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Author Archive for Salvatore Russo

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How Do I? Compute a late payment penalty

The tax code imposes a penalty on taxes that are paid after the due date (generally April 15). Taxpayers may wonder whether to save, to pay their taxes on time and avoid the penalty, or delay payment and owe a penalty. While this is a personal decision, and will vary with the taxpayer’s circumstances, a […]

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IRS enters filing season with reduced enforcement and service due to budget cuts

The IRS is expected to shortly open the 2015 filing season and both the agency and taxpayers are preparing for some turbulence. The IRS is going into the filing season with a reduced budget, which could translate into fewer audits. Legislation passed by Congress in late 2014 could delay the start of the filing season, […]

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Is a Professional Employer Organization Right for Your Company?

What you need to know when considering a PEO If you’ve read much about Professional Employer Organizations (PEOs), you’ve probably heard them described as everything from the best to the worst decision a business could make. So where does the truth lie? Are PEOs valuable tools for small businesses, or are they a bundle of services […]

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FAQ: What is Self-Employment Tax

Taxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid by employees and employers on compensation from employment. Like FICA taxes, the self-employment tax consists of taxes collected for Social Security and for Medicare (hospital insurance or HI). […]

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New York Estate Tax Changes – What Do They Mean for You?

On March 31, 2014, Governor Andrew Cuomo signed legislation which made significant changes to the NY estate and gift tax laws. While on the whole these changes will provide significant relief to NY taxpayers, they also come with some interesting changes that may lead taxpayers to take another look at current estate plans. What’s New? […]

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FundingGates: Tax Incentives are The Key to Managing Liabilities in 2014

Looking for good news about your future income taxes? As a business owner, you probably won’t find a whole lot at first glance. 2013 and 2014 have brought new taxes, tax rate increases, and the reduction or elimination of some valuable incentives for small businesses. But don’t lose heart. While it is certainly possible that […]

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Presti & Naegele’s Joe Romano Discusses Business Growth on the Forbes Website.

How Fine-Tuning Your Focus Can Grow Your Business Many business owners don’t realize that their success is driven by a small subset of their products, services, and customers. Actual profit drivers may be hidden in a mass of data and unknown opportunity costs, making it difficult for owners to act strategically when planning future product […]

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