Robert P Russo CPA PC

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

Business meals have long been a common tax deduction, but the rules continue to evolve 🥗🍕Many employers are surprised to...
07/20/2026

Business meals have long been a common tax deduction, but the rules continue to evolve 🥗🍕

Many employers are surprised to learn that certain meal expenses that were previously deductible may now be subject to new limitations. Understanding what qualifies, how expenses should be documented, and which deductions remain available is essential for accurate tax reporting.

As with many areas of the tax code, proper documentation is key. Without the right records, even legitimate business expenses may become difficult to defend.

Learn more about the updated rules here: https://www.robertprussocpa.com/employers-face-new-limits-on-meal-expense-deductions/

Many small business owners assume they have to follow the same accounting and tax rules as large corporations. In realit...
07/16/2026

Many small business owners assume they have to follow the same accounting and tax rules as large corporations. In reality, the IRS provides several exemptions and simplified accounting methods for qualifying businesses 📄

Certain revenue thresholds can impact everything from inventory requirements and accounting methods to reporting obligations and compliance costs. Understanding where your business falls can create opportunities to simplify operations and reduce administrative burdens.

The challenge is that many business owners don't realize they qualify for these benefits or continue using methods that may no longer be necessary as their business evolves.

For more on the small business tax thresholds 🔗 https://www.robertprussocpa.com/small-business-tax-thresholds-and-irs-accounting-exemptions/

Whether you're buying, selling, exchanging, staking, mining, or receiving cryptocurrency as payment, there's a good chan...
07/14/2026

Whether you're buying, selling, exchanging, staking, mining, or receiving cryptocurrency as payment, there's a good chance those transactions have tax implications 💸

The IRS continues to increase reporting requirements and scrutiny surrounding digital assets, making accurate reporting more important than ever.

One of the biggest mistakes taxpayers make is assuming crypto activity is anonymous or doesn't need to be reported. Failing to properly report transactions can lead to notices, penalties, and unnecessary audit risk.

The good news? With proper recordkeeping and reporting, crypto taxes don't have to be complicated.

Learn more here 💰https://www.robertprussocpa.com/how-to-file-your-crypto-taxes-without-triggering-an-irs-audit/

07/09/2026

Think tax season is over because your return was filed? Think again 🤔

Summer is one of the most important times of the year for proactive tax planning 📅

Now is when we review year-to-date income, evaluate estimated tax payments, identify new opportunities, and make adjustments while there's still time to impact your outcome.

Waiting until next spring means you're looking backward. Strategic tax planning means looking ahead.

The biggest tax savings opportunities often happen before year-end, not after. Whether you're a business owner, real estate investor, or high-income taxpayer, a mid-year review can help uncover opportunities and avoid surprises.

Let's make sure you're on track for a stronger financial outcome when 2026 comes to a close.

07/09/2026

Think tax season is over because your return was filed? Think again 🤔

Summer is one of the most important times of the year for proactive tax planning 📅

Now is when we review year-to-date income, evaluate estimated tax payments, identify new opportunities, and make adjustments while there’s still time to impact your outcome.

Waiting until next spring means you’re looking backward. Strategic tax planning means looking ahead.

The biggest tax savings opportunities often happen before year-end, not after. Whether you’re a business owner, real estate investor, or high-income taxpayer, a mid-year review can help uncover opportunities and avoid surprises.

Let’s make sure you’re on track for a stronger financial outcome when 2026 comes to a close.

Summer often means more travel, client meetings, conferences, property visits, and business development opportunities ✈️...
07/06/2026

Summer often means more travel, client meetings, conferences, property visits, and business development opportunities ✈️

It's also one of the easiest times of year for business owners to accidentally create recordkeeping problems.

Before expenses start piling up, make sure you're tracking mileage, maintaining receipts, documenting business purposes for meals and travel, and keeping personal and business expenses separate.

Good records today can help prevent costly issues when tax season arrives. The more organized you are throughout the year, the easier it becomes to maximize legitimate deductions and avoid unnecessary headaches later.

If you're unsure whether you're tracking expenses properly, now is a great time to review your process.

🇺🇸 Happy Fourth of July from all of us at Robert P. Russo CPA.Today we celebrate the freedoms and opportunities that mak...
07/04/2026

🇺🇸 Happy Fourth of July from all of us at Robert P. Russo CPA.

Today we celebrate the freedoms and opportunities that make it possible for individuals, families, and business owners to pursue their goals and build for the future.

We hope you enjoy a safe and memorable holiday with family and friends, and we wish everyone a happy and safe Independence Day.

If you owe the IRS, your tax debt could impact more than your finances, it could affect your ability to obtain or renew ...
07/01/2026

If you owe the IRS, your tax debt could impact more than your finances, it could affect your ability to obtain or renew a U.S. passport 🌎

Under the FAST Act, the IRS can certify certain seriously delinquent tax debts to the U.S. Department of State. Once certified, your passport application or renewal may be delayed or denied until the issue is resolved.

Many taxpayers don't realize this rule exists until they're planning international travel and encounter unexpected problems.

The good news is that there are options available, including installment agreements and other resolution programs that may help remove the certification and restore your passport eligibility.

If you have unresolved IRS tax debt, it's important to address it before it affects your travel plans.

Learn more here: https://www.robertprussocpa.com/irs-tax-debt-could-affect-passport-renewal-fast-act/

Summer schedules get busy quickly, but your tax planning shouldn’t disappear until next filing season.This is your mid-y...
06/25/2026

Summer schedules get busy quickly, but your tax planning shouldn’t disappear until next filing season.

This is your mid-year reminder to stay organized now so you aren’t scrambling later:

🚘 Keep track of business mileage consistently. Small trips add up over time.
💰 Avoid mixing personal and business expenses, especially during summer travel, meals, and entertainment.
💲 Review estimated tax payment deadlines to avoid unnecessary penalties.
📅 Most importantly, don't wait until tax season to start thinking about taxes.

The strongest tax strategies happen before December, not after.

Welcome back to Tax Terms, where we simplify the language of accounting and taxes.Today's term: Depreciation 📉Depreciati...
06/23/2026

Welcome back to Tax Terms, where we simplify the language of accounting and taxes.

Today's term: Depreciation 📉

Depreciation allows businesses and investors to spread the cost of certain assets over time rather than deducting everything at once. Equipment, vehicles, buildings, and investment properties may all qualify depending on the situation.

Why does this matter? Because depreciation can reduce taxable income and create meaningful savings opportunities, particularly for business owners and real estate investors.

The tax code has specific rules around depreciation methods, bonus depreciation, and cost segregation, which can significantly impact your overall tax strategy.

Understanding the concept is one thing. Using it strategically is where planning matters.

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10001

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