Essential COVID-19 FACEBOOK LIVE Event Hosted by Vincent J. Russo COVID-19: What You Need to Know and Do to Protect Your Family Vincent hosted a Facebook Live Event on Tuesday, March 31st to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones. During… Read More »
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 will be taxed on any gift greater than $15,000 in value. If you make a… Read More »
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 »
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 »
Elder Care On The Air Listen and learn from the Elder Care On The Air radio show, including special guests in the elder care and special needs fields as they discuss important concerns and solutions when caring for your loved one. This week Vincent Russo will be joining host Michael Amoruso to discuss the Theresa Foundation and… Read More »
One of the most common questions we hear as estate planners is, “How much can I give in gifts without owing any taxes?” The quick answer is as follows: The annual exclusion from federal gift taxes in 2020 is $15,000 per donee, and there is no New York State gift tax. This means that if… Read More »
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 »
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 laws related to retirement. How will the SECURE Act impact my life? Although the buzz… Read More »
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 »
Have You Heard Of The Secure Act? Find Out How It Affects Your Ira! Vincent J. Russo joined Hilary Topper on her talk show, Hilary Topper on Air. During this podcast, Vincent shared the pros and cons of the new Setting Every Community Up for Retirement Enhancement (SECURE) Act. He will discuss the new minimum… Read More »
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 of the tax year. A contribution is deductible in the year in which it is… Read More »
Russo Law Group is Proud to Sponsor: “Making Memories at the Movies” Making Memories at the Movies is a unique series of programs designed for people living with memory loss and their care partners. The Plaza Cinema and Media Arts Center are proud to join a growing number of community-supported theaters ensuring the accessibility of… Read More »
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 »
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 »
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 »
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