If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of…
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form…
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional or Roth IRA, you’ll also have…
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…
To view our BS&P Student Newsletter – March 2024 click: BSP Student News Letter March
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…
Have you ever wondered why your accountant sets up quarterly estimated tax payments? This article is intended to serve as a brief, not all-inclusive, explanation as to why some individuals are required to pay in estimated tax payments, and what happens if they don’t pay…
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…
The use of trusts can be an effective way to avoid certain taxes and to control assets from beyond the grave. Trusts and wealth management are very complex situations, that require much deliberation when determining if to use a trust and what type of trusts…
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…