The Paycheck Protection Program Frequently Asked Questions By: Vincent J. Russo Russo Law Group, PC (www.vjrussolaw.com) Dated: April 6, 2020 (update) There are so many small businesses desperately seeking information on how they can get assistance from the Federal…
We typically advise clients to think of the value of the gift before making gifts. Let's take a look at why. Value of the Gift Although the annual exclusion from Federal gift taxes is $15,000, this doesn’t mean that you…
An update regarding Coronavirus (COVID-19) Dear Clients and Friends, As a valued member of the Russo Law Group family, I appreciate the trust you place in our law firm. We are closely monitoring the outbreak developments and CDC recommendations regarding…
The Setting Every Community Up for Retirement Enhancement Act (more commonly referred to as the SECURE Act) has received a lot of buzz in the estate and retirement planning communities lately thanks to the significant changes it has made to…
You can give to a charity whenever you are able and willing to make a donation. However, for tax purposes, if you want the contribution to be tax-deductible in a given year you must make the donation by the end…
In general, your total charitable deductions are limited to no more than 60% of your adjusted gross income (AGI). However, only donations to certain organizations as defined by the IRS qualify for the highest limit. These organizations include, but are…
Not all donations are eligible tax deductions. In order to be eligible for a charitable contribution tax deduction, the recipient charity must be duly qualified by the Internal Revenue Service (IRS). This means that gifts to needy relatives, friends, neighbors,…
In order to get the potential tax benefits of a charitable contribution of money or property, you must file an IRS Form 1040 and itemize your deductions on “Schedule A.” If you do not file an IRS Form 1040 then there…
Archbishop Sheen was known for his evangelism, radio broadcasts, and television show “Life is Worth Living”, which aired nationwide in the 1950s. For the last several years, Catholic dioceses have been at odds as to where his mortal remains should…
VINCENT J. RUSSO QUOTED IN NEW BRANDING BOOK – Branding in a Digital World – How to Take an Integrated Marketing Approach to Building a Business – Garden City, NY, December 27, 2019 – Vincent J. Russo of Long Beach,…