Tax Return

Download icon in white 3D speech bubble on Russo blue background with white words "Tax Tips."

Reminder: Use Correct Forms to Pay Employment Taxes

Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return.

A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own. They should always file in accordance with their designated filing requirements. Let’s take a look at the differences between these forms.

Read more

Russo CPA tax tips: tax break refunds

Important Information About Charitable Giving This Year

For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating.

It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.

Read more

Reasons and Rules for Filing an Amended Return

Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an amendment may not be required.

Read more

owing money to the irs

6 Easy Ways to Pay If You Owe Money to the IRS

If you owe federal income tax — whether for personal, estimated, or business filings — the IRS offers several fast, secure ways to pay electronically. Here are six IRS-approved options to pay your taxes online or via mobile device. 1. …

Read more

Tips for Taxpayers Who Make Money From a Hobby

Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that income on their tax return.

Read more

Tips to Find Out if Your Gift is Taxable

Tax Refunds: Factors Affecting Refund Timing

As the tax filing season concludes, taxpayers may anticipate receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review, so those refunds may take longer.

Read more

3 upward steps coin towers on turquoise background

Figuring out Your Correct Tax Filing Status

Understanding Your Tax Filing Status: A Key Factor in Your Tax Return Your filing status plays a crucial role in your tax return—it determines which tax forms you need, the size of your standard deduction, your eligibility for tax credits, …

Read more