Tax Return

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Figuring out Your Correct Tax Filing Status

Understanding Your Tax Filing Status: A Key Factor in Your Tax Return Your filing status plays a crucial role in your tax return—it determines which tax forms you need, the size of your standard deduction, your eligibility for tax credits, …

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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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Is Your Business Closing? Here Are Your Final Tax Responsibilities

Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts, and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations.

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Tax Records: What Can You Toss, and What Should You Keep?

Generally, the IRS has three years to audit a tax return, from the later of the due date or the date you file. If you overlooked something, you can also file an amended return within this time frame.

Here’s what you need to know about keeping financial records involved in your tax returns.

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Russo CPA tax tips: tax break refunds

Returning an Erroneous Refund

Mistakes happen. What if you receive a refund from the IRS that you’re not entitled to? Or what if you receive one that’s more than you’re entitled to?

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Russo CPA Tax Tip Article Image: Mouse Trap snapped closed on U.S. dollar pile

Five Facts About the Opportunity Zone Tax Incentive

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. …

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Russo CPA Seven Common Small Business Tax Myths 2023

Seven Common Small Business Tax Myths

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.

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Russo CPA An "innocent spouse" may be able to escape tax liability

An “Innocent Spouse” May Be Able to Escape Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. In some cases, however, one spouse may be eligible for “innocent spouse relief.” This generally occurs when one spouse was unaware of a tax understatement that was attributable to the other spouse.

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Russo CPA Tax Tips for Filling a Final Tax Return for A Deceased Person

Filing a Final Tax Return for a Decedent

When someone dies, their surviving spouse or representative must file a final tax return for the deceased person. Usually, the representative is named in the person’s will or appointed by a court. Sometimes when there isn’t a surviving spouse or appointed representative, a personal representative will file the final return.

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Avoiding a tax surprise when retiring overseas.

Avoiding a Tax Surprise When Retiring Overseas

Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications — because not all retirement country destinations are created equal.

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