News

You don’t have to be in business to deduct certain vehicle expenses.

When you think about tax deductions for vehicle-related expenses, business driving may come to mind. However, businesses aren’t the only taxpayers that can deduct driving expenses on their returns. Individuals may also be able to deduct them in certain circumstances. Unfortunately, under current law, you…

Maximize your year-end giving with gifts that offer tax benefits.

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift…

Is your money-losing activity a hobby or a business?

Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree that your venture is a business, not a hobby? It’s an essential question for tax…

Are You Approaching Retirement Age and Thought About Your Retirement Minimum Distributions?

After contributing for many years to your retirement there becomes a point when you are required to take distributions on that money saved. This article will provide you with a brief, not all-inclusive, explanation of RMDs, the type of accounts applicable, starting age and withdrawal…

Unlock your child’s potential by investing in a 529 plan.

If you have a child or grandchild planning to attend college, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for them, allow prepayment of higher education costs on a tax-favored basis….

Is your home office a tax haven? Here are the rules for deductions

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional…

BS&P Student Newsletter – September 2024

To view our BS&P Student Newsletter – September 2024 click: BS&P Student News Letter September

Wondering What Will Happen with Your Assets After Death? Avoid Probate and Learn More Here.

We do not typically think about what will happen when we are gone but there are some instances where thinking ahead is beneficial. This article will provide you with a brief, not all-inclusive, explanation of probate, the types of assets, ways you can avoid probate…

The Home Office Deduction: an overview of the requirements and deductible expenses

Have you ever wondered whether you qualify for the home office deduction? This article is intended to serve as a brief, not all-inclusive, explanation as to who is eligible for the deduction, various expenses that can be deducted, and other IRS reporting requirements. What is…

Do you owe estimated taxes? If so, when is the next one due?

Federal estimated tax payments are designed to ensure that certain individuals pay their fair share of taxes throughout the year. If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the…