Small Business Tax Advice | News from NMS, Inc.

Announcing the Ohio Tax Amnesty Program

December 3, 2017

Big news: ALL penalties and HALF the interest will be waived on qualified delinquent taxes January 1 through February 15, 2018.

For Small Businesses: Getting Around the $25 Deduction Limit for Business Gifts

November 21, 2017

When the $25 deduction limit for business gifts was introduced in the 1960s, it wasn’t an issue for any but the most extravagant taxpayers. These days, however, $25 doesn’t go very far. Learn how to maximize your deduction despite the limit.

Tax Advice: When to Add RMDs to Your Year-End To-Dos

November 21, 2017

Taxpayers who have a retirement plan and are over age 70½ or inherited the plan may be subject to required minimum distribution (RMD) rules. If you’re one of them, take your RMDs by Dec. 31 to avoid a 50% penalty.

Tax Advice: Why Accelerate Your Property Tax Payment Into 2017

November 15, 2017

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?

For Small Businesses: Reduce Your Tax Bill by Buying Business Assets

November 15, 2017

Depreciation-related tax breaks can provide significant tax savings. But keep possible tax law changes in mind as you consider buying business assets between now and year end.

A Fun Fact About Taxes on Phone Service

November 15, 2017

Phone service was taxed early — and has been taxed often ever since.

Tax Advice: Could the AMT Boost Your 2017 Tax Bill?

November 15, 2017

Possible tax reform complicates year-end tax planning for the AMT in 2017. Here's why.

Tax Advice: The Ins and Outs of Tax on “Income Investments”

November 2, 2017

All “income investments” aren’t alike when it comes to taxes. Here’s what you need to know.

For Small Businesses: Research Credit Can Offset Payroll Taxe

November 2, 2017

The research credit once benefited only businesses that had sufficient income tax liability to absorb it. Now small start-ups with big research expenses and little or no profit can also enjoy the credit.

Historic Mentor Village Hall: Winner!

November 2, 2017

Excellence in Construction Awards were announced October 27 in Cleveland.

Tax Advice: For the Self-Employed, a Retirement Savings Opportunity

October 26, 2017

If you’re self-employed, set up a retirement plan for 2017 to boost tax-advantaged saving.

For Small Businesses: Maximize Deductions for Business Real Estate

October 26, 2017

Investing in business real estate is expensive. Are you getting all the deductions you can?

Tax Advice: Executives, Taxes That Could Apply to You

October 17, 2017

Restricted stock, stock options and nonqualified deferred compensation can be valuable forms of compensation. But could your exec comp be subject to the additional 0.9% Medicare tax or the 3.8% NIIT?

For Small Businesses: Which Tax-Advantaged Health Account to Include

October 16, 2017

HRAs, HSAs and FSAs all allow you to offer your employees a tax-advantaged way to fund health care expenses. Each type of account has its pluses and minuses.

Tax Advice: Boost the Impact of Charitable Gifts

October 16, 2017

How to boost the impact of charitable gifts and save more on taxes.

Tax Advice: File by October 16, No Matter What

October 12, 2017

The Oct. 16 extended deadline for filing 2016 individual federal income tax returns is almost here. Learn what to do if you extended your return but can’t pay the tax due.

For Small Businesses: Accelerate Your Retirement Savings With a Cash Balance Plan

October 9, 2017

Many business owners are so focused on their business that they neglect retirement planning. If you’re among them, setting up a cash balance plan for your business can turbocharge your retirement savings.

Tax Advice: “Bunching” Medical Expenses for Savings in '17

October 3, 2017

Accelerating deductible expenses into the current year is one way to reduce your tax bill. Tax reform may make “bunching” medical expenses into 2017 an especially valuable
acceleration strategy.

For Small Businesses: Timing Strategies Could Become More Powerful

October 2, 2017

Timing really may be everything for businesses when it comes to 2017 year-end tax planning, depending on what happens with tax reform.

Investors, Beware of the Wash Sale Rule

September 27, 2017

While no one wants to lose money, realizing a capital loss on an investment can provide tax savings. Don’t let the wash sale rule wash out the tax benefits.

For Small Businesses: How Spouse-owned Businesses Can Reduce Self-employment Taxes

September 25, 2017

Own an unincorporated business with your spouse? Then you might be paying more self-employment tax than necessary. Find out how you can save SE tax.

Tax Advice: Do You Contribute Enough to Your 401(k)?

September 19, 2017

Both traditional and Roth 401(k) plans offer significant tax and retirement planning benefits. Why you should boost your 401(k) contribution rate between now and year's end.

For Small Businesses: About Per Diem Rates for Travel

September 18, 2017

Per diem rates simplify employee travel reimbursements while preserving tax benefits.

Tax Advice: Save More For College with a 529 Savings Plan

September 12, 2017

If you’re concerned about saving for your child’s (or grandchild’s) higher education, consider a Sec. 529 plan. It can help you build a large college nest egg via tax-deferred
compounding.

For Small Businesses: Key 2017 Q4 Tax Deadlines

September 12, 2017

Year-end tax planning and possible tax law changes aren’t the only issues you should be considering as we enter the fall season.

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