Deanna M. Russo CPA

We are a professional accounting firm. We have provided accounting and tax services for over 40 years with a personal touch. We believe that the better we get to know you personally, the better we can professionally serve you.

Questions and answers

Getting Married??

Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I Do” can affect their tax situation.

When a name changes through marriage, it is important to report that change to the Social Security Administration. If marriage means a change of address, the IRS needs to know that too.
After getting married, couples should consider changing their withholdings.
Married People can choose to file their taxes jointly or separately each year. It’s best to figure the taxes both ways to find out which works best.

GETTING DIVORCED??
Reminder - Amounts paid as alimony or separate maintenance payments under a divorce or separation instrument executed after 2018 won’t be deductible by the payer. Such amounts also won’t be includible in the income of the recipient.

ASK US ABOUT MORE IMPORTANT ISSUES THAT MIGHT PERTAIN TO YOUR DIVORCE SITUATION

IS YOUR CHILD PREPARING FOR COLLEGE??

Find out about the following tax benefits for education expenses:

Student Loan Interest Deduction
American Opportunity Tax Credit
Lifetime Learning Tax Credit
Tuition and Fees Deduction
Coverdell Education Savings Account
Qualified Tuition Program
Education Savings Bond Program

ARE YOU THINKING ABOUT STARTING A SMALL BUSINESS??
Six tips for people starting a new business

Choose a business structure . The form of business determines which income tax return a business taxpayer needs to file. Ask us about the most common business structures.
Choose a tax year. Ask us about your options.
Apply for an employer identification number. Ask us to prepare that for you.
Have employees complete all necessary employment forms. Ask us about these.
Learn how to pay applicable business taxes. We can teach you all about them.
Visit your states website for information about state requirements. We can help you with that.

WILL YOU BE OPERATING YOUR SMALL BUSINESS FROM HOME??

The home office deduction is available to qualifying self-employed taxpayers. There are two basic requirements to qualify for the deduction. The taxpayer needs to use a portion of the home exclusively for conducting business on a regular basis and the home must be the taxpayer’s principal place of business.
Ask us for more information on qualifying for the deduction.

Have you purchased rental property or converted your primary residence to rental property or a portion thereof??

Generally, each year you will report all income and deduct all expenses in full. The deduction to recover the cost of your rental property -depreciation-is taken over a prescribed number of years.
Ask us about important record keeping that leads to “tax savings”.

Are you planning on retiring soon??

Let us help you plan how to retire “tax gracefully” so that your hard earned dollars over a lifetime stay with you and not the IRS.

Call us for a retirement consultation well before your retirement day. This enables proper tax planning.

Offer and Compromise??

Do you owe a significant amount of money to IRS because of back taxes? Are you feeling the stress from IRS threatening to lien your assets? LET US HELP YOU! Consider an Offer & Compromise that could settle your IRS debt. Stop the stress!
Call us for an appointment to review your situation.

Safeguarding of Assets
If you are approaching the “golden years” and are concerned about protecting the assets you worked a lifetime for call us to set up a consultation. We can discuss various options that might be available to you.

Women in Transition
Are you starting your first job? Are you changing career paths? Are you going from single to married? Are you going from married to single? Do you need help budgeting your finances? Are you concerned about retirement savings?
Call us for an appointment. We can help you figure it all out!!

COVID-19 SCAMS

BEWARE - IRS never makes telephone calls, sends e-mails or text messages regarding any stimulus payments.
If you receive any of these - DISREGARD - DO NOT RESPOND-THESE ARE COVID-19 SCAMS.

HAVEN'T RECEIVED YOUR STIMULUS PAYMENTS? - Let us help you get them