Small Business Tax Advice | News from NMS, Inc.

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.

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.