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Feb 19, 2020Reasons why married couples might want to file separate tax returns
Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a…
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Feb 11, 2020The tax aspects of selling mutual fund shares
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund…
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Feb 04, 2020There still might be time to cut your tax bill with IRAs
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the…
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Jan 29, 2020BS&P Service Awards
Congratulations to the following employees who were recognized at our annual holiday dinner for years of service with the firm: Becca Dybka, Assistant Firm Administrator – 5 years Craig Haffa, In-Charge Senior Accountant – 5 years Peter Ruocco, Partner – 10 years We thank them…
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Jan 28, 2020Numerous tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security…
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Jan 21, 2020Can you deduct charitable gifts on your tax return?
Can you deduct charitable gifts on your tax return? Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the…
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Jan 14, 2020Help protect your personal information by filing your 2019 tax return early
The IRS announced it is opening the 2019 individual income tax return filing season on January 27. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing as soon as you can this…
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Jan 07, 2020New York State Increases Exempt Salary Levels and Minimum Wage
Beginning December 31, 2019, the required minimum salary levels for executive and administrative employees to qualify as overtime exempt in New York State will increase (New York does not have a minimum salary level for professional employees although most of these employees would still be…
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Jan 07, 2020Expanded Protections to Victims of Domestic Violence
New York State recently expanded protections under the New York Human Rights Law to victims of domestic violence. NYS already bans discrimination against victims of domestic violence and this new amendment adds to those protections. The law has now added new requirements concerning an employer’s obligation to…
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Jan 07, 20204 new law changes that may affect your retirement plan
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes….