-
Dec 10, 2019Adopting a child? Bring home tax savings with your bundle of joy
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption…
-
Dec 03, 2019Holiday parties and gifts can help show your appreciation and provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules…
-
Nov 19, 2019BS&P Announces New Hires
Our firm is pleased to announce that we have recently hired two accountants. Kaylei Russell received her Bachelor of Science in Public Accountancy in May of 2019 from the State University of New York at Fredonia. While in school, Russell was an Accounting tutor for…
-
Nov 12, 2019Using your 401(k) plan to save this year and next
You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a taxwise way to build a nest egg. If you’re not already contributing the maximum allowed,…
-
Nov 05, 2019Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail…
-
Oct 29, 2019IRA charitable donations are an alternative to taxable required distributions
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to…
-
Oct 22, 2019Selling securities by year end? Avoid the wash sale rule
If you’re planning to sell assets at a loss to offset gains that have been realized during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss…
-
Oct 15, 2019Use a Coverdell ESA to help pay college, elementary and secondary school costs
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for contributions made to an ESA, the earnings on the contributions grow tax-free. In addition, no…
-
Oct 08, 20192020 Open Enrollment is Almost Here
BS&P is always looking for ways to provide innovative solutions to our clients that provide value and can help with compliance. If you would like to discuss your current benefits package and learn more about all of Sheridan’s value-added services, please call David Malczewski at…
-
Oct 01, 2019Take advantage of the gift tax exclusion rules
As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift…