Robert P Russo CPA PC

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

Welcome to our new Tax Terms series, where we break down common accounting and tax jargon.First up: Basis.Think of basis...
06/09/2026

Welcome to our new Tax Terms series, where we break down common accounting and tax jargon.

First up: Basis.

Think of basis as your financial starting point in an investment or asset. In simple terms, it's generally what you paid for something, adjusted over time for certain additions, deductions, improvements, depreciation, or distributions.

Why does it matter? Because basis can directly impact how much tax you ultimately pay ✔️

For example, when selling real estate or investments, your gain isn't simply the selling price minus what you originally paid. Improvements, depreciation, and other adjustments can significantly change the numbers.

Translation: Understanding your basis could potentially save you money.

More tax terms coming soon.

Lending money to family may seem informal, but the IRS treats it differently.Without proper documentation and interest r...
06/04/2026

Lending money to family may seem informal, but the IRS treats it differently.

Without proper documentation and interest rates that meet IRS guidelines, a loan can be reclassified as a gift, potentially triggering gift tax implications.

Clear terms, written agreements, and proper reporting are essential to avoid unintended consequences.

If you’re considering a family loan, it’s worth structuring it correctly from the start.

Read the full blog: https://www.robertprussocpa.com/family-loans-and-taxes-avoid-irs-gift-tax-traps/

Rental property owners may have access to more deductions than they realize.Between depreciation, operating expenses, an...
06/03/2026

Rental property owners may have access to more deductions than they realize.

Between depreciation, operating expenses, and advanced strategies like cost segregation, there are multiple ways to reduce taxable income.

The key is understanding what qualifies and applying it correctly 🔑

If you own rental property, it’s worth reviewing whether you’re maximizing available deductions.

Learn more:

https://www.robertprussocpa.com/unlock-bigger-deductions-on-rental-real-estate/

June is National Homeownership Month, and buying a home involves much more than monthly mortgage payments and closing co...
06/01/2026

June is National Homeownership Month, and buying a home involves much more than monthly mortgage payments and closing costs 🏠 Homeownership can have long-term tax implications that affect your financial picture for years to come.

Mortgage interest and property taxes may provide tax benefits for qualifying homeowners. If you operate a business from home, home-office rules could also become relevant depending on your situation. Capital improvements made over time, such as renovations or additions, can impact your cost basis and potentially reduce taxes when you eventually sell your property.

Whether you’re purchasing your first home, investing in real estate, or planning long-term improvements, understanding the tax side of homeownership can help you make more informed decisions.

Questions about how your home purchase may affect your taxes? Let’s discuss the bigger picture beyond the mortgage payment.

Hiring an accountant is a sign your business is growing. But choosing the right one can directly impact your tax savings...
05/28/2026

Hiring an accountant is a sign your business is growing. But choosing the right one can directly impact your tax savings, cash flow, and long-term success.

Before you make a decision, ask the right questions:

❓ Are you a CPA, and can you represent me before the IRS?
❓ Do you work with small businesses and understand my stage of growth?
❓ How accessible are you throughout the year, not just during tax season?
❓ How do you structure your fees, and what’s included?
❓ Do you offer support beyond tax filing, like bookkeeping or QuickBooks guidance?
❓ Will you help me choose the right entity structure based on my situation?
❓ How do you stay current with tax law changes and continuing education?

The difference between a preparer and a true advisor is in how they answer these questions. A strong CPA relationship should feel proactive, strategic, and aligned with your goals, not transactional.

If you’re evaluating your current setup or considering a change, taking the time to ask these questions upfront can save you significantly down the line.

This Memorial Day, we honor and remember those who gave their lives in service to our country.Wishing you a safe and mea...
05/25/2026

This Memorial Day, we honor and remember those who gave their lives in service to our country.

Wishing you a safe and meaningful holiday 🇺🇲

Filing your own taxes might save you money upfront. But the real question is what it could be costing you long term.DIY ...
05/20/2026

Filing your own taxes might save you money upfront. But the real question is what it could be costing you long term.

DIY tax software can be effective for straightforward situations. But as income grows, investments expand, or you start a business, the margin for error increases 📈

Missed deductions, incorrect classifications, or lack of planning can quietly add up to thousands ❌💰

Working with an accountant isn’t just about filing. It’s about strategy. Entity structure, timing income and expenses, identifying credits, and planning ahead, not just reporting what already happened.

For some, DIY makes sense. For others, it becomes expensive very quickly.

If your financial picture is evolving, it may be time to rethink how you’re approaching your taxes.

05/19/2026

We recently worked with a client operating multiple businesses within the same industry.

Their prior structure required separate filings for each entity, resulting in higher accounting costs and unnecessary complexity.

After reviewing their setup, we were able to streamline the structure, reducing both compliance costs and administrative burden.

If you’re running multiple entities, it’s worth asking whether your current setup is efficient, or simply what’s always been done.

There may be a more strategic way to structure your business. Contact us today 📲

05/19/2026

We recently worked with a client operating multiple businesses within the same industry.

Their prior structure required separate filings for each entity, resulting in higher accounting costs and unnecessary complexity.

After reviewing their setup, we were able to streamline the structure, reducing both compliance costs and administrative burden.

If you’re running multiple entities, it’s worth asking whether your current setup is efficient, or simply what’s always been done.

There may be a more strategic way to structure your business. Contact us today 📲

Saving for retirement may come with an added benefit: a tax credit ✅The Saver’s Credit is designed to reward low- and mo...
05/14/2026

Saving for retirement may come with an added benefit: a tax credit ✅

The Saver’s Credit is designed to reward low- and moderate-income taxpayers who contribute to retirement accounts such as IRAs or 401(k)s.

Depending on your income, you may be eligible for a credit that directly reduces your tax liability, not just your taxable income.

If you’re contributing to retirement, it’s worth confirming whether you qualify.

Learn more:
https://www.robertprussocpa.com/what-is-the-savers-credit/

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New York, NY
10001

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

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(212) 279-9800

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