Tax Tips Archives - Page 7 of 15 - Robert P. Russo CPA

Business Growth and Accounting Success – Robert P. Russo CPA

August 13, 2023June 16, 2023

Meet our clients: Jessica Hanson, James Johnson, and Jeff Buffum, who’ve experienced significant business growth and financial transformation with Robert P. Russo CPA PC. Their diverse profiles include a certified financial planner and wealth management advisor, a New York City …

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

What Teen Entrepreneurs Should Know About Taxes

June 3, 2023June 1, 2023

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when classified as independent contractors or self-employed, they’re responsible for paying taxes themselves.

Check the Status of a Tax Refund Using This IRS Tool

May 5, 2023May 4, 2023

Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the “Where’s My Refund?” tool on the IRS website. The tool also provides a personalized refund date after the return is processed and a refund is approved.

Russo CPA Tax Tips: Excise Taxes and your business

IRS Tax Debt Could Affect Passport Renewal–FAST Act

May 5, 2023May 4, 2023

As a reminder, individuals with “seriously delinquent tax debts” are subject to a new set of provisions courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. These provisions went into effect in February 2018.

Certain Taxpayers May Need to File an Amended Return

May 5, 2023May 3, 2023

Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult with them to determine whether an amended return is necessary.

Small Business: Choosing a Payroll Service Provider

May 8, 2023May 1, 2023

When choosing a payroll service provider to handle payroll and payroll tax, employers should choose a trusted payroll service to help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients remain legally responsible for paying the taxes due, even if the employer sent funds to the payroll service provider for required deposits or payments.

A worker employee name tag badge lanyard

Tax Credits for Accommodating Disabled Workers

April 4, 2023April 3, 2023

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities and offset some of the costs of providing accommodations.

Hand adding money to ceramic piggy bank.

Special Tax Rules for Children With Investment Income

April 4, 2023April 1, 2023

Special tax rules may apply to some children who received investment income in 2022 or expect to receive it in 2023. Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable scholarships or from a trust. These rules may affect the amount of tax and how to report the income.

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

Employee Business Expense Deductions: Who Qualifies?

March 5, 2023

Before tax reform, an employee could deduct unreimbursed job expenses and other miscellaneous expenses that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or eligible educator.

What To Do if You’re Missing Important Tax Documents

March 5, 2023March 2, 2023

As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage, and Tax Statement from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2022 earnings and withheld taxes no later than January 31, 2023. As such, most taxpayers should have received their documents near the end of January, including:

Forms W-2, Wage and Tax Statement
Form 1099-MISC, Miscellaneous Income
Form 1099-INT, Interest Income
Form 1099-NEC, Nonemployee Compensation
Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund