PPP and COVID-19 Tax Updates and Information

Blog

Open Mon-Fri, 9am-5pm
Office: (212) 279-9800
info@robertprussocpa.com

Client Portal

Recordkeeping Tips for Individuals and Businesses

Posted on September 4th, 2020

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…

Tags: , ,

« »

Protect Tax Records Before Disaster Strikes

Posted on August 3rd, 2020

As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Read More…

Tags:

« »

Ready to File? This Tax Records Checklist Will Help

Posted on May 4th, 2020

If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.

Here are some of the documents taxpayers need to have on hand: Read More…

Tags: , ,

« »

Tax Planning Includes Keeping Good Records | Seven Helpful Tips

Posted on January 3rd, 2020

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: Read More…

Tags: , ,

« »

Employer Benefits of Using the EFTPS

Posted on December 2nd, 2019

Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside payroll service provider to do it on their behalf. Read More…

Tags: ,

« »

Be Prepared When Natural Disasters Strike

Posted on October 2nd, 2019

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it’s a good idea for taxpayers to think about – and plan ahead for – what they can do to be prepared.

Here are four tips to help taxpayers be prepared: Read More…

Tags:

« »

Homeowner Records: What to Keep and How Long

Posted on September 3rd, 2019

Keeping full and accurate homeowner records is vital for determining not only your home deductions but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. Read More…

Tags: ,

« »

Recordkeeping Tips for Small Business Owners

Posted on June 6th, 2019

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…

Tags: , ,

« »

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…

Tags:

« »

Tips for Taxpayers: Be Prepared for Natural Disasters

Posted on September 5th, 2018

While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it’s a good idea for taxpayers to think about – and plan ahead for – what they can do to be prepared. Here’s what taxpayers should keep in mind: Read More…

Tags:

« »

Five Ways to Minimize your Tax Liability

Posted on September 5th, 2018

If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill. Read More…

Tags: , , ,

« »

Taxpayer Data Secure with New IRS Get Transcript

Posted on September 5th, 2018

Taxpayers that need prior years’ tax returns and other tax documents should know that there is a new format for individual tax transcripts that redacts personally identifiable information from Form 1040 tax documents. Read More…

Tags: ,

« »

Good Record Keeping Benefits your Business

Posted on August 3rd, 2018

Avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year. Read More…

Tags:

« »

Safeguarding Financial Records

Posted on August 1st, 2018

Natural disasters such as hurricanes are more common in summer, but tornadoes, floods, and fires can strike at any time. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some basic steps you can take right now to prepare: Read More…

Tags: ,

« »

Seasonal Employees and Taxes — 2018 Updates and Changes

Posted on June 1st, 2018

Many businesses hire part-time or full-time workers, especially in the summer. These types of employees are referred to as seasonal workers, which the IRS defines as an employee who performs labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work include retail workers employed exclusively during holiday seasons, sports events, or during the harvest or commercial fishing season. Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees. Read More…

Tags: , ,

« »