Blog | Robert P. Russo CPA Free Tax Tips

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Tax Season Is Long Over, but Tax Scams Are Thriving

September 6, 2023September 1, 2023

The IRS is warning taxpayers about emails and text messages that promise refunds and credits but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the …

The Home Office Tax Deduction for Small Business

September 4, 2023August 30, 2023

If you’re a small business owner who uses your home for business, you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount of your taxable income.

Tax Planning vs. Tax Preparation: What is the Difference?

September 4, 2023August 28, 2023

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look:

RUSSO CPA Blog: Standard vs. itemized deductions

What To Know About Keeping Good Tax Records

September 4, 2023August 22, 2023

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:

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

Rental Real Estate Qualifies as a Business

September 4, 2023August 19, 2023

A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property – are allowed to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.

The Hobby Loss Rule Could Hurt Your Side Hustle: 5 Tips to Overcome It

August 15, 2023August 14, 2023

Your Side Gig Could Be Your Main Tax Headache…Thanks to the Hobby Loss Rule

Imagine this. By day, you’re a software engineer. By night? You’re an author on a mission to publish the next great American novel.

You take writing seriously. It’s your side business. But the IRS isn’t so sure…

Inside the Numbers with Susy Gao

September 4, 2023August 11, 2023

Meet Susy Gao, a compassionate and dedicated partner at Robert P. Russo CPA PC. With over 15 years of experience in accounting, Susy has cemented herself as a cornerstone of the firm. In this video, she shares her journey from …

Minimizing Capital Gains Tax on Sale of a Home

August 13, 2023August 6, 2023

If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale.

Tips to Find Out if Your Gift is Taxable

Tips to Help You Figure Out if Your Gift is Taxable

August 6, 2023August 5, 2023

Gift tax returns generally do not need to be filed unless you give someone, other than your spouse (if he or she is a U.S. citizen) money or property worth more than the gift tax annual exclusion for that year. Here are four more tips regarding the tax treatment of gifts:

Smiling Asian man standing in front of his car with arms folded.

Deducting Business-Related Vehicle Expenses

September 4, 2023August 4, 2023

If you’re self-employed and use your car, SUV, or other vehicle for business, you can deduct certain business-related vehicle expenses. Depending on the cost of operating the vehicle or how much you drive it, as well as how much of your use of the vehicle is for business purposes, this can add up to a significant tax deduction