COVID-19 Update – New Legislation – March 27, 2020

The Senate recently passed H.R. 748 known as the “CARES Act.” Although this legislation still needs to be passed by the House on Friday and then signed by the President, it appears it will be enacted without change. Below is an initial summary of the legislation.

Tax Benefits of Hiring Your Children

Hiring your children may be an advantageous way to shift income to a lower tax bracket. However, certain rules must be followed to ensure the IRS allows these tax savings. The Benefits: Tax Rates Wages that are paid to children, as with any other wage, are tax deductible for the busin

5 Things to Consider When Preparing Employee W-2’s

Year End W-2 Additions As the year is winding down, there are many items to be considered before filing W-2’s for the year. Below are some items that need to be considered before you or a payroll company prepares your W-2’s. Health Insurance All health insurance premiums p

3 Ways You’re Giving the IRS Money When You Shouldn’t Be

Are you giving the IRS too much money?  While you can’t legally avoid paying taxes, you can avoid these common mistakes and keep more money in your pocket instead of Uncle Sam’s. 1. Not Having Enough Taxes Withheld Even though tax returns are due on April 15th, you’r

Your 2016 Tax Calendar

At BWTP, we pride ourselves on being your resource for all things tax and financial.  Below is the tax calendar for the rest of this year.  It will go by faster than you know, so be sure you keep this information handy!  Below are some important dates to remember: 2016 Tax calendar Ju