IRS Defers Tax Payment Due Dates

We hope you and your loved ones continue to be safe and healthy during this medical crisis. Recently (3/20/2020) the U.S. Treasury Department and Internal Revenue Service (IRS) issued updated guidance extending the due date to file a federal income tax return from April 15, 2020 to July 15, 2020 for any individual, trust, estate,… Read More »

Essential COVID-19 Facebook Live Event Hosted by Vincent J. Russo

As the managing partner of Russo Law Group, I am writing to you today because we take the health and well-being of the people who make up our beloved Long Island community very personally. We are saddened and concerned by what is currently happening within our community due to the Coronavirus (COVID-19), and we want… Read More »

An update regarding Coronavirus (COVID-19)

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 Coronavirus (COVID-19). That’s why I want to personally update you on the steps we are… Read More »

Need to Know Tax Facts for 2020

Every April 15 millions of taxpayers throughout the United States file their income tax returns. Prior to filing their returns many taxpayers will go through their records to organize their income, deductions, and credits, and meet with their tax advisors/preparers to review and finalize their income tax returns. You can take this opportunity to speak… Read More »

Charitable Gift Giving – How much can I deduct?

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 limited to, churches, educational institutions, and hospitals. Only certain qualified conservation contributions are eligible… Read More »

Charitable Gift Giving – Is the charity a qualified organization under IRS rules?

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, and any other person or group who lacks tax-exempt status as determined by the U.S…. Read More »

Monthly Staff Update

The State of the Union address: An annual message delivered to Congress by the president of the United States, in which he describes the condition of the country, outlines the nation’s most serious problems and proposes his annual program of legislation. Each January, Russo Law Group adopts this practice to help us look back on the past… Read More »

2020 Pension Benefit Figures Wartime Veteran

2020 PENSION BENEFIT FIGURES WARTIME VETERAN REVISED JANUARY 1, 2020 TYPE OF BENEFIT Maximum Annual Pension Rate (Income Limit) Monthly Maximum Annual Pension Rate (Income Limit) Service Pension $13,752 $1,146 One dependent $18,008 $1,501 Housebound $16,805 $1,400 One dependent $21,063 $1,755 Aid and Attendance $22,939 $1,912 One dependent $27,195 $2,266 Each add’l dependent child $2,351… Read More »

exclamation alertHealth Alert: Coronavirus Update We want to do our part to keep our clients as healthy as we can. We have implemented office policies and procedures. Click here to read more.