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Apr 16, 2019Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At…
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Apr 09, 2019Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them….
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Apr 02, 2019Make a deductible IRA contribution for 2018. It’s not too late!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018…
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Mar 27, 2019BS&P Wealth Management Launches New Website!
BS&P Wealth Management is excited to announce the launch of its new website. No matter what stage of life you are in, BS&P Wealth Management can help you transition forward. Please visit www.bspwm.com and sign up to receive monthly email updates on the economy and…
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Mar 26, 2019Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan…
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Mar 19, 2019Stretch your college student’s spending money with the dependent tax credit
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that…
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Mar 13, 20195 ways to give your sales staff the support they really need
“I could sell water to a whale.” Indeed, most salespeople possess an abundance of confidence. One could say it’s a prerequisite for the job. Because of their remarkable self-assurance, sales staffers might appear to be largely autonomous. Hand them something to sell, tell them a…
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Mar 12, 2019Proud Sponsor of the Aquarium of Niagara
Our firm is a proud sponsor of the Aquarium of Niagara’s Savor Del Mar featuring Aliens of the Sea. Savor Del Mar will celebrate the opening of the new Jellyfish Galleryon March 21st. The event includes cuisine stations from CRaV restaurant, curated wines and beer,…
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Mar 05, 2019Vehicle-expense deduction ins and outs for individual taxpayers
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles driven for business, moving,…
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Feb 26, 2019Beware the Ides of March — if you own a pass-through entity
Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income…