Small Business Tax Advice | News from NMS, Inc.

For Small Businesses: About the Tax Treatment of Bitcoin, Virtual Currencies

June 15, 2018

Your small business may not be accepting or using bitcoin or other virtual currencies yet, but it’s still a good idea to begin familiarizing yourself with the tax consequences of this rapidly growing alternative to traditional legal tender.

Tax Advice: How the TCJA Affects Estate Planning

June 15, 2018

Your estate plan may need a tax update in light of the Tax Cuts and Jobs Act, even if your estate is well under the new $11.18 million estate tax exemption.

Tax Advice: Consider State & Local Taxes When Moving in Retirement

June 15, 2018

Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.

Tax Advice: Saving Tax on Restricted Stock Awards

June 4, 2018

Have you recently been awarded restricted stock or do you expect to be awarded such stock this year? The Section 83(b) election can be beneficial if the income at the grant date is negligible or the stock is likely to appreciate significantly. Here’s why.

For Small Businesses: Employing Your Child for the Summer

June 4, 2018

Business owners with children who are students in their teens or early 20s can save taxes by hiring them for the summer. Learn more.

Tax Advice: Sending Kids to Day Camp May Provide a Tax Break

May 22, 2018

Depending on the situation, summer day camp expenses for your child could save you taxes. Learn whether you might be eligible.

For Small Businesses: Rule Changes for Deducting Pass-Through Losses

May 22, 2018

Pass-through business owners: When can losses be deducted? How much can you deduct in any given year? The TCJA has changed some rules, and you won’t find the changes favorable.

For Small Businesses: Why an Accountable Plan

May 20, 2018

Unless your company has an accountable plan, reimbursements to employees for business-related expenses are subject to both income and payroll tax withholding. Consider an accountable plan, which is easy to set — and we can help.

Tax Advice: Be Aware of Tax Consequences Before Selling Your Home

May 20, 2018

The TCJA preserves the home sale gain exclusion, so if you’re selling your principal residence, you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Learn more about the tax treatment of home sales.

For Small Businesses: Deduct Business Travel When Also Vacation?

May 20, 2018

If you go on a business trip within the United States and tack on some vacation days, you might be able to deduct some of your expenses. Here’s what you need to know.

Tax Advice: Do You Need to Adjust Your Withholding?

May 8, 2018

Post-TCJA withholding tables could put you at risk of significantly underwithholding your federal income taxes and being hit with an unexpectedly high tax bill when you file your 2018 tax return next year. Here’s what to do to avoid this outcome.

For Small Businesses: What to Find in IRS Audit Techniques Guides

May 8, 2018

Audit Techniques Guides (ATGs) were created to enhance IRS examiner proficiency, but they also can help small businesses ensure they aren’t engaging in practices that could raise red flags with the IRS.

Tax Advice: Get Started on '18 Tax Planning Now!

May 1, 2018

If you recently filed your 2017 individual income tax return or filed for an extension, it may seem like some time off from thinking about taxes is in order. But taking such a break could be costly, especially this year.

For Small Businesses: Significant TCJA Provisions Affecting You

April 30, 2018

For small businesses and their owners, the key to maximizing 2018 tax savings from the Tax Cuts and Jobs Act is to be familiar with the act’s significant provisions and begin tax planning now.

For Small Businesses: Tax Document Retention Guidelines

April 25, 2018

It’s easy to accumulate a mountain of paperwork (physical or digital) from years of filing tax returns. Here are some guidelines to help small businesses determine what they need to keep and what they can throw out.

Tax Advice: Tax Record Retention Guidelines for Individuals

April 24, 2018

After having filed your individual income tax return, you may find yourself buried in tax-related documentation. But you might be reluctant to purge for fear of tossing something important. Here are some tax record retention guidelines that can help.

Tax Advice: Important Deadlines for the Rest of '18

April 17, 2018

Today wasn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.

The Secret History of the Dollar Sign

April 17, 2018

Fun fact: What’s the connection between the dollar and the Spanish peso?

For Small Businesses: On Law Changes to Employee Benefits Tax Breaks

April 17, 2018

Last December’s tax reform law reduces or eliminates tax breaks in 4 employee benefit areas of note. But on the plus side, it creates a tax credit for providing paid family and medical leave. The changes will affect businesses as well as employees.

Tax Advice: Beware These '17 Income Tax Return Pitfalls

April 10, 2018

The April 17 individual income tax return filing deadline is almost here. If you haven’t filed yet, watch out for these pitfalls.

For Small Businesses: Net Operating Loss on Your '17 Return Isn't All Bad

April 9, 2018

Business net operating losses can provide valuable tax benefits. The rules, however, have always been complicated, and the TCJA has complicated them further.

Tax Advice: There's Still Time to Make '17 IRA Contributions

April 3, 2018

Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late — but you must act soon.

For Small Businesses: Whether to File Form Asking IRS to Determine a Worker's Status

April 2, 2018

By filing optional IRS Form SS-8, a business can find out if a worker will be classified as an employee or independent contractor for tax purposes. This could avoid back taxes, interest and penalties, but it also could produce undesirable consequences.

Tax Advice: Can You Claim an Elderly Parent as a Dependent?

April 2, 2018

Today many people provide some financial support to an elderly parent. If you’re among them, you might qualify for a tax break on your 2017 or 2018 return. But the available break depends on the year.

For Small Businesses: Key 2018 Q2 Deadlines

March 27, 2018

Does the April 17 filing deadline apply to your company? What additional tax deadlines are there for businesses and other employers during the second quarter of 2018? Find out!