Tax Tips

Should my business be an S corp

7 Questions to Ask Before Hiring an NYC Accountant

Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.

From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:

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Important Tax Changes for Individuals and Businesses

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 Tips

Why Using the Correct Filing Status Matters

As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all.

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Standard Mileage Rates for 2022

Standard Mileage Rates for 2022

Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:

  • 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021
  • 18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021, and
  • 14 cents per mile driven in service of charitable organizations. The charitable rate is set by statute and remains unchanged.

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RUSSO CPA Blog tax tips

Tax Credits for Accommodating Disabled Workers

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Let’s take a look at a few of the tax incentives that are available to encourage employers to hire qualified people with disabilities – and offset some of the costs of providing accommodations.

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Watch Out for Holiday Gift Card Scams

There’s never an off-season when it comes to scammers and thieves who want to trick people into scamming them out of money, stealing their personal information, or talking them into engaging in questionable behavior with their taxes. While scam attempts typically peak during tax season, taxpayers need to remain vigilant all year long. As such, it is once again time to remind taxpayers that while gift cards make great presents for loved ones, they cannot be used to pay taxes.

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Tax Due Dates for January 2022

Welcome to 2022! We are gearing up for tax season. Please take a look at the list of upcoming due dates and let us know if you need assistance. We are always here to help and let us know if you want to schedule a tax planning meeting.

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During January

All employers – Give your employees their copies of Form W-2 for 2021 by January 31, 2022. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting.

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RUSSO CPA Blog: Keeping good tax records

What To Know About Keeping Good Tax Records

It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:

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RUSSO CPA Blog tax tips

IRS Charges Fee for Estate Closing Letters

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627.

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