Small Business Tax Advice | News from NMS, Inc.

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.

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!