Small Business Tax Advice | News from NMS, Inc.

For Small Businesses: Be Prepared for an IRS Audit

October 2, 2019

As a business owner, are you worried about being audited by the IRS? Here’s what you need to know to be prepared for an audit and respond effectively.

For Small Businesses: How to Your Treat Website Costs for Tax Purposes

September 30, 2019

Nearly every business has a website and the IRS hasn’t yet released official guidance on the tax treatment of website development costs. However, you can apply existing guidance on other costs. Here’s the story.

For Small Businesses: 5 Ways to Withdraw & Avoid Dividend Treatment

September 30, 2019

Dividends paid out by corporations are taxable to shareholders and can’t be deducted by the corporation. But there may be ways to get cash out of your corporation without dividend
treatment. Here are five ideas.

For Small Businesses: Key 2019 Q4 Tax Deadlines

September 10, 2019

For businesses, fall means it’s time to begin year-end tax planning. It’s also time to think about the fourth quarter 2019 filing deadlines.

For Small Businesses: On Picking the Right Retirement Security

September 10, 2019

There are many retirement plan options for small business owners and their employees. Here’s a quick rundown of three of them.

For Small Businesses: The Tax Implications of a Company Car

August 28, 2019

For many business owners, a company car is a sign they’ve achieved success. Here are the basic tax breaks and tax implications involved in this fringe benefit.

For Small Businesses: Should You Elect S Corp Status?

August 20, 2019

One of the most popular business structures is the S corporation because of its liability protection and tax benefits. Could it work for you?

Infographic: Read Before You Try to Sell Your Business

August 20, 2019

Even the most successful entrepreneurs can make deal-breaking mistakes when it's time to sell their companies. To realize a fair price and terms, don't do these five things!

For Small Businesses: On the Tax Consequences of Virtual Currency

August 15, 2019

Is your small business accepting or using bitcoin or other virtual currencies yet? Familiarize yourself with the tax consequences, because the IRS is targeting users who fail to report and pay tax on transactions.

For Small Businesses: What to Do If You Receive a "No-Match" Letter

August 15, 2019

If the names and Social Security numbers on your employees’ W-2 forms don’t match the government’s records, you may receive a “no-match letter.” Here’s what these letters mean and
how to proceed.

For Small Businesses: Take a Closer Look at Home Office Deductions

August 1, 2019

If you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may provide a valuable tax break.

For Small Businesses: Utilize the Info the IRS Uses to Examine Tax Returns

July 22, 2019

Before conducting an audit, IRS examiners do their homework by reviewing “Audit Technique Guides.” Business owners and executives can easily read the same guides.

For Small Businesses: Time to Buy Equipment & Other Depreciable Property

July 16, 2019

The Section 179 deduction and bonus depreciation for business assets have been increased and expanded. Learn more about these valuable tax breaks.

For Small Businesses: M&A Transactions & Avoiding Surprises from the IRS

July 9, 2019

If you buy or sell business assets in an M&A deal, you’re required to report the details of the transaction to the IRS. The tax agency may then compare what both parties report to
ensure they’re identical.

For Small Businesses: Bartering, a Taxable Transaction

July 8, 2019

Business owners have been engaging in bartering transactions for hundreds of years. But if your company trades goods or services today, be aware there are tax consequences.

For Small Businesses: "Which Entity is Most Suitable for Me?"

June 25, 2019

In the past couple of years, major changes have been made to the taxation of both C corporations and pass-through entities (including sole proprietorships). So what’s the best
entity choice for your small business?

For Small Businesses: Q3 Tax Calendar Deadlines

June 17, 2019

Although you might want to enjoy the lazy days of summer, employers and businesses shouldn’t take it so easy that they miss these important Q3 2019 tax deadlines.

For Small Businesses: Beware a Harsh Payroll Tax Penalty

June 13, 2019

If payroll taxes withheld from employees’ paychecks aren’t remitted to the federal government, a severe tax penalty can be personally imposed on “responsible” individuals.

For Small Businesses: Hiring This Summer? You May Qualify for a Valuable Tax Credit

June 12, 2019

New hires from certain disadvantaged “targeted” groups may qualify your business for the Work Opportunity Tax Credit. Here’s an overview of this potentially valuable tax break,
including how it’s calculated.

For Small Businesses: Tax-Smart Domestic Travel

June 5, 2019

Are you going on a business trip within the United States this summer? You might be able to add on some vacation days and deduct some of your expenses.

For Small Businesses: Hire Your Children This Summer, Everyone Wins

June 5, 2019

Are you a business owner with teenage or college-age children who constantly need money? Make them earn the money by hiring them. You can save taxes and reap other benefits.

For Small Businesses: Consider a Roth 401(k) Plan — and Make Sure Employees Use It

May 16, 2019

A Roth 401(k) can be a valuable retirement savings option to add to your company’s benefits package. But make sure employees use it.

For Small Businesses: What Expenses Can't You Write Off?

May 8, 2019

If you spend money in the course of doing business, you want to be able to write it off on your tax return. But in order to be deductible, expenses must meet certain requirements.
Here are the rules.

For Small Businesses: On Handling Worker Classification

May 8, 2019

Failure to properly treat workers as independent contractors can be an expensive mistake for employers. Take a look at ways to proactively plan ahead.

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.