Taxes

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

What is the Excise Tax? Taxable Goods and Services

An excise tax is a tax that is generally imposed on the sale of specific goods or services or on particular uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services.

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Russo CPA Tax tips pre wedding checklist

Married Filing Separately: When It May Make Sense

Filing joint tax returns generally results in the lowest tax bill for married couples. However, in some circumstances, they may pay less taxes if they file separately, such as when one spouse has large medical expenses.

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4 Key Tax Questions About 2025 Taxes

Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year. However, as you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.

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The Tax Treatment of Intangible Assets

Intangible assets, such as patents, trademarks, copyrights, and goodwill, are crucial to today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.

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ESOPs Can Help Business Owners With Succession Planning

Devising and executing the right succession plan is challenging for most business owners. In worst-case scenarios, succession planning is left to chance until the last minute. Chaos, or at least much confusion and uncertainty, often follows.

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January 2025 Tax Due Dates

January 15 Employers: Deposit nonpayroll withheld income tax for December 2024 if the monthly deposit rule applies. Individuals: Pay the fourth installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income …

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