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It’s Not Too Late! Uncovering 6 Hidden Tax Deductions for Businesses

Posted on January 18th, 2019

Where to Look for Hidden Tax Deductions (Even Though 2018 is Over)

It’s that time of year again! Time for business owners to get together with their accountants to review the previous year’s taxes. If you’ve already started crunching your 2018 numbers, and don’t like what you see, there are still ways to uncover hidden tax deductions – which could potentially save you thousands. Read More…

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2019 Tax Deduction Resolutions for Businesses: 7 Ways to Win in the New Year

Posted on January 15th, 2019

Your New Year’s Resolutions to Maximize Your 2019 Tax Deductions

It’s a new year, and a new opportunity to ensure you’re taking all possible 2019 tax deductions. That’s why we put together a list of New Year’s Resolutions for business owners and independent contractors.

All of us at Robert P. Russo CPA in NYC are ensuring our clients know how the Tax Cuts and Jobs Act (TCJA) of 2017 impacts their 2019 tax deductions – and now we’re sharing that knowledge with you…

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New Depreciation Deduction Benefits Business

Posted on December 4th, 2018

Tax reform legislation passed in December 2017 included numerous changes that affect businesses this year. One of them allows businesses to write off most depreciable business assets in the year they place them in service. Here are five facts to help businesses better understand this deduction:

1. The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property.

2. Machinery, equipment, computers, appliances, and furniture generally qualify.

3. The 100-percent depreciation deduction applies to qualifying property acquired and placed in service after September 27, 2017.

4. Taxpayers who elect out of the 100-percent depreciation deduction for a class of property must do so on a timely filed return.

5. The IRS has issued proposed regulations with guidance on what property qualifies and rules for qualified film, television and live theatrical productions, and certain plants.

For more details about the 100-percent depreciation deduction or electing out of claiming it, please call.

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Depreciating Farming Business Property

Posted on December 3rd, 2018

Farmers and ranchers should be aware of changes in how they depreciate their farming business property. These changes took effect in 2018 as a result of tax reform legislation passed in December 2017.

Depreciation is an annual income tax deduction that allows a taxpayer to recover the cost or other basis of certain property over the time that they use it. When figuring depreciation, there are a number of factors that should be taken into consideration such as wear and tear and deterioration of the property, as well as whether it is now obsolete. Read More…

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Avoid these Five Common Budgeting Errors

Posted on December 3rd, 2018

When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Read More…

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Tax Transcript Email Scam Alert

Posted on December 1st, 2018

Taxpayers should be aware of a new round of fraudulent emails that impersonate the IRS and use tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the emails infected with malware as it can spread throughout the network and may take months to remove. Read More…

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Business Expense Deductions for Meals, Entertainment

Posted on November 5th, 2018

As the end of year approaches, taxpayers should be 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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The Health Care Law and Hiring Seasonal Workers

Posted on November 3rd, 2018

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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Section 199A: Qualified Business Income Deduction

Posted on November 3rd, 2018

Thanks to tax reform legislation passed in December 2017, eligible taxpayers may now deduct up to 20 percent of certain business income from qualified domestic businesses, as well as certain dividends. Eligible taxpayers can claim the deduction for the first time on the 2018 federal income tax return they file in 2019. Read More…

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Tax Due Dates for November 2018

Posted on November 1st, 2018

Anytime

Employers – Income Tax Withholding. Ask employees whose withholding allowances will be different in 2019 to fill out a new Form W-4. The 2019 revision of Form W-4 will be available on the IRS website by mid-December.

November 13

Employees who work for tips – If you received $20 or more in tips during October, report them to your employer. You can use Form 4070.

Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the third quarter of 2018. This due date applies only if you deposited the tax for the quarter in full and on time.

November 15

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in October.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in October.

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2018 Year-End Tax Planning for Businesses

Posted on November 1st, 2018

There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Read More…

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Applying for Tax-Exempt Status as Nonprofit

Posted on October 8th, 2018

If you’re thinking of starting a nonprofit organization, there are a few things you should know before you get started. First, is understanding how nonprofits work under state and federal law. For example, two things you should understand is that state law governs nonprofit status. Nonprofit status is determined by an organization’s articles of incorporation or trust documents while federal law governs tax-exempt status (i.e., exemption from federal income tax). Whether you’re starting a charity, a social organization, or an association here are the steps you need to take before you can apply for tax-exempt status. Read More…

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Apps for Tracking Business Mileage

Posted on October 6th, 2018

Every business owner, no matter how small, must keep good records. But whether it’s keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job. Read More…

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Employer Reimbursements for Moving Expenses

Posted on October 4th, 2018

For tax years prior to 2018, employees could exclude from income moving expenses reimbursed or paid by an employer. However, due to the passage of the Tax Cuts and Jobs Act (TCJA) last year, this tax provision has been suspended starting this year. This means, that going forward, these amounts are considered taxable income with one exception: amounts reimbursed to active-duty members of the U.S. Armed Forces whose moves relate to a military-ordered permanent change of station. Read More…

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Five Things to know before Starting a Business

Posted on October 3rd, 2018

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help. Read More…

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