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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.
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.

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