Robert P Russo CPA PC

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 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 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.

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/

If you and your spouse own a rental property together, how you structure the entity matters 👫

In some cases, a husband-and-wife LLC may be treated as a partnership, requiring a separate partnership return. In others, you may be able to simplify reporting depending on how ownership is structured.

Filing incorrectly can lead to penalties or missed opportunities.

If you own property jointly, it’s worth confirming that your filing approach is aligned with IRS rules.

More details:
https://www.robertprussocpa.com/husband-wife-llc-rental-property-file-a-partnership-return/

Wishing a happy Mother’s Day to all the mothers and caregivers 💕

Your work, both seen and unseen, makes a lasting impact every day.

The Alternative Minimum Tax (AMT) is often overlooked until it becomes a problem ⚠️

Certain deductions and income levels can trigger AMT, resulting in a higher tax bill than expected. Without proper planning, it can catch taxpayers off guard, especially those with higher income, stock options, or significant deductions.

Understanding whether you’re at risk allows you to plan proactively and avoid surprises.

Take a closer look:
https://www.robertprussocpa.com/dont-let-the-amt-catch-you-off-guard/