Small Business Tax Advice | News from NMS, Inc.

For Small Businesses: Will Your Employee Travel Reimburses Pass IRS Muster?

September 17, 2018

Changes under the TCJA make travel expense reimbursements even more attractive to employees. But your business must follow IRS rules so you and your employees can enjoy valuable
tax benefits.

Tax Advice: Does Your Vacation Home Qualify as Rental Property?

September 12, 2018

For owners of vacation homes, now is a good time to review year-to-date rental vs. personal use of the home. Adjusting use between now and year end might be beneficial. Here’s
why.

For Small Businesses: 2018 Q4 Tax Deadlines

September 11, 2018

Kids back in school, the days getting shorter, pumpkin spice everything. It must be fall! For businesses, that means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2018 filing deadlines.

For Small Businesses: Reduce the Tax Risk of Independent Contractors

September 5, 2018

Does your business use independent contractors? Could the IRS reclassify them as employees and subject you to back taxes, interest and penalties? Find out what the IRS looks for and what you can do to reduce the risk of reclassification.

Tax Advice: Do You Need to Make an Estimated Tax Payment by September 17?

September 5, 2018

Two of the 2018 estimated tax payment deadlines for individuals have already passed; the third one is coming up very soon. Here’s how to determine if you need to make a payment.

Tax Advice: Back-to-School Time Means a Tax Break for Teachers

August 29, 2018

While it still feels like summer across most of the country, fall is almost here and students are returning to school. For many teachers, that also means the return of out-of-pocket classroom expenses. Fortunately, they can enjoy a tax deduction for some of these costs.

For Small Businesses: Keep It SIMPLE, a Tax-Advantaged Retirement Plan Solution

August 27, 2018

SIMPLE IRAs are available to businesses with 100 or fewer employees. As the name implies, these plans are simple to set up and administer. And there’s still time to set one up for 2018.

For Small Businesses: Assessing the S Corp

August 20, 2018

The S corporation has been one of the most popular business structures, due to its combination of liability protection and tax benefits. But that might be changing.

Tax Advice: Keep an Eye Out for Extenders Legislation

August 15, 2018

Will Congress again extend breaks for mortgage insurance premiums, mortgage debt forgiveness and college tuition? Even if it doesn’t, you may still be able to benefit on your 2017 return.

Infographic: What Are the Biggest D&O Risks?

August 14, 2018

Danger may lurk in your boardroom...

For Small Businesses: Choosing the Right Accounting Method

August 14, 2018

The availability of the cash method of accounting for tax purposes has been expanded by the TCJA. If your business is currently using the accrual method, it might be time for a change.

Tax Advice: New Law Prohibits Undoing '18 Roth IRA Conversions — But '17 Still Eligible

August 8, 2018

There still may be time to undo your 2017 Roth IRA conversion. But think twice before converting this year because you won’t have the same flexibility with a 2018 conversion.

For Small Businesses: An FLP Can Save in a Family Business Succession

August 6, 2018

For owners of family businesses, an FLP can be an effective succession and estate planning tool, offering valuable tax benefits. But it isn’t risk free.

Tax Advice: Do You Still Need to Worry About the AMT?

July 31, 2018

The alternative minimum tax (AMT) has long been a worry to many individual taxpayers. Learn how new tax law might affect your AMT risk, and see our AMT planning tips.

For Small Businesses: Do You Quality for the Home Office Deduction?

July 30, 2018

The TCJA has narrowed the scope of who can claim the home office deduction. But certain business owners and self-employed taxpayers may still be eligible.

Tax Advice: 3 Traditional Midyear Tax Planning Strategies

July 29, 2018

Tax planning might not be something you want to think about during the summer months. But midyear planning is important, especially this year. Here are three strategies to consider that hold up post-TCJA.

For Small Businesses: Document Business Deductions for Meal, Vehicle & Travel

July 25, 2018

Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?

Tax Advice: Why the "Kiddie Tax" Is More Dangerous Than Ever

July 25, 2018

If you’re considering making a gift of income-producing or appreciated assets to a minor or a college student, beware of the big, bad kiddie tax — it’s fiercer under the TCJA.

Tax Advice: Close-up on the New QBI Deduction’s Wage Limit

July 16, 2018

The TCJA’s new deduction for owners of pass-through entities can be 20% of qualified business income. But a wage-based limit applies if an owner’s taxable income exceeds certain levels. Find out how the limit works.

Are Frequent Flyer Miles Taxable?

July 16, 2018

Fun fact: Sit back and enjoy your frequent flyer miles.

For Small Businesses: Avoid Getting Hit with Payroll Tax Penalties

July 16, 2018

Small-business owners can face a harsh penalty if payroll taxes aren’t remitted to the federal government. Learn about your obligations and whether you could be personally liable.

Tax Advice: What You Can Deduct When Volunteering

July 11, 2018

You volunteer? That's great! Assuming a charity is qualified, you may be able to deduct some of the out-of-pocket costs you incur when volunteering — but the rules are complex.

For Small Businesses: Sales Tax on Out-of-State Online Sales

July 6, 2018

In late June, the U.S. Supreme Court expanded the ability of states to collect sales tax from out-of-state online retailers. If your business makes online sales to out-of-state customers, here’s what you need to know.

Tax Advice: Save Tax By Saving Energy

July 6, 2018

If you invest in certain green equipment at home, you can save green in the form of tax credits (not to mention the savings on energy costs going forward). Learn what qualifies and how much you can save.

Tax Advice: Know the ABCs of HSAs, FSAs and HRAs

June 26, 2018

“HSA,” “FSA” and “HRA” may seem like groups of letters you might spot floating in your alphabet soup. But they actually are three kinds of accounts that offer tax-advantaged funding of health care expenses. Here’s a quick comparison.