Tax Things Newly Weds Need to Keep In Mind

Just married? Newly weds have a lot of planning to do. While taxes might not be part of the normal process, it should not be ignored. These are also things that you can discuss before you say “I do”. It will just help make sure you are more prepared after your big day. Her

Hobby vs. Business Tax Treatment

In order to qualify as a business for tax purposes, an activity must be actively engaged in for profit. To determine if a taxpayer has a profit motive, the IRS looks at various factors which are often subject to judgment. It is important for a taxpayer to be able to prove they are a b

Changes to FAFSA for 2017-2018 School Year

There have been recent changes to the FAFSA (Free Application for Federal Student Aid) starting with the 2017-2018 school year. One of the changes put into place is the reporting of parents and/or student income a year earlier. For example, for the 2017-2018 school year, the FAFSA for

Stock Options and Alternative Minimum Tax (AMT)

Were you granted stock options? Stock options offer you the opportunity to purchase a certain number of shares at a pre-established price, which could be substantially below market value. There are two types of stock options, incentive stock options and Nonqualified Stock Options. Non

Securing Your Financial Information

Are you worried about getting your identity stolen? Are you doing everything you can to make sure that your financial information is safe? As your accountant, BWTP P.C. takes every precaution to ensure the safety of your financial information. Even the most strict security procedures