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Robert P. Russo CPA

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Website title: Robert P Russo CPA: Personal & Business Accounting Services NYC

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Remote work and increased mobility have made living in one state while working in another more common than ever. While this flexibility has many perks, it can also trigger unexpected tax consequences.

Yes, you can get taxed twice.

If you work in a state other than your primary residence or have recently moved for emp...

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As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions.

Assets Eligible for Bonus Depreciation

First-year bonus depreciation has been given new life under the legislation ...

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Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on this year’s income tax return if you donate by December 31, itemize deductions, and comply with the tax rules. Here are a few rules to keep in mind:

  • Ensure you’re donating to a qualified charitable organization. A tool on the I...

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Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider.

1. Use Bunching to Maximize Deductions

If your itemized deductions are close to the standard deduction, consider a “bunching” strategy. This means timing certain payments (such as ...

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As the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion.

For 2025 and 2026, this exclusion is $19,000, which you may give in cash or property to any number of family members or friends, without gift tax implications. Married couples may be able to give up to $38,000 to any recipient.</p...

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