Tax Return Tips Archives - Robert P. Russo CPA

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Figuring out Your Correct Tax Filing Status

March 7, 2025February 27, 2025

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, …

Discovering a Mistake After Your Tax Return Is Filed

May 8, 2024May 5, 2024

Did you file your tax return and then realize you’d made a mistake? Perhaps you completed your return yourself and made an error in math or neglected to include a schedule that should’ve been attached. Or maybe you recently remembered some large, potentially deductible charitable donations you’d made early in the year that you’d forgotten to tell your tax professional about. Now, you may be wondering if you need to file an amended return.

RUSSO CPA Blog: Standard vs. itemized deductions

What To Know About Keeping Good Tax Records

September 4, 2023August 22, 2023

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:

What To Do if You Missed the Tax Deadline

May 5, 2023

Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late.

First, gather any information related to income and deductions for the tax years for which a return is required to be filed, then call the office. If you are owed money, the sooner you file, the sooner you will get your refund. If you owe taxes, file and pay as soon as you can, which will stop the interest and penalties you owe.

Russo CPA Should You file an extension Federal Tax Return 2022

Federal Tax Returns: Should You File an Extension?

April 7, 2023April 4, 2023

Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know.

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

State Payments Excluded From 2022 Federal Returns

March 5, 2023March 2, 2023

Taxpayers in 21 states received special payments related to general welfare and disaster relief in 2022. However, according to recently issued guidance from the IRS, they will not need to report these payments on their 2022 federal tax returns. The special tax refunds or payments made by certain states were related to the pandemic and its associated consequences. Generally, payments made by states are includable in income for federal tax purposes. Due to this unique and complex situation, the rules surrounding their treatment for federal income tax purposes are more complex.

Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

What Is the Saver’s Credit?

February 7, 2023February 5, 2023

The Retirement Savings Contributions Credit, also known as the Saver’s Credit, is a special tax credit for low-and moderate-income workers. In tax year 2020, the most recent year for which complete figures are available, Saver’s Credits totaling more than $1.7 billion were claimed on about 9.4 million individual income tax returns. That’s an average of about $186 per eligible return.

How Filing Status Affects Your Tax Return

February 7, 2023February 1, 2023

A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine whether they need to file a tax return at all. As taxpayers get ready for the upcoming filing season, let’s take a closer look at how filing status affects a tax return.

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Eligible Families Can Claim Tax Benefits Until Nov. 17th

November 8, 2022November 6, 2022

Starting in October, more than 9 million letters were sent out by the IRS to individuals and families who appear to qualify for a variety of key tax benefits – but did not claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit (RRC), the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), and other tax credits depending on their personal and family situation. The letter provides a brief overview of each of these three credits. As a reminder, these and other tax benefits were expanded under last year’s American Rescue Plan Act (ARPA) and other recent legislation.

Deducting Casualty Losses on a Tax Return

November 8, 2022November 1, 2022

Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.