Taxes

Claiming an Elderly Parent or Relative as a Dependent

Are you taking care of an elderly parent or relative? Whether it’s driving to doctor appointments, paying for nursing home care or medical expenses, or handling their personal finances, dealing with an elderly parent or relative can be emotionally and financially draining, especially when you are taking care of your own family as well.

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Tips for Taxpayers Who Make Money From a Hobby

Many people enjoy hobbies that are also a source of income. From soap making to pottery and jewelry making to calligraphy, these activities can be sources of both fun and finances. Taxpayers who make money from a hobby must report that income on their tax return.

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

Tips for Pain-Free Tax Filing

It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles.

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Deduction vs. Credit

Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work:

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Required Withholding for Supplemental Pay

Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises, and taxable fringe benefits.

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Reminder: W-2 & 1099-NEC Deadline for Businesses

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients:

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Russo CPA Tax Tips Caution On Hold

Many Business Tax Limits Have Increased in 2025

Various tax-related limits affecting businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as significant as they have been in the last few years. Here are some amounts that may affect you and your business.

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February 2025 Tax Due Dates

February 18 Employers: Deposit nonpayroll withheld income tax for January if the monthly deposit rule applies. Employers: Deposit Social Security, Medicare and withheld income taxes for January if the monthly deposit rule applies. Businesses: Provide Form 1099-B, 1099-S, and certain …

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