RJ Caruso Tax & Accounting

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RJ Caruso Tax & Accounting We are Enrolled Agents offering a wide variety of services for individuals and businesses. Our primary goal is to maximize the client’s greatest potential.

We offer tax planning for both individuals and businesses, business succession planning and many other accounting, payroll, bookkeeping and tax-related services. In today’s competitive environment, you need an accounting firm that can help during each stage of your company’s life. You need a firm that can understand your unique needs and help you reach and surpass your goals. We accomplish this with a team of motivated professionals, dedicated to meeting the highest professional standards in a responsible, efficient and cost-effective manner. We take pride in the belief that no client is too small to benefit from our services, yet we have the experience and personnel to accommodate many of the larger, growing companies throughout the community. Each client requires an individual package of services. We will provide services tailored to meet your individual requirement. We treat our clients just like we would want to be treated, and don’t hide behind gray suits or technical language. We are relaxed, open and informal, but at all times we are efficient, professional and effective. We Provide the Following Services:
• Client Write Up
Quarterly Financial Accounting, Bookkeeping, Account Reconciliation & Financial Statements.

• Sales Tax
Preparation of your Monthly, Quarterly or Annual NYS Sales & Use Tax Returns.

• Payroll
Live and After The Fact Payroll Processing including Tax Depositing, Direct Deposit of your Net Pay & Quarterly Reporting.

• W-2 & 1099
Computerized Year End W-2 & !099 Processing & Electronic Reporting to Federal & State Tax Agencies.

• Tax Preparation
Preparation of Income Tax Returns for Individuals, Corporations, Partnerships, Estates & Trusts.

• E-Filing
Complete Federal & State E-Filing, Direct Deposit of Refunds in less than 2 weeks and Refund Loans in as quick as 24 hours. In short, if you want an accountant who speaks your language, please get in touch.

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CONTACT
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📍 364 East Ave, Oswego, New York 13126
📱 Phone: (315) 342-4900
📧 Email: [email protected]
🖥️ http://rjcarusotax.com/

October 15 Filing Extension DeadlinesTaxpayers who timely requested an extension to file their 2025 federal income tax r...
10/14/2026

October 15 Filing Extension Deadlines

Taxpayers who timely requested an extension to file their 2025 federal income tax returns generally must file by Thursday, October 15, 2026. The same deadline generally applies to calendar-year C corporations that received an extension to file their 2025 corporate returns (Form 1120).

In addition, U.S. persons with a financial interest in or signature authority over foreign financial accounts whose combined value exceeded $10,000 at any time during 2025, and who are required to file a Report of Foreign Bank and Financial Accounts (FBAR), generally must file by October 15, 2026. The FBAR extension is automatic; no extension request is necessary.

========CONTACT========
364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?The Adoption Tax Credit helps eligible fam...
10/14/2026

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?

The Adoption Tax Credit helps eligible families manage qualified costs such as adoption fees, travel, legal services and home studies. In recent years, the credit was nonrefundable: it could reduce a person's federal income tax, but any unused amount generally had to be carried forward.

Under rules that took effect in 2025, part of the credit is now refundable. For tax year 2026, up to $5,120 per eligible child may be refundable, even if the taxpayer owes no federal income tax. Any unused nonrefundable portion may be carried forward for up to five years, but a carryforward cannot become refundable in a later year.

The Adoption Tax Credit is subject to income limits and other restrictions, and the timing of a claim depends on the circumstances of the adoption. A tax professional can help determine whether you qualify and how much credit you may claim.

========CONTACT========

364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)If you pay for care for your child under 13...
10/01/2026

Enhanced Tax Credit Can Help Cover 2026 Childcare Costs – Did You Know? (2/2)

If you pay for care for your child under 13 years of age, or for your spouse or other dependent who requires help with basic self-care, then you may qualify for a federal tax credit. The Child and Dependent Care Tax Credit (CDCTC) can help reduce your federal income tax based on care expenses that you pay in order to work or seek work.

The CDCTC is calculated as a percentage of eligible care expenses. As in the past, the credit is subject to phase-down ranges, meaning that the maximum credit amount may decrease based on a person's adjusted gross income (AGI). However, new rules that took effect this year have significantly increased the maximum credit amount for people with AGIs both below and within the phase-down ranges.

For example, a married couple filing a joint return with an AGI of $75,000-$150,000 may qualify for a credit of up to 35% of eligible care costs, up from 20% in 2025. Meanwhile, a single filer with an AGI of $15,000 or less may be entitled to a credit equaling 50% of qualifying expenses. Above $15,000, the rate gradually declines, reaching 35% once AGI exceeds $43,000.

A tax professional can help you determine whether you qualify for the CDCTC, and if so, what percentage you may use to figure your credit amount.

========CONTACT========
364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Enhanced Tax Credit Can Help Cover 2026 Care Costs – Did You Know? (1/2)If you pay for care for your qualifying child un...
09/24/2026

Enhanced Tax Credit Can Help Cover 2026 Care Costs – Did You Know? (1/2)

If you pay for care for your qualifying child under age 13, or for your spouse or other qualifying person who is physically or mentally incapable of self-care and lives with you for more than half the year, then you may qualify for a federal tax credit. The Child and Dependent Care Tax Credit (CDCTC) can help cover care expenses you pay in order to work or seek work. Rule changes that took effect this year have made the CDCTC more valuable for many households.

As in past years, you may use up to $3,000 of eligible expenses to figure the credit for one qualifying person, or up to $6,000 for two or more qualifying persons.

However, beginning in 2026, the maximum credit rate increased from 35% to 50% of eligible expenses. The applicable percentage declines as adjusted gross income rises, but many households may qualify for a larger credit than under prior law. The increase can be as much as $900 for taxpayers with two or more qualifying persons.

In general, the CDCTC is available for all filing statuses except married filing separately (MFS). However, MFS filers may qualify if they meet special requirements, including filing separately, maintaining a home for a qualifying person for more than half the year, paying more than half the cost of maintaining the home, and not living with their spouse during the last six months of the year. To claim the credit, you must provide information about both the care recipient and care provider on your tax return. A tax professional can help you determine whether you are eligible for the CDCTC, and if so, help you meet the reporting requirements to claim the largest possible credit.

========CONTACT========

364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Tax Rules for Scholarships, Grants and Fellowships - Did You Know?Common questions about education expenses relate to wh...
09/22/2026

Tax Rules for Scholarships, Grants and Fellowships - Did You Know?

Common questions about education expenses relate to whether scholarships, fellowships and grants constitute taxable income. These awards are generally tax-exempt when received by a degree candidate at an eligible educational institution and used for qualified education expenses, including tuition, required enrollment fees, and required course-related books, supplies and equipment.

However, taxes may apply to funds used for nonqualified expenses like housing, food, travel and optional equipment. Fellowships that carry a work requirement, such as serving as a teaching assistant, are generally taxable compensation to the extent they represent payment for teaching, research or other required services, subject to limited exceptions.

The educational institution or scholarship provider should provide you with detailed information about the potential taxability of funds. By reviewing that information with you, a tax professional can help you maximize both tax benefits and peace of mind.

========CONTACT========

364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

🏒 The team at RJ Caruso Tax, Accounting, & Payroll Processing are proud sponsors of the Oswego State Men’s Hockey throug...
09/16/2026

🏒 The team at RJ Caruso Tax, Accounting, & Payroll Processing are proud sponsors of the Oswego State Men’s Hockey through the Annual Blue Line Club Golf Tournament! Big season ahead - Go Lakers!

Every goal this season be sure to look up! See you on the scoreboard!

Quarterly Estimated Tax Payments - ReminderIf you are making quarterly estimated tax payments to the IRS, the due date f...
09/09/2026

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31, 2026 payment period is coming up next week on Tuesday, September 15, 2026.

For payments made using IRS Direct Pay, you can make payments until 11:45 p.m. ET on the due date. Debit and credit card payments may also be made online through an IRS-approved payment processor.

========CONTACT========

364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Educator Classroom Expense Deduction – Did You Know?Eligible K-12 teachers, instructors, counselors, principals and aide...
09/08/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

========CONTACT========

364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?The American Opportunity Tax Credit (AOTC) and L...
08/28/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

========CONTACT========
364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

Seasonal Employers - Did You Know?Summer is a peak time for many businesses to hire seasonal employees. In general, the ...
08/26/2026

Seasonal Employers - Did You Know?

Summer is a peak time for many businesses to hire seasonal employees. In general, the same federal tax rules apply to these workers as to permanent staff. Employers typically must withhold federal income tax and F**A (Social Security and Medicare) taxes and pay the employer share of F**A. Employers subject to FUTA must also pay federal unemployment tax on taxable wages.

Seasonal employers often must file Form 941 (Employer's Quarterly Federal Tax Return) for quarters in which they pay wages. However, they generally do not need to file for quarters in which they paid no wages and have no employment tax liability. If this applies, check the "Seasonal Employer" box on every Form 941 you file.

Employment taxes generally must be deposited monthly or semiweekly, based on the applicable lookback period. FUTA follows separate deposit rules and generally must be deposited when accumulated FUTA tax exceeds $500 for a quarter. Federal tax deposits must be made electronically, including through EFTPS.

========CONTACT========
364 East Ave, Oswego, New York 13126
Phone: (315) 342-4900
Email: [email protected] ️
http://rjcarusotax.com/

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364 East Avenue
Oswego, NY
13126

Telephone

+13153424900

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