News

5 potential tax breaks to know before moving a parent into a nursing home

Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. Long-term medical…

Tax Court case provides lessons on best recordkeeping practices for businesses

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A…

What Everyone Should Know About the CPA Exam

Welcome to the second installment of “Your CPA Starter Pack”, a three-part series by BS&P’s Staff Accountant Allura Taylor that breaks down what you can expect-and how you can thrive-as you start your career in accounting!   The Certified Public Accountant (CPA) exam is a major…

The power of catch-up retirement account contributions after 50

Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to…

Payroll tax implications of new tax breaks on tips and overtime

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up…

Teachers and others can deduct eligible educator expenses this year — and more next year and beyond

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many…

The QBI deduction and what’s new in the One Big Beautiful Bill Act

The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up…

Are you looking to cut ties with the U.S.? Here’s what you need to know about U.S. expatriation.

More and more people are expatriating, or thinking of expatriating from the United States. BS&P’s Senior Accountant Katie Kriner answers our most commonly asked questions about what’s required from a tax and reporting perspective. If you’re thinking of expatriating from the U.S. or know someone…

The next estimated tax payment deadline is coming up soon

If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces new deductions, credits and tax provisions that could shift your income tax liability this year….

No tax on car loan interest under the new law? Not exactly…

Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful…