Dominic Cusimano CPA, LLC

Dominic Cusimano CPA, LLC CPA Firm specializing in small business taxation, audit representation, payroll, financial statements, and start up consulting.

We are a full-service Accounting firm licensed in MO. We offer a broad range of services for business owners, executives, and independent professionals. We are affordable, experienced, and friendly. Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. Professionalism
Our firm is one of the

leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm. Responsiveness
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly. Quality
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

Educator Classroom Expense Deduction – Did You Know?Eligible K-12 teachers, instructors, counselors, principals and aide...
09/01/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?The American Opportunity Tax Credit (AOTC) and L...
08/24/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

Seasonal Employers - Did You Know?Summer is a peak time for many businesses to hire seasonal employees. In general, the ...
08/18/2026

Seasonal Employers - Did You Know?

Summer is a peak time for many businesses to hire seasonal employees. In general, the same federal tax rules apply to these workers as to permanent staff. Employers typically must withhold federal income tax and F**A (Social Security and Medicare) taxes and pay the employer share of F**A. Employers subject to FUTA must also pay federal unemployment tax on taxable wages.

Seasonal employers often must file Form 941 (Employer's Quarterly Federal Tax Return) for quarters in which they pay wages. However, they generally do not need to file for quarters in which they paid no wages and have no employment tax liability. If this applies, check the "Seasonal Employer" box on every Form 941 you file.

Employment taxes generally must be deposited monthly or semiweekly, based on the applicable lookback period. FUTA follows separate deposit rules and generally must be deposited when accumulated FUTA tax exceeds $500 for a quarter. Federal tax deposits must be made electronically, including through EFTPS.

Expense Deduction Rules for Personal Property Used for Business – Did You Know?Many self-employed people may qualify to ...
08/11/2026

Expense Deduction Rules for Personal Property Used for Business – Did You Know?

Many self-employed people may qualify to reduce their taxable income by deducting business expenses. In general, you must allocate expenses related to mixed-use property based on your "percentage of business use." But how is this percentage calculated?

For many types of equipment, your business use percentage may be based on a reasonable measure such as time or output. For example, if you use your computer for 30 hours a week in your freelance work and 20 hours a week for personal purposes (total of 50 hours), then your business use percentage would generally be 30/50 = 60%. Meanwhile, if you have a printer and print 400 pages for business reasons and 100 pages for personal reasons (500 pages total), then your business use percentage would typically be 400/500 = 80%. Therefore, you could generally allocate 80% of shared costs like ink and paper to business use.

On the other hand, business percentages for vehicles should be based on mileage, not time. So if you drive your car 4,500 miles this year in the course of your self-employment work, and 10,500 miles for all other purposes (total of 15,000 miles), then your business use percentage would be 4,500/15,000 = 30%. Alternatively, if eligible, you may choose to use the standard mileage rate and calculate your vehicle deduction based on your qualifying business miles instead of deducting your share of actual vehicle expenses. Be sure to keep records that support your business use percentage, such as mileage logs, usage records, or other documentation showing how the property was used for business and personal purposes.

08/09/2026

Sell Now, Pay the IRS Later: Defer Capital Gains for Decades

If you’re planning to sell highly appreciated real estate, a closely held business, or private company stock, don’t let the tax consequences become an afterthought. There may be a way to defer the capital gains tax for years—even decades—but only if you plan before the sale.

One strategy worth considering is a deferred sales trust. Instead of selling your asset directly to the buyer, you first sell it to an independent trust in exchange for an installment note. The trust then completes the sale to the buyer. Because you receive payments over time rather than all at once, you generally pay the capital gains tax as those payments are received.

The biggest advantage is that the full pre-tax sale proceeds can remain invested instead of immediately being reduced by taxes. That allows more money to compound over time and may provide a steady stream of retirement income.

Unlike a Section 1031 exchange, a deferred sales trust does not require you to purchase replacement real estate within strict deadlines. It can also provide greater investment flexibility if you’re ready to move beyond real estate.

This strategy, however, is not for everyone. Because the IRS scrutinizes these transactions, they require careful planning before you sign a binding sales agreement, and the trust must be genuinely independent. In addition, unlike a 1031 exchange, a deferred sales trust generally does not preserve the step-up in basis that heirs may receive when appreciated real estate is held until death.

New IRS Automatic Exemption from Penalty ProgramBeginning in summer 2026, the IRS is implementing a new system that will...
08/03/2026

New IRS Automatic Exemption from Penalty Program

Beginning in summer 2026, the IRS is implementing a new system that will waive certain failure-to-file, failure-to-pay and failure-to-deposit penalties for eligible taxpayers with a strong compliance history. To qualify for the Automatic Exemption from Penalty (AEP) program, a taxpayer generally must have met all filing and payment deadlines for the previous three years, or 12 consecutive quarters for quarterly filers.

Unlike First Time Abate, eligible taxpayers will not need to request AEP relief. The IRS will apply it automatically and send a notice. For eligible returns due on or after January 1, 2027, AEP will replace First Time Abate, although reasonable-cause relief will remain available.

Not all IRS penalties qualify for automatic relief. For example, information-return penalties and accuracy-related penalties generally will not qualify. AEP applies only to eligible penalties, not to the underlying tax or interest due.

08/03/2026

Missouri’s Amendment 4 and Amendment 5 are two major constitutional proposals on the August 4, 2026 primary ballot. They deal with how citizens can amend the constitution (Amendment 4) and whether Missouri should begin eliminating its individual income tax (Amendment 5). Below is a clear, detailed breakdown of each measure so you can understand exactly what they would do and why they’re controversial.
🏛️ Amendment 4 — Changes to Citizen-Led Constitutional Amendments
Core idea: Make it harder for citizen initiative petitions to pass by adding a new requirement: they must win not only statewide but also in each of Missouri’s eight congressional districts.
🔍 What Amendment 4 Would Do
• End the current rule where a simple statewide majority is enough to pass a citizen-initiated constitutional amendment.
• Require two majorities for citizen-led amendments:
o A statewide majority, and
o A majority in each of Missouri’s 8 congressional districts.
• Lawmakers’ amendments would NOT face this new rule — they would still pass with a simple statewide majority.
• Add new provisions addressing:
o Foreign campaign contributions
o Petition fraud
• Require that voters receive the full text of initiative petitions with their ballot.
🗳️ Why It’s Controversial
Supporters argue:
• It protects Missouri’s constitution from well-funded out-of-state interests.
• It forces petition campaigns to build broad statewide support, not just urban majorities.
• Backed by groups like the Missouri Farm Bureau and Missouri Chamber of Commerce.
Opponents argue:
• It creates unequal rules for citizens vs. lawmakers.
• It effectively gives veto power to any single congressional district.
• It undermines majority rule and makes citizen amendments far harder to pass.
• Opposed by groups like Respect MO Voters and the Missouri Association of Realtors.
💵 Amendment 5 — Phase-Out of Missouri’s Individual Income Tax
Core idea: Begin a multi-year process to eliminate Missouri’s individual income tax and shift toward higher reliance on sales and use taxes.
🔍 What Amendment 5 Would Do
• Gradually eliminate Missouri’s individual income tax, with reductions tied to state revenue growth.
• Allow the state to modify sales and use taxes to replace lost income tax revenue.
• Require reductions in personal property taxes and other local taxes when local revenues increase.
• Promise to protect local funding for public schools and other essential services.
• Does not specify a detailed replacement revenue plan.
• State agencies estimate:
o $57,000 annual reduction in income-tax checkoff donations
o At least $100,000 in implementation costs
o Unknown long-term fiscal impact
🗳️ Why It’s Controversial
Supporters argue:
• Missouri’s tax code is outdated and should shift toward consumption-based taxes.
• Eliminating income tax could make Missouri more economically competitive.
• Governor Mike Kehoe emphasized giving lawmakers time to prepare for a major tax overhaul.
Opponents argue:
• Income tax generates ~$9 billion annually for transportation, education, social services, and healthcare.
• Eliminating it could force significant increases in sales tax, which disproportionately affects lower-income residents.
• The amendment lacks a clear plan for replacing lost revenue.
🧭 Summary Table
Amendment What It Changes Who It Affects Most Key Debate
4 Adds requirement that citizen amendments must win statewide and in all 8 congressional districts Citizen petition campaigns Majority rule vs. constitutional protection
5 Begins elimination of individual income tax; expands sales/use tax authority All taxpayers; state/local budgets Economic competitiveness vs. revenue stability

Charitable Cash Donation DeductionsHistorically, only people who itemized deductions on their tax returns could deduct c...
07/27/2026

Charitable Cash Donation Deductions

Historically, only people who itemized deductions on their tax returns could deduct contributions to charities. However, beginning this year, taxpayers may now qualify to deduct up to $1,000 in cash donations (up to $2,000 for joint filers), regardless of whether they itemize or use a standard deduction.

Only contributions to qualified, tax-exempt charitable organizations (not individuals) are deductible. You can check the official IRS list of tax-exempt charities (link below) to verify an organization's eligibility to receive tax-deductible donations. For monetary contributions, save bank records, canceled checks and/or receipts showing each organization's name, along with the date and amount of each donation. The IRS requires a written acknowledgement from the charity for each individual contribution of $250 or more, showing both the donation amount and the value of anything you receive in return (such as tee shirts, totes, etc.).

You still need to itemize in order to deduct contributions of property, and must have detailed records showing how you determined reasonable dollar values for the donations. For valuable items like collectibles or artwork, you may need a professional appraisal.

Tax Exempt Organization Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

Form 1099-K – Did You Know?If you receive a Form 1099-K, review it for payments that may not be taxable, such as reimbur...
07/20/2026

Form 1099-K – Did You Know?

If you receive a Form 1099-K, review it for payments that may not be taxable, such as reimbursements from friends or family. If these payments were mistakenly included, ask the payment processor to issue a corrected form. Keep in mind that some transactions involving personal items may still have tax consequences, particularly if you sold an item for more than you paid for it.

Increased Standard Mileage Rates Starting July 1, 2026Due to higher fuel prices, the IRS has increased the standard mile...
07/14/2026

Increased Standard Mileage Rates Starting July 1, 2026

Due to higher fuel prices, the IRS has increased the standard mileage rate for business driving to 76 cents per mile for mileage incurred on or after July 1, 2026. The rates for medical travel and eligible moving expenses have also increased to 23.5 cents per mile.

The charitable mileage rate remains unchanged at 14 cents per mile, while the previously announced 2026 rates continue to apply to mileage incurred before July 1.

Address

6051 N Chestnut Avenue
Gladstone, MO
64119

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+18163994965

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