Baum, Smith & Clemens ClientLine Newsletter

Baum, Smith & Clemens, LLP

CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS

2060 Detwiler Road, Suite 125, Harleysville, PA 19438

Phone: 215-368-5755

Fax: 215-368-7038

Email: info@bsccpas.com

Website: www.bsccpas.com

February 2024

Hiring Your Child

Looking to keep your kids occupied after school, on weekends, or during school breaks? Depending on their age and abilities, think about hiring them to work for your business. Both you and the child can benefit.

Check Before Donating

Whatever your charitable passion, you can find an organization supporting it. But how do you determine whether an organization is legitimate?

Leave Excess Retirement Savings For Grand-Children Without A Big Tax Bill

Naming grandchildren as beneficiaries of traditional IRAs used to be a popular estate-planning strategy. Grandchildren had their lifetimes to empty an inherited IRA, which also let them stretch out income-tax payments on the assets.

February Client Profile

Christopher is weighing buying an EV van for his electrical contracting business. It’s a big outlay of money, so he’s wondering if there’s anything new he should know about the clean vehicle tax credit that might help him decide.

Reduce Your Investment Stress

Investing can be a stimulating diversion from the demands of work or just added stress. If you’re in the second camp, there’s an investment approach that might appeal to you.

When You Can't or Shouldn't Claim the Standard Deduction

The higher standard deduction has some people thinking they can handle their own personal income-tax preparation. They may want to think again. For instance, you can’t use the standard deduction if you’re:

February Q&A

Let's discuss opportunities for employers to help employees with their student debt.

IRS Delays Online Sales Rule

In an unexpected move, the IRS has postponed enforcement of a 2021 American Rescue Plan provision affecting self-employed people who earn money on third-party platforms like eBay, AirBnB, Etsy, VRBO or have payments processed by services like Venmo and PayPal.

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