News

If your kids are off to day camp, you may be eligible for a tax break

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is…

The NYS Sexual Harassment Training Deadline is Quickly Approaching

2019 Q3 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable…

Donating your vehicle to charity may not be a taxwise decision

You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax savings,” one organization states. But donating a vehicle may not result in a big tax deduction — or any deduction at all. Trade in, sell…

Thinking about moving to another state in retirement? Don’t forget about taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than…

BS&P Announces Promotions

Our firm is pleased to announce the recent promotions of Kylie Katz, CPA and Margaret Seifert to Senior Accountant and Dan Suttell, CPA to Manager. Kylie Katz, CPA received her Bachelor of Science in Accounting in May of 2015 and earned a Master’s of Science…

Hire your children this summer: Everyone wins

If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift…

NYS Employees Get Up to Three Hours of Paid Time Off to Vote

Governor Andrew Cuomo has recently revised New York’s Election Law to give workers in the state up to three hours of paid time off to vote. Under the new law, any employee who is a registered voter may request up to three hours of paid…

Selling your home? Consider these tax implications

Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may be out in full force in your area. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May…

Qualified Opportunity Zones – Could They Benefit You?

Are you considering a sale of a high value asset that you’ve held for a long time? Are you looking to sell your business and reinvest into a different market or area? There may be a way to defer and minimize the tax consequences of…