News

Tax Advice: Charitable Deductions, the Tax Cuts & Jobs Act and You

March 6, 2018

December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.

For Small Businesses: March 15 is Filing Deadline for Pass-through Entities

March 5, 2018

March doesn’t mean just St. Patty’s Day and college basketball madness. It also means an important tax deadline for partnerships, S corporations and certain LLCs.

Tax Advice: What’s Your Mileage Deduction?

February 28, 2018

Miles driven for certain purposes can be tax deductible. But the rules are complex. And under the TCJA you may not be able to deduct some types of mileage expenses on your 2018
return that are deductible on your 2017 return.

For Small Businesses: Sec. 179 Expensing Offers Savings on '17 Returns & Beyond

February 28, 2018

Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.

For Small Businesses: Tax Credit for Hiring from Certain “Target Groups”

February 21, 2018

Can the Work Opportunity tax credit reduce your 2017 tax bill or offset your 2018 hiring costs? Find out.

Tax Advice: Tax Deduction for Moving Costs, 2017 vs. 2018

February 21, 2018

If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

Is Your Employer Withholding Enough in Taxes?

February 16, 2018

It's your responsibility to ensure you're withholding enough.

For Small Businesses: SEP May Provide One Last '17 Tax/Retirement Savings Opportunity

February 16, 2018

It’s not too late for business owners to set up a retirement plan for 2017 and save tax when they file their 2017 return. How? With a Simplified Employee Pension (SEP).

Tax Advice: Ways Families with College Students May Save on '17 Returns

February 16, 2018

The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your 2017 return.

Tax Advice: Medical Expense Deduction Threshold Lowered...for Now

February 6, 2018

The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.

For Small Businesses: Why Claiming Bonus Depreciation May Be Beneficial

February 5, 2018

Bonus depreciation is available for qualified property such as office furniture and equipment. 2017 may be an especially good year to take bonus depreciation on your tax return. Here’s why.

For Small Businesses: 2 Tax Credits Just for You That May Reduce '17 & '18 Tax Bills

February 1, 2018

Providing employee benefits can help businesses attract and retain the best workers. But the cost can be out of reach for some small businesses. Two tax credits can help make benefits more affordable.

Tax Advice: State and Local Sales Tax Deduction Remains, But Subject to New Limit

January 31, 2018

The sales tax deduction can be valuable if you reside in a state with no or low income tax or purchased a major item, such as a car or boat. Can it reduce your 2017 tax bill?
Maybe. 2018 savings are more uncertain.

BWC 1099 Printing Error Notice

January 31, 2018

Due to a printing error, the 1099s that were just sent out to Ohio businesses were not accurate. Read on for details.

Tax Advice: Can You Deduct Home Office Expenses?

January 23, 2018

You might be able to deduct home office expenses for 2017, but not 2018. The difference may depend on whether you’re an employee or self-employed.

For Small Businesses: Meals, Entertainment, Transportation May Cost More Now

January 23, 2018

Entertaining clients, providing meals to employees and offering attractive transportation fringe benefits are important to success for many businesses. Unfortunately, the new tax law curtails deductions for these expenses.

A Fun Fact About Tax Season Delays

January 23, 2018

For Small Businesses: '17 Return May Be Last Chance at “Manufacturers’ Deduction”

January 17, 2018

If your business is engaged in domestic production activities, which include activities beyond traditional manufacturing, the Sec. 199 deduction can save you tax. But time is running out for this break.

Tax Advice: Personal Exemptions, Standard Deductions & Tax Credits...Oh My!

January 17, 2018

It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard
deduction and child credit are just the tip of the iceberg.

For Small Businesses: New Law Gives Pass-through Businesses a Valuable Deduction

January 8, 2018

While their top potential tax rate is now much higher than the corporate rate, owners of sole proprietorships, partnerships, S corporations and LLCs may get a new 20% deduction
under the TCJA.

Tax Advice: Most Individual Tax Rates Go Down Under the TCJA

January 2, 2018

With a couple of exceptions, the Tax Cuts and Jobs Act reduces individual tax rates. But what will YOUR 2018 rate be?

For Small Businesses: New Law Temporarily Expands Bonus Depreciation

January 2, 2018

The new tax law’s enhanced provision for bonus depreciation, which allows businesses to deduct more of an asset’s cost in the year the asset is placed in service, may save tax on your 2017 return.

For Small Businesses: Key Provisions Affecting You in New Tax Law

January 1, 2018

Most provisions of the Tax Cuts and Jobs Act go into effect in 2018. Which ones will affect your business?

Tax Advice: Key Provisions Affecting Individuals in New Tax Law

January 1, 2018

For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.

RE: Tax Reform and Year End 2017 Planning

December 29, 2017

See this entry for NMS' correspondence to clients on the law and last minute tax strategies for 2017.