Small Business Tax Advice | News from NMS, Inc.

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!

Tax Advice: Home-Related Tax Breaks Valuable on '17 Returns, Will Be Less for '18

March 20, 2018

Are you a homeowner? Then home-related tax breaks may provide significant savings on your 2017 return. But the tax-saving outlook isn’t as rosy for 2018.

For Small Businesses: Defer Tax with a Section 1031 Exchange, But New Limits Apply

March 20, 2018

There had been some concern that tax reform would include the elimination of tax-deferred like-kind exchanges. The good news is that the TCJA still generally allows them for real estate. But there are limits you need to be aware of.

Under New Tax Law, You Can’t Deduct Hobby Expenses

March 19, 2018

It's a matter of work vs. fun, right? No, the difference, at least from a tax perspective, is that you can fully deduct business expenses from income.

Tax Advice: Casualty Losses May Provide '17 Deduction, But Rules to Tighten

March 15, 2018

A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.

For Small Businesses: Were Tangible Property Actually Repairs? Be Sure

March 12, 2018

If your business made building or equipment repairs last year, the cost might be fully deductible on your 2017 tax return. But it might not be…

New Secure Payment Portal!

March 7, 2018

We are pleased to offer new flexible ways to pay for your NMS services. From now on, our new secure online payment portal
link will be located at the bottom of your invoice and reminder statements!

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).