Blog | Robert P. Russo CPA Free Tax Tips

NYS Tax: Election Period for Pass-Through Entity Tax (PTET) is Open

January 11, 2022

New York State Department of Taxation and Finance sent this bulletin on 01/11/2022 09:01 AM EST If you wish to participate in the optional PTET for 2022, the deadline to opt in is March 15, 2022. To opt in:Log in …

Your Canceled Debt Could Be Taxable

January 11, 2022January 9, 2022

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. When that debt is forgiven, negotiated down (when you pay less than you owe), or canceled you will receive a Form 1099-C, Cancellation of Debt, from your financial institution or credit union. Form 1099-C shows the amount of canceled or forgiven debt that was reported to the IRS. Creditors who forgive $600 or more of debt are required to issue this form.

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

Why Using the Correct Filing Status Matters

January 5, 2022January 4, 2022

As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all.

The Tax Consequences of Losing your Job

August 13, 2023January 2, 2022

If you’ve lost your job, you may have questions surrounding unemployment compensation, severance, and other issues that could affect your tax situation. Here are some answers:

Reminder: Identity Protection PIN Available To Taxpayers

January 5, 2022January 2, 2022

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program expanded to include all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.

Credit Reports: What You Should Know

January 5, 2022January 1, 2022

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud – and you from identity theft.

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

Reminder: Deferred Payroll Taxes Due in December

December 9, 2021December 4, 2021

If you’re a household employer or self-employed and chose to defer paying some Social Security taxes under the CARES Act the deferred Social Security taxes are due by December 31, 2021 and December 31, 2022. If you also deferred the employee share of Social Security taxes the balance is included in the installment amount due by December 31, 2021.

Important Information About Charitable Giving This Year

December 9, 2021December 3, 2021

For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating. It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.

Highlights of the Infrastructure Investment and Jobs Act

December 9, 2021December 2, 2021

While the recently passed Infrastructure Investment and Jobs Act primarily addresses infrastructure-related issues, it includes several tax provisions affecting individuals and small business taxpayers. Let’s take a look:

IRS Charges Fee for Estate Closing Letters

November 5, 2021November 5, 2021

Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627.