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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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Defeat the SALT Cap with the PTE Tax – Part 2

Overview

In Part 1, we explained how PTE owners can reduce federal taxable income by having their pass-through entity pay state income taxes at the entity level.

Under this approach:

The PTE deducts state income taxes as a federa...


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Maximizing Your Exit: The 4 Paths to Selling Your Business

Comparing Business Exit Options

Selecting your business successor is a fundamental objective when planning your exit strategy. The ideal path strikes a balance between financial security, tax efficiency, and legacy.

1. LiquidationMinimal, recovering asset value.Often results in smallest return; assets sold individually as a taxable event.Busines...


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How Does the New Tax Deduction for Car Loan Interest Work?

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.

The Specifics

...


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Last-Minute Tax Strategy: Accelerating Deductions

Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for this tax year.

The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction, and itemizing to make sense.

In that case, you might benefit from accelerating more SALT expenses and other...


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The Tax Implications of Remote Work

Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences.

State Tax Issues for Employees

Remote work allows employees to live in one state and work for an employer in another, which can create complex tax issues. Each state has the right to tax people based on domicile, which is wh...


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