Small Business Tax Advice | News from NMS, Inc.

For Small Businesses: How Entrepreneurs Must Treat Expenses

April 23, 2019

Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away. Some may have to be amortized over time.

For Small Businesses: On Deducting Business Meal Expenses Today

April 15, 2019

The treatment of food, beverage and entertainment expenses became more complicated after the Tax Cuts and Jobs Act. Here’s how to get the biggest tax-saving bang for your business meal bucks.

For Small Businesses: Divorcing? Heed Tax Implications

April 12, 2019

Like many major life events, divorce can have major tax implications. And if you own a business, the stakes are higher.

For Small Businesses: How Taxes Factor into an M&A Transaction

April 12, 2019

Buying or selling a business may be the most important transaction you ever make. So it’s important to seek professional tax advice as you negotiate. After a deal is done, it may be too late to get the best tax results.

For Small Businesses: Key Deadlines on the 2019 Q2 Tax Calendar

March 30, 2019

Does the April 15 filing deadline apply to your company? What additional tax deadlines are there for businesses and employers during the second quarter of 2018? Find out!

For Small Businesses: Benefiting from the Tax Credit for Family & Medical Leave

March 21, 2019

There’s a family and medical leave credit that could be an attractive perk for your company’s employees. But there are the rules and restrictions and it’s only available for two tax years.

For Small Businesses: On Setting Up a SEP Retirement Plan for Last Year

March 16, 2019

Are you wishing you’d set up a retirement plan for your small business for 2018? Believe it or not, you may still be able to do so, and also reduce your 2018 tax liability!

For Small Businesses: To Lease or To Buy? That Is the Question

March 5, 2019

When deciding whether to lease or buy equipment or other fixed assets, there are a multitude of factors to consider, including tax implications.

For Small Businesses: Beware the Ides of March — If You Own a Pass-Through Entity

February 27, 2019

Friends, Romans and countrymen, lend me your ears: All ye who must file a partnership or S corporation tax return, watch out for this tax deadline.

For Small Businesses: Two Methods for Claiming the Home Office Deduction

February 20, 2019

Business owners may be able to save tax with the home office deduction. But will you save more by claiming actual expenses or using the simplified method?

Tax Advice: Some of Your Deductions May be Smaller (or Nonexistent) When You File

February 20, 2019

Lower tax rates might help reduce your 2018 tax bill, but new limits on many deductions could offset the benefits of lower rates. For example, five itemized deductions have shrunk or disappeared.

For Small Businesses: When Are LLC Members Subject to Self-Employment Tax?

February 19, 2019

LLC members may be subject to back taxes and penalties if they underpay self-employment tax. Find out if you could be at risk.

For Small Businesses: Fundamental Tax Truths for C Corporations

February 4, 2019

Most C corporations are seeing a significant tax cut under the Tax Cuts and Jobs Act. But there are still certain tax vulnerabilities for these entities that haven’t changed much.

For Small Businesses: On Depreciation-Related Breaks on Your Real Estate

January 29, 2019

Enhanced depreciation-related tax breaks for certain business real estate investments, such as qualified improvement property, may offer substantial savings when you file your 2018 tax return. Learn more.

For Small Businesses: Many Tax-Related Limits Increase for 2019

January 29, 2019

Do you know what the Section 179 expensing limit is for 2019? Or how much you can allow your employees to contribute to their 401(k) plans this year? Find out these amounts and
other annual inflation adjustments affecting businesses.

For Small Businesses: On 2018 Bonuses & Deducting Them on 2018 Returns

January 25, 2019

If you’re like many business owners, you pay out annual bonuses to attract, retain and motivate employees. Depending on the circumstances, paying bonuses in early 2019 might
reduce your 2018 tax liability.

For Small Businesses: Higher Mileage Rate May Mean Larger Deductions

January 15, 2019

Businesses generally can determine their vehicle expense deductions either by calculating the actual expenses or using the IRS’s standard mileage rate, which has increased for
2019. Here’s what you need to know.

For Small Businesses: Why an Exit Strategy Should Be Part of Your Tax Planning

December 21, 2018

Your exit strategy may not be the first thing that comes to mind when thinking about tax planning for your business. But it should be a key element. Find out why.

For Small Businesses: 6 Last-Minute Tax Moves

December 18, 2018

Is your business taking every possible step to reduce its 2018 income tax liability? There’s still time to act.

For Small Businesses: On PTO Contribution Arrangements

December 18, 2018

Paid time off (PTO) contribution arrangements turn vacation time into pretax retirement plan contributions. Here’s what to consider when deciding if one is right for your
business.

For Small Businesses: Deadlines on the 2019 Q1 Tax Calendar

December 3, 2018

A lot has changed for businesses when it comes to filing their 2018 income tax returns. But one thing that hasn’t changed is the multitude of tax-related deadlines businesses face
in the first quarter of the year.

For Small Businesses: Tax Reform Expands Availability of Cash Accounting

November 20, 2018

Usually, if a business’s receivables exceed its payables, the cash method of accounting will allow more income to be deferred for federal tax purposes than will the accrual
method. Is your business eligible for the cash method?

For Small Businesses: You Can Still Set Up a Retirement Plan for '18

November 12, 2018

Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more.

For Small Businesses: Buy Assets Before Year End to Reduce '18 Tax Liability

November 6, 2018

Investing in business assets is a traditional and powerful year-end tax planning strategy, and it might make even more sense in 2018. Here’s why.

For Small Businesses: Research Credit Available

November 2, 2018

If your company engages in qualified research activities, revisit the research credit to be sure you’re taking full advantage of its benefits. Changes under the TCJA could make
the credit more valuable for some businesses.