Month: February 2025

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

Claiming an Elderly Parent or Relative as a Dependent

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.

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

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

Tips for Pain-Free Tax Filing

It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles.

Read more

Man in home office sitting at his desk and looking at his chocolate lab.

Who Can Take the Home Office Deduction?

Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the …

Read more

Deduction vs. Credit

Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work:

Read more

Smiling African American man with an office moving box

Don’t Move … Until You’ve Considered the Tax Implications

With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family, or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re thinking about such a move, consider taxes before packing up your things.

Read more

3 upward steps coin towers on turquoise background

Required Withholding for Supplemental Pay

Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises, and taxable fringe benefits.

Read more

Image if tax forms for W2 and 1099 dealines

Reminder: W-2 & 1099-NEC Deadline for Businesses

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients:

Read more