News

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….

Understanding your obligations: Does your business need to report employee health coverage?

Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply,…

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…

Still thinking about becoming a landlord? There are some other things that you should know.

Our last article on real estate investment focused on the passive activity loss rules but there are other tax implications to being a landlord that should be considered in addition to this. A main concern for investors in real estate not held for personal use…

How are Series EE savings bonds taxed?

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way…