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5 Smartest Tax Moves to Make Before 2019 Ends

Posted on November 25th, 2019

2020 is around the corner, but it’s not too late to take advantage of tax-saving tips…

Compared to 2018, when the Tax Cuts and Jobs Act (TCJA) took effect, 2019 has been a rather quiet year as far as changes in tax law. However, there were still some major shifts in rules and regulations this year. Plus, the TCJA continues to take taxpayers by surprise as they begin looking at their upcoming tax returns. Read More…

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Avoid IRS Audits: Fix the 1099 Prepaid-Rent Mismatch

Posted on November 15th, 2019

Two questions:

  1. Are you prepaying your 2020 rent so that you have a big 2019 tax deduction?
  2. How do you identify in your accounting records the monies you put on your IRS Form 1099-MISC for the business rent payments to your landlord?

Read More…

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2019 Tax Planning Seminar for Small Businesses and Individuals

Posted on November 13th, 2019

TUESDAY, DECEMBER 10, 2019 • 6 – 8 PM
HOSTED BY ROBERT P. RUSSO, CPA, PC, and JEFF BUFFUM, CFP

Learn about Tax Strategies and Year-End Tax Planning with Jeff Buffum, CFP®, featuring Robert Russo, CPA, at this Free Tax Planning Seminar.

Robert Russo, CPA will discuss:

  • New tax law overview
  • End of year tax planning tips
  • New 20% deduction for businesses
  • Corporation C vs. Corporation S
  • How the new law affects real estate operators

 

Jeff Buffum, CFP® will discuss:

  • Tax loss harvesting
  • Tax efficient investing
  • Asset location strategies
  • Retirement account strategies
  • Tax-efficiency utilizing life insurance

Reserve Your Tickets Here

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Got Crypto? New IRS Ruling Requires You to Do 3 Things

Posted on November 10th, 2019

In mid-October 2019, the IRS released new rulings regarding how virtual currency is viewed in light of tax law.

The main takeaway is this: If you’ve got crypto, the IRS is keeping a close eye on you. There’s no need to panic! Here at Robert Russo CPA, we’ve put together 4 things you need to understand about taxes on cryptocurrency – and how the new October ruling impacts you. Read More…

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Solar Technology Tax Credits Still Available for 2019

Posted on November 4th, 2019

Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these tax credits: Read More…

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New Twist on the Social Security Number (SSN) Scam

Posted on November 3rd, 2019

New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten people into returning “robocall” voicemails. Read More…

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Business Expense Deductions for Meals, Entertainment

Posted on November 3rd, 2019

As the end of year approaches, taxpayers are reminded that business expense deduction for meals and entertainment have changed due to tax law changes in the Tax Cuts and Jobs Act (TCJA). Until proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment are in effect, taxpayers should rely on transitional guidance that was recently issued by the IRS. Read More…

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2019 Year-End Tax Planning Strategies for Businesses

Posted on November 3rd, 2019

There are several end-of-year tax planning strategies that businesses can use to reduce their tax burden for 2019. Here are a few of them: Read More…

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Seasonal Workers and the Healthcare Law

Posted on November 2nd, 2019

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). Read More…

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2019 Year-End Tax Planning for Individuals

Posted on November 2nd, 2019

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax liability for 2019. Read More…

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Tax Tips for Owners of Historic Buildings

Posted on November 1st, 2019

If you own a historic building you should know about a tax credit called the rehabilitation tax credit, which offers an incentive to renovate and restore old or historic buildings. Read More…

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Reporting Virtual Currency Transactions, Bitcoin and Taxes

Posted on November 1st, 2019

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill—money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Read More…

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