What is the 20% QBI Tax Deduction?
In the tax world – and at Robert P. Russo, CPA – everyone is talking about QBI. QBI stands for qualified business income, and it’s the key to unlocking a 20% QBI tax deduction for certain business owners.
Ask Bob: Should My Business Be an S Corporation? 6 Myths and Facts
CPA Robert Russo Breaks Down the Question: Should My Business Be an S Corp?
Will it help or hurt me? The team at Robert P. Russo, CPA has been getting questions about which business entity will allow them to best take advantage of the law. One question that keeps coming up is: should my business be an S corp? We get this question from LLCs and sole proprietorships – even employees wondering if now’s the time to launch that startup.
How to Maximize the Tax Benefits of Rental Property
Rent to Win: Understanding the Income and Tax Benefits of Rental Property
Have you thought about purchasing a rental property? Great! You have the opportunity to generate additional income, save for retirement, and improve your tax posture. To unlock the full income and tax benefits of rental property, it’s critical that you do the following 5 things first:
Tips To Avoid Credit Card Debt This Holiday Season
Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever depending on credit cards to cover basic expenses due to inflation, this could lead to an ever-increasing debt load. In fact, credit card balances are approaching pre-pandemic levels, increasing by $38 billion (a 15 percent increase year-over-year) since the second quarter – the largest increase in more than 20 years (Federal Reserve Bank of New York).
Watch Out for Natural Disaster Donation Scams
After a natural disaster, people often rally to help victims by donating money to charitable organizations that help disaster victims. Unfortunately, this can allow criminals to prey on them by soliciting donations from fake charities. As such, before donating to charity, people should ensure their money goes to a reputable organization.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 2
We explained in Part 1, a majority of states now allow pass-through entity (PTE) owners to get around the federal $10,000 state and local tax (SALT) deduction cap on individual taxpayers by having their PTE pay state income tax on its income at the entity level.
Defeat the $10,000 SALT Cap with the PTE Tax – Part 1
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes (SALT).
Cash Management Tips for Your Small Business
Cash flow is the lifeblood of every small business, but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
Small Business Accountant for Your Business Growth
Small Business Accounting We are a New York-based accounting firm that provides small business accounting services to clients in the New York metro area, all 50 U.S. states, and abroad. Through strategic tax planning, we help clients leverage the tax …
Qualified Charitable Distributions From IRAs
If you’re a retiree aged 70½ or older, consider taking advantage of legislation that allows you to reduce or eliminate the amount of income tax on IRA withdrawals transferred directly to a qualified charitable organization. You can use this tactic even though minimum distributions are no longer required until age 72. Referred to as Qualified Charitable Distributions (QCDs), they can also be used to satisfy all or part of your required minimum distribution.