Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse, and financial challenges that have become so widely recognized in modern society. EAPs are voluntary and confidential work-based intervention programs designed ... Read more The post EAP Compliance Check: Is Your Company Staying Mindful? appeared first on Robert P. Russo CPA ..read more

Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify. However, some businesses may be better off using the accrual ... Read more The post Cash or Accrual Accounting: What’s Best for Tax Purposes? appeared first on Robert P. Russo CPA ..read more

It’s a challenging time for many businesses. Therefore, any help you can get, such as tax incentives and sales tax exemptions, can make a big difference. Unfortunately, these business credits and tax benefits often go unclaimed because businesses don’t know ... Read more The post Business Credits & Tax Benefits: Are You Taking Advantage? appeared first on Robert P. Russo CPA ..read more

If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and ... Read more The post Medicare Premiums May Lead to Tax Savings appeared first on Robert P. Russo CPA ..read more

If you requested an extension to file your 2023 tax return, you probably know that the extended deadline is coming up soon, on October 15. If you have the information you need, consider filing now. There’s no advantage to waiting, ... Read more The post Extended Return? Don’t Wait—File It Before the Deadline! appeared first on Robert P. Russo CPA ..read more

September 16 Individuals: Pay the third installment of 2024 estimated taxes (Form 1040-ES), if not paying income tax through withholding or not paying sufficient income tax through withholding. Calendar-year corporations: Pay the third installment of 2024 estimated income taxes, completing ... Read more The post September 2024 Tax Due Dates appeared first on Robert P. Russo CPA ..read more

Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as ... Read more The post Tax Considerations When Choosing a Business Entity appeared first on Robert P. Russo CPA ..read more

Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. ... Read more The post A Tax Break for Educators appeared first on Robert P. Russo CPA ..read more

Summer is a good time for some tax planning that could lower your 2024 tax bill. Since the passage of the Tax Cuts and Jobs Act, which increased the standard deduction, fewer people benefit from itemizing deductions. You can use ... Read more The post Get a Jump on Tax Planning appeared first on Robert P. Russo CPA ..read more

August 15 Employers: Deposit Social Security, Medicare and withheld income taxes for July if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for July if the monthly deposit rule applies. September 10 Individuals: Report August tip income ... Read more The post August 2024 Tax Due Dates appeared first on Robert P. Russo CPA ..read more