Recent Developments

There’s still time to set up a SEP and reduce your 2025 taxes

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving…

Side Hustles & Taxes: What You Need to Know Before Selling Online

Selling online, whether it’s handmade candles on Etsy, vintage sneakers on eBay, or custom T-shirts on TikTok Shop, has never been easier. For many, a side hustle is a fun way to turn hobbies into extra income. While listing your first item can be exciting,…

Tax Filing FAQs for Individuals

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then….

BS&P Announces Partner David R. Di Matteo’s Retirement After 45 Years of Service

We are proud to congratulate David R. Di Matteo, CPA, on his retirement after an extraordinary 45-year career at BS&P. Dave joined the firm in 1980, just after graduating from the University of Dayton and only a few years after BS&P was founded in 1972….

When medical expenses are — and aren’t — tax deductible

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses…

Building a More Valuable Business: Key Steps for Owners

Whether you plan to sell, transition, or grow for the long haul, business value is built over time, not at the finish line. BS&P’s Audit Manager Matthew Mernan, CPA, CVA outlines key actions business owners can take now to enhance value, reduce risk and position…

If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs…

Important 2026 Tax Figures for Businesses

A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. Depreciation-related tax breaks Bonus depreciation: 100% Section 179 expensing limit: $2.56 million Section 179 phaseout threshold:…

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an…

Choosing the Right Business Structure

When starting or growing a business, one of the most important decisions you’ll make is how to structure it. Your business structure determines how your company is taxed, how profits are distributed, and how much personal liability owners may have. It also affects how you…