Robert P Russo CPA PC

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Robert P Russo CPA PC A Certified Public Accounting Firm. Specializing in small businesses and self employed individuals.

Trading services instead of exchanging money might feel informal, but the IRS still considers it a business transaction....
10/22/2026

Trading services instead of exchanging money might feel informal, but the IRS still considers it a business transaction.

If a graphic designer creates a website for an accountant in exchange for accounting services, for example, both businesses generally have taxable income to report. The amount is typically based on the fair market value of the goods or services received.

Bartering can also create recordkeeping and reporting requirements, and transactions conducted through certain barter exchanges may result in Form 1099-B.

The important takeaway is that no cash changing hands doesn't mean no tax consequences. If your business trades products or professional services, those transactions should be documented just as carefully as traditional sales.

Learn more about how the IRS treats bartering and what business owners should be reporting:
https://www.robertprussocpa.com/lets-trade-business-bartering-is-still-taxable/

10/20/2026

A rental property can show a significant loss on your tax return, but that doesn't automatically mean you can use that loss to reduce your salary or business income 🏠

For many real estate investors, the deciding factor is the passive activity rules. Traditional rental real estate is generally considered passive, which can limit when losses are deductible and may result in those losses being carried forward to future years.

But there are important exceptions. Qualifying as a real estate professional, materially participating in your rental activities, and properly documenting your involvement can dramatically change how those losses are treated.

This is also why real estate tax planning shouldn't begin when we're preparing your return. How you acquire, structure, operate, and participate in your properties throughout the year can ultimately determine which tax benefits are available to you.

Real estate can offer significant tax advantages, including depreciation, but getting a deduction on paper and being able to use that deduction today are two very different things.

10/20/2026

A rental property can show a significant loss on your tax return, but that doesn’t automatically mean you can use that loss to reduce your salary or business income 🏠

For many real estate investors, the deciding factor is the passive activity rules. Traditional rental real estate is generally considered passive, which can limit when losses are deductible and may result in those losses being carried forward to future years.

But there are important exceptions. Qualifying as a real estate professional, materially participating in your rental activities, and properly documenting your involvement can dramatically change how those losses are treated.

This is also why real estate tax planning shouldn’t begin when we’re preparing your return. How you acquire, structure, operate, and participate in your properties throughout the year can ultimately determine which tax benefits are available to you.

Real estate can offer significant tax advantages, including depreciation, but getting a deduction on paper and being able to use that deduction today are two very different things.

A Health Savings Account can do much more than help cover this year's medical expenses. Used strategically, an HSA can b...
10/15/2026

A Health Savings Account can do much more than help cover this year's medical expenses. Used strategically, an HSA can be one of the most tax-efficient tools available.

HSAs offer a unique combination of tax benefits: eligible contributions can reduce taxable income, earnings within the account grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

And unlike a Flexible Spending Account, the money doesn't disappear at year-end. Unused HSA funds can continue growing and carry forward from year to year, creating an opportunity to build funds for future health care expenses and even incorporate the account into your longer-term retirement strategy.

As we approach year-end, it's a good time to review your HSA contributions, understand the limits that apply to you, and make sure you're taking full advantage of the tax benefits available.

Learn more about maximizing your HSA: https://www.robertprussocpa.com/make-the-most-of-your-hsa-tax-benefits/

As we head into the final months of 2026, your investment portfolio deserves more than a performance review. It deserves...
10/14/2026

As we head into the final months of 2026, your investment portfolio deserves more than a performance review. It deserves a tax review, too.

There are several moves worth considering before year-end, including harvesting investment losses to offset capital gains, avoiding the wash sale rule when repositioning investments, and strategically timing the sale of appreciated assets based on your expected income and tax bracket.

Charitable giving can also play a role. Donating appreciated securities rather than selling them first may allow you to avoid capital gains tax while potentially qualifying for a charitable deduction. And for investors who hold qualifying C corporation stock, the expanded Qualified Small Business Stock rules may create additional planning opportunities.

The key is not to let taxes dictate your investment decisions, but to understand the tax consequences before you make them.

With December 31 approaching, now is the time to coordinate your investment strategy with your overall tax plan while there is still time to act đź“…

Read all five year-end strategies: https://www.robertprussocpa.com/5-tax-smart-investment-moves-before-year-end/

Today, we recognize Indigenous Peoples’ Day and take a moment to honor the history, cultures, traditions, and lasting co...
10/12/2026

Today, we recognize Indigenous Peoples’ Day and take a moment to honor the history, cultures, traditions, and lasting contributions of Indigenous peoples and communities across our country.

May today serve as an opportunity to reflect, learn, and recognize the generations who have helped shape our shared history.

10/08/2026

Hiring a CPA shouldn’t just be about finding someone who can file your tax return 👀

For business owners and real estate investors, the right CPA relationship should extend well beyond tax season. Your advisor should understand how your business is performing, what’s changing in your financial picture, and what decisions are on the horizon so there is time to identify opportunities before they disappear.

That might mean revisiting your entity structure, adjusting estimated payments, evaluating a retirement plan, or planning around the purchase or sale of a business or property. These aren’t decisions you want to first discuss when the year is already over.

Cost matters, but so does value. Saving on a preparation fee can become expensive if it means missing a planning opportunity that could have saved significantly more in taxes.

The real value of a CPA isn’t simply preparing an accurate return. It’s having an advisor who helps you make better tax and financial decisions throughout the year.

10/08/2026

Hiring a CPA shouldn't just be about finding someone who can file your tax return đź‘€

For business owners and real estate investors, the right CPA relationship should extend well beyond tax season. Your advisor should understand how your business is performing, what's changing in your financial picture, and what decisions are on the horizon so there is time to identify opportunities before they disappear.

That might mean revisiting your entity structure, adjusting estimated payments, evaluating a retirement plan, or planning around the purchase or sale of a business or property. These aren't decisions you want to first discuss when the year is already over.

Cost matters, but so does value. Saving on a preparation fee can become expensive if it means missing a planning opportunity that could have saved significantly more in taxes.

The real value of a CPA isn't simply preparing an accurate return. It's having an advisor who helps you make better tax and financial decisions throughout the year.

Have customers who still haven't paid? Before writing those balances off as a total loss, it's worth looking at whether ...
10/07/2026

Have customers who still haven't paid? Before writing those balances off as a total loss, it's worth looking at whether they could provide a tax benefit.

Under certain circumstances, businesses may be able to claim a deduction for debts that have become partially or completely worthless. But simply having an overdue invoice isn't enough. Whether the debt qualifies depends on factors including how your business accounts for income, whether there was a legitimate expectation of repayment, and the steps you've taken to collect what you're owed.

Documentation matters, too. Invoices, contracts, payment reminders, collection letters, and other records can help establish both the legitimacy of the debt and your efforts to collect it. Cash-basis and accrual-basis businesses can also face very different rules when it comes to unpaid receivables.

With year-end approaching, now is a good time to review aging receivables and determine whether any potentially uncollectible debts could affect your 2026 tax strategy.

Read more about the rules and what you should be documenting:
https://www.robertprussocpa.com/could-bad-debts-lower-your-taxes/

Tax season may still feel months away, but the work that makes tax season easier starts now.One of the most common bookk...
10/05/2026

Tax season may still feel months away, but the work that makes tax season easier starts now.

One of the most common bookkeeping issues we see with business owners is mixing personal and business finances. A personal purchase categorized as a business expense can overstate deductions, while a legitimate business expense paid personally and never recorded could mean missing a deduction you're entitled to.

It can also make it much harder to understand how your business is actually performing. Clean, separate records give you a clearer picture of profitability and cash flow while making tax preparation more accurate and efficient.

For corporations and LLCs, maintaining that separation is particularly important because it also helps reinforce the legal distinction between you and your business.

With year-end approaching, now is the time to review your books, clean up any questionable transactions, and make sure your records are where they need to be before tax season arrives.

Learn more: https://www.robertprussocpa.com/ready-your-books-for-tax-season/

Address

231 West 29th Street, Suite 402
New York, NY
10001

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

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(212) 279-9800

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