Small Business Tax Advice | News from NMS, Inc.

Tax Advice: 3 Questions You May Have After Filing Your Return

April 23, 2019

Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

Tax Advice: Seniors, Medicare Premiums Could Lower Your Tax Bill

April 12, 2019

If you’re covered by Medicare, you know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums, along with other medical costs, on your tax return. But it can be tough to qualify.

Tax Advice: You Can Still Make a Deductible IRA Contribution for 2018

April 4, 2019

Have you made your 2018 IRA contributions? It’s not too late just because it’s 2019. But you must act fast.

Tax Advice: Still Working After Age 70 1/2?

March 30, 2019

Are you still working after age 70½ and don’t want to take required minimum distributions from your 401(k) account? You might not have to. Here are the details.

Tax Advice: How to Stretch Your College Student's Money

March 21, 2019

Are you the parent of a child who is age 17 to 23? You may be eligible for a $500 dependent tax credit. Here are the qualifications.

Tax Advice: 2018 Gift Tax Return Deadline Almost Here

March 16, 2019

When you think of April 15, you probably think of the income tax return deadline. But it’s also the gift tax return deadline. Find out if you must (or should) file a 2018 gift tax
return this April.

Tax Advice: On Vehicle-Expense Deductions for Individuals

March 5, 2019

Rather than keeping track of your actual vehicle-related expenses, you can use a standard mileage rate to compute related tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses?

Tax Advice: Careful Planning Required for Incentive Stock Options

March 2, 2019

If you were granted incentive stock options (ISOs) in 2018, there likely isn’t any impact on your 2018 income tax return. But if in 2018 you exercised ISOs or sold stock you
acquired via exercising ISOs, then it could affect your 2018 tax liability. Here’s why.

Tax Advice: 3 Big TCJA Changes Affecting 2018 Individual Tax Returns & Beyond

February 19, 2019

There are three major changes that will impact many individual taxpayers, beginning when they file their 2018 income tax returns. And we’re not talking about tax rate cuts or reduced itemized deductions.

Tax Advice: Don't Wait to File Your '18 Income Tax Return

February 10, 2019

In a tax identity theft scheme, a thief uses your personal information to file a fraudulent tax return early in the filing season and claim a bogus refund. Here’s how to protect
yourself.

Tax Advice: On Investment Interest Expense Deduction

January 30, 2019

Can the investment interest expense deduction save you tax on your 2018 return? You generally must pass three hurdles to benefit.

Tax Advice: Still Time to Get Substantiation for '18 Donations

January 29, 2019

Don’t take the substantiation requirements for charitable donation deductions lightly. If you made a gift last year and haven’t received a written acknowledgment from the charity,
read this before claiming a deduction on your 2018 income tax return.

Tax Advice: What Will Your Marginal Income Tax Rate Be?

January 15, 2019

The TCJA made changes to some of the middle income tax brackets that may negatively affect unmarried taxpayers and positively affect married taxpayers. Find out the potential
impact on your rate for 2018 and 2019.

Tax Advice: You May Be Able to Save More for Retirement in '19

December 27, 2018

How much you can contribute to your retirement plans each year depends in part on the annual limits. Sometimes these go up from one year to the next, and sometimes they don’t.
Learn what’s changed and what hasn’t for 2019.

Tax Advice: Act Soon to Save 2018 Taxes on Your Investments

December 21, 2018

While time, not timing, is generally the key to long-term investment success, taking timely action before year end can help save taxes on your investments. Here’s how.

Tax Advice: Check Deductibility Before Making Year-End Charitable Gifts

December 18, 2018

Not as many people will benefit from the charitable deduction on their 2018 income tax returns. Find out why donations may no longer save you tax and what you can do to help
ensure deductibility.

Tax Advice: Whether Prepaying Property Taxes Still Makes Sense

December 3, 2018

You may be getting ready to prepay your property taxes like you’ve done every year to boost your itemized deductions. But this year, review your situation first to be sure this
strategy will provide a tax benefit. The TCJA made two changes that affect it.

Tax Advice: Handle Mutual Funds With Care at Year's End

November 21, 2018

Investment decisions shouldn’t be driven by tax considerations alone, but taxes are still an important factor to consider, especially when it comes to mutual funds in taxable
accounts. Consider these year-end tips.

Tax Advice: On Catch-Up Retirement Plan Contributions Post-TCJA

November 21, 2018

The income reduction from making catch-up contributions to your retirement plan might be especially beneficial in 2018 if you had significant itemized deductions in the past that
now will be reduced or eliminated by the TCJA. Here’s what you need to know.

Tax Advice: Time for NQDC Plan Deferral Elections

November 6, 2018

Do you receive nonqualified deferred compensation? There may be steps you need to take before year end to defer income taxes and avoid interest and penalties.