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Tax Advice Small Business

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For Small Businesses: Changes to "Qualified Improvement Property" Under New Law

April 21, 2020

A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19
relief fixes the error and may result in revenue for eligible businesses.
For Small Businesses: On the CARES Act Employee Retention Tax Credit

April 15, 2020

As a business with employees, you may have questions about the new employee retention tax credit. Here are some answers.
Tax Advice: IRS Announces More Relief & Details

April 15, 2020

Expecting an Economic Impact Payment from the IRS? The tax agency has made a few new announcements about the financial relief the government is providing.
For Small Businesses: Relief From Not Making Employment Tax Deposits

April 15, 2020

The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government.
Tax Advice: Changes in Retirement Plan & Charitable Contribution Rules

April 9, 2020

During the COVID-19 crisis, many people and charitable organizations need cash. The new CARES Act may provide some solutions.
Tax Advice: New Law Offers Relief for Individuals

March 31, 2020

You’ve probably heard about the cash payments the government is sending out due to the coronavirus (COVID-19) pandemic. Do you qualify?
Infographic: Make the Most of Your Home Renovation Dollars

March 31, 2020

You may be considering a home improvement project, but before you move forward, learn which renovations are most likely to increase your home's value.
Tax Advice: Get COVID-19 Tax & Other Relief

March 31, 2020

The coronavirus (COVID-19) pandemic has changed life across the country. The IRS and Congress have responded with some tax and financial relief. Here’s a brief rundown of what’s
been provided so far.
For Small Businesses: New Law Provides More COVID-19 Relief

March 31, 2020

Another coronavirus (COVID-19) law has been enacted and it provides some relief to businesses and employers that are suffering. This article provides some highlights.
For Small Businesses: COVID-19 Tax Relief for You

March 24, 2020

In response to the coronavirus (COVID-19), Congress and the IRS have recently provided tax relief to businesses. Here’s a brief rundown.
COVID-19 Update 3-23-20

March 23, 2020

NMS will remain open, but no clients will be allowed into our offices for your health and safety and ours. Read on for how we'll still be here for you - only virtually!
For Small Businesses: Determine a Reasonable Salary for a Corporate Business Owner

March 19, 2020

When it comes to executive compensation, C corporation owners need to keep it “reasonable.” Here’s why.
Tax Deadline Update 3-18-20

March 18, 2020

Despite rumors, the un-extended due date to file your individual tax returns remains April 15. What has changed? Read more here.
Tax Advice: Why to Keep Life Insurance Out of Your Estate

March 18, 2020

You bought life insurance to protect your family or other beneficiaries. Here’s how to avoid having the benefits be subject to federal estate tax.
COVID-19 Update 3-16-20

March 16, 2020

NMS remains open for business. However, we have made substantial changes to our business practices until the risks of this health event subside. Read on for details.
For Small Businesses: Time Remains to Set Up a SEP Plan for '19

March 16, 2020

Saving money for retirement is important to a business owner’s financial security. If you haven’t set up a retirement plan for yourself and your employees for 2019, you may still
be able to do so, and reduce your tax liability for last year.
Tax Advice: 2019 Gift Return Tax Deadline Approaching

March 10, 2020

April 15 isn’t only the income tax return deadline. It’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2019
gift tax return this April (or if you may want to file one anyway).
Tax Advice: Home Is Where the Tax Breaks Might Be

March 3, 2020

Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.
For Small Businesses: Work Opportunity Tax Credit Extended Through '20

March 2, 2020

The Work Opportunity Tax credit was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Here’s how employers can benefit.
Tax Advice: Credits May Help with High Cost of Raising Kids

February 25, 2020

The child tax credit is more valuable than it was a few years ago. In addition, more taxpayers are able to benefit from it. Here are the rules.
For Small Businesses: On Rules for Home Office Deductions

February 24, 2020

Do you operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax
return.
Tax Advice: Why Married Couples Might Want to File Separate Tax Returns

February 18, 2020

In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are cases when filing separately is a better option.
For Small Businesses: On Using an S Corporation to Reduce Tax

February 18, 2020

If you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. Could this be the
entity for you?
Tax Advice: The Tax Aspects of Selling Mutual Fund Shares

February 16, 2020

There are many complex facets involved in selling mutual fund shares. Here’s a rundown.
For Small Businesses: Want to Go Into Business for Yourself?

February 10, 2020

There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine
tax rules and considerations involved in operating as that entity.

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