Russo CPA Tax Tips Businesses can save taxes by acquiring and placing assets in service by year end

Business Owners Must Get Comfortable With Financial Statements

Financial statements can fascinate accountants, investors, and lenders. However, they may not be real page-turners for business owners.

The truth is each of the three parts of your financial statements is a valuable tool that can guide you toward reasonable, beneficial business decisions. For this reason, it’s essential to get comfortable with their respective purposes.

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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.

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Hand with watch and the the words Tax Due Dates on Russo robins egg blue background.

April 2025 Tax Due Dates

April 15

Employers: Deposit nonpayroll withheld income tax for March if the month deposit rule applies.

Employers: Deposit Social Security, Medicare and withheld income taxes for March if the monthly deposit rule applies.

Calendar-year corporations: Pay the first installment of 2025 estimated income taxes, using Form 1120-W.

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Are Your Employees Suffering From Retirement Plan Leakage?

Today’s small to midsize businesses are often urged to help employees improve their financial wellness. And for good reason: Financially struggling workers tend to have higher stress and anxiety levels. They may be less productive and more prone to errors. Some might even decide to commit fraud.

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Tax Deduction for Classic or Antique Cars Used in Business

Question

I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.

Could you give an example of buying an antique or a classic car versus a new car as a business-use vehicle? Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.

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The Qualified Small Business Stock Exclusion

As the driving force in today’s economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you’re a small business investor, here’s what you need to know about this often-overlooked tax break.

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Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

Fringe Benefit Deductions Change and Affect Business

The Tax Cuts and Jobs Act included a number of tax law changes that affect small businesses, such as deductions for fringe benefits, which can affect both a business’s bottom line and its employees’ deductions. Here’s a summary of what these are:

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5 Steps to Creating a Pay Transparency Strategy

Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties.

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File Your FBAR on Time to Avoid Penalties

Any U.S. person with a financial interest in or authority over foreign financial accounts may be required to file a Report of Foreign Bank and Financial Accounts (FBAR). An FBAR is required if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. FBARs are due April 15 of the following calendar year, though an automatic extension is allowed.

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How a Business Owner’s Home Office Can Result in Tax Deductions

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.

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