News

Should your business change its health care plan for next year?

Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time. If you’re going to do…

BS&P Student Newsletter – March 2024

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

Bartering is a taxable transaction even if no cash is exchanged

If your small business is strapped for cash (or likes to save money), you may find it beneficial to barter or trade for goods and services. Bartering isn’t new — it’s the oldest form of trade — but the internet has made it easier to…

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While…

All things Retirement and Social Security

Thinking about retirement in the coming years? Here are some helpful tools to help you prepare and plan better. According to the Social Security Administration, the benefit for social security will increase 3.2 percent in 2024. Back in 2019, the Secure Act was signed into…

New Rules for Classification of Independent Contractor vs. Employee

The U.S. Department of Labor has published a final rule on how to classify who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). The new rule goes into effect on March 11, 2024 and considers six factors instead of the standard…

New option for unused funds in a 529 college savings plan

With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free. However, earnings used for…

Taking your spouse on a business trip? Can you write off the costs?

A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own company and travel for…

Get ready for the 2023 gift tax return deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required….

Tax Benefits for Higher Education

Whether you are paying off your own student loans, or paying the student loans of another person, higher education can be a very costly endeavor. Thankfully there are a number of tax benefits that exist to lower the amount of liability you will have from…