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Form 1040 vs. 1040NR: Understanding U.S. Tax Residency and Double Taxation

Understanding whether you’re considered a U.S. tax resident (or not) is one of the most important, and often misunderstood, parts of cross-border tax compliance. In this article, Senior Accountant Ashlee Hohman, CPA breaks down the key differences between Form 1040 and Form 1040NR, explains how…

If you’re married, should you file jointly or separately?

Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing status is better for…

Understanding Capital Assets and How Capital Gains and Losses May Affect Your Taxes

Capital gains and losses can have a bigger impact on your tax bill than you might expect. In this article, Staff Accountant Kayla Guarisco breaks down what qualifies as a capital asset, how gains and losses are classified and illustrates why understanding the impact is…

Before claiming a charitable deduction for 2025, make sure you can substantiate it

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you…

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…