …

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