Small Business Tax Advice | News from NMS, Inc.

Tax Advice: Check Deductibility Before Making Year-End Charitable Gifts

December 18, 2018

Not as many people will benefit from the charitable deduction on their 2018 income tax returns. Find out why donations may no longer save you tax and what you can do to help
ensure deductibility.

For Small Businesses: On PTO Contribution Arrangements

December 18, 2018

Paid time off (PTO) contribution arrangements turn vacation time into pretax retirement plan contributions. Here’s what to consider when deciding if one is right for your
business.

Tax Advice: Whether Prepaying Property Taxes Still Makes Sense

December 3, 2018

You may be getting ready to prepay your property taxes like you’ve done every year to boost your itemized deductions. But this year, review your situation first to be sure this
strategy will provide a tax benefit. The TCJA made two changes that affect it.

For Small Businesses: Deadlines on the 2019 Q1 Tax Calendar

December 3, 2018

A lot has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face
in the first quarter of the year.

Tax Advice: Handle Mutual Funds With Care at Year's End

November 21, 2018

Investment decisions shouldn’t be driven by tax considerations alone, but taxes are still an important factor to consider, especially when it comes to mutual funds in taxable
accounts. Consider these year-end tips.

Tax Advice: On Catch-Up Retirement Plan Contributions Post-TCJA

November 21, 2018

The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that
now will be reduced or eliminated by the TCJA. Here’s what you need to know.

For Small Businesses: Tax Reform Expands Availability of Cash Accounting

November 20, 2018

Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred for federal tax purposes than will the accrual
method. Is your business eligible for the cash method?

For Small Businesses: You Can Still Set Up a Retirement Plan for '18

November 12, 2018

Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more.

For Small Businesses: Buy Assets Before Year End to Reduce '18 Tax Liability

November 6, 2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.

Tax Advice: Time for NQDC Plan Deferral Elections

November 6, 2018

Do you receive nonqualified deferred compensation? There may be steps you need to take before year end to defer income taxes and avoid interest and penalties.

For Small Businesses: Research Credit Available

November 2, 2018

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make
the credit more valuable for some businesses.

Tax Advice: Donate Appreciated Stock for 2x Tax Benefits

November 1, 2018

For certain charitably inclined taxpayers, donating appreciated stock to charity can be an excellent year-end tax planning strategy. This may be especially true if the stock is
highly appreciated and you’d like to sell it but are worried about the tax liability.

Tax Advice: Could "Bunching" Medical Expenses into 2018 Save You Tax?

November 1, 2018

If your total itemized deductions for 2018 will exceed your standard deduction, bunching non-urgent medical procedures and other controllable expenses into 2018 may allow you to
exceed the applicable floor and benefit from the medical expense deduction.

For Small Businesses: On Installment Sales

November 1, 2018

An installment sale can offer tax and other benefits to a business owner selling his or her company. But it has tax risks, too.

For Small Businesses: On Cost Segregation Studies

November 1, 2018

Too often, businesses allocate all or most of a building’s acquisition or construction costs to real property, overlooking opportunities to allocate costs to shorter-lived
personal property or land improvements and boost current tax deductions. The solution may be a cost segregation study.

Tax Advice: On Making Gifts to Loved Ones

November 1, 2018

Because of the high exemption under the TCJA, few Americans have to worry about facing federal gift and estate tax liability in the next several years. But no matter your current
net worth, it’s still important to be tax-smart when making lifetime gifts.

Infographic: Coining Coke

October 24, 2018

Fun fact: How an accountant shaped a major soft drink’s brand.

For Small Businesses: Time to Review Your Expenses

October 18, 2018

There’s no master list of deductible business expenses in the Internal Revenue Code. The deductibility of certain expenses is obvious, while in other cases it’s unclear. And the
TCJA affects many business deductions. Learn more.

Tax Advice: 529 Plans Offer Education Funding Options

October 12, 2018

When it comes to funding education expenses with a 529 plan, both prepaid tuition plans and savings plans offer attractive benefits. Which one is right for you?

For Small Businesses: On Tax-Free Fringe Benefits

October 9, 2018

The tax treatment of fringe benefits varies. Many types are tax-free to employees, but the TCJA has changed the tax treatment of some benefits. Here’s what small businesses need
to know.

Tax Advice: When to Consider Charitable IRA Rollovers

October 3, 2018

With the TCJA’s near doubling of the standard deduction, making a direct charitable IRA rollover can be particularly powerful for taxpayers old enough to be eligible.

Tax Advice: Planning for Investments Gets More Complicated

September 30, 2018

With more tax rate thresholds to keep in mind, year-end tax planning for investments is especially complicated in 2018. Find out what your rate might be for short- and long-term
capital gains, dividends (whether qualified or not) and the NIIT.

For Small Businesses: You Aren't Immune to Tax Identity Theft

September 24, 2018

Business tax identity theft occurs when a criminal uses the identifying information of a business to obtain tax benefits or to enable individual tax identity theft schemes. And
the IRS has seen a sharp increase. Here are some red flags and prevention tips to help protect your business.

Infographic: Got Medical Bils? Get Planning

September 23, 2018

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.

Tax Advice: On Donating Artwork to Charity

September 21, 2018

Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.