Tax Tips

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HSAs Can Be Powerful Retirement Saving Tools

Health Savings Accounts (HSAs) are tax-advantaged savings vehicles for funding healthcare expenses not covered by insurance. For those in relatively good health, they may also serve as attractive retirement savings vehicles.

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

Tax Tips for Growing Your Business with a New Partner

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis to zero.

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Help Prevent Financial Scams Aimed at Older People

Help Prevent Financial Scams Aimed at Older People

In any season, scam artists are seeking new ways to steal financial data and money from vulnerable people. Such fraudulent activities often target older adults. Here are three ways to help prevent elder financial abuse and fraud, whether you’re in this age bracket or you share them with senior loved ones:

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Standard Mileage Rates for 2023

2024 Depreciation Limits for Business Vehicles

IRS guidance provides the 2024 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2024, depreciation limits (including first-year bonus depreciation) are $20,400 for year one, $19,800 for year two, $11,900 for year three, and $7,160 for each year after that. This includes passenger cars and SUVs, trucks, and vans if their gross vehicle weight (GVW) is 6,000 pounds or less. The IRS also announced lease inclusion amounts for lessees of passenger vehicles first leased in 2024. Read Rev. Proc. 2024-13 on irs.gov for more details (PDF).

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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, how filing status affects your tax return 2022

One Reason to File Your 2023 Tax Return Early

The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft.

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Russo CPA Tax tips pre wedding checklist

Did You Get Married in 2023?

Your filing status options for your 2023 income tax return depend on your marital status on December 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look at the married filing separately status.

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Chess pieces and board symbolizing tax strategy.

3 Strategies for Estimated Tax Payments

Many individuals today are self-employed or generate income from interest, rent, dividends, and other sources. If you’re in this situation, you could be risking penalties if you don’t pay enough taxes during the year through estimated tax payments and withholding. (The due date for the final estimated payment for 2023 is January 16, 2024.)

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