News

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.

Tax Advice: 401(k) Contribution Limit Increases for '18

December 22, 2017

The contribution limits for a couple of types of tax-advantaged retirement plans have gone up for 2018. How much should you contribute?

Tax Advice: What to Know About 2017 Year-End Charitable Giving

December 12, 2017

The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be
sure to follow the rules.

For Small Businesses: Buy a Business Vehicle Before Year End?

December 12, 2017

Making a business vehicle purchase by December 31 is a traditional year-end tax strategy. But tax reform could affect whether buying in 2017 or 2018 makes more tax sense.

Tax Advice: 7 Last-Minute Tax-Saving Tips

December 6, 2017

The possibility of tax reform being signed into law this year makes tax planning more challenging. But it also could make these tried-and-true year-end tax planning tips extra powerful in 2017.

For Small Businesses: 2018 Q1 Tax Deadlines for Businesses and Employers

December 6, 2017

To avoid interest and penalties, it’s important for businesses to be prepared for upcoming tax-related deadlines. Make sure you know what’s due in Q1 of 2018.

For Small Businesses: These Year-end Tips Could Save You Tax

December 5, 2017

Accrual-basis taxpayers can save tax by properly recording and recognizing expenses incurred this year but that won’t be paid until 2018.

Tax Advice: You vs. Your Family When It Comes to the Long-term Capital Gains Rate

December 5, 2017

Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate.