Small Business Tax Advice | News from NMS, Inc.

Tax Advice: Kids at Day Camp? You May Be Eligible for a Tax Break

June 25, 2019

If you meet certain requirements, you may be eligible for a tax break on summer day camp expenses you pay for your child. Here is a rundown of the rules.

Tax Advice: Is an HSA Right for You?

June 21, 2019

Would you like to pay health care expenses from a tax-advantaged account? A Health Savings Account (HSA) may be right for you.

Tax Advice: Why Donating Your Vehicle May Not Be Taxwise

June 17, 2019

A tax deduction isn’t the only reason for donating a vehicle to charity. But if you’re counting on one, make sure you understand the rules. You may wind up with a small deduction or none at all.

Tax Advice: Considering Retired to Another State? Consider Taxes

June 12, 2019

Many people dream of retiring to another state to take advantage of warm weather or to be close to loved ones. But before you call the moving truck, consider the impact of state
and local taxes.

Tax Advice: Though Chances of IRS Audit Are Down, Be Prepared

June 6, 2019

An IRS audit may be nothing to lose sleep over. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest audit statistics, as well as
some tips on how to survive an IRS examination.

Tax Advice: Now's a Good Time to Check Your Withholding

June 5, 2019

If you were shocked by a bigger tax bill in 2019, you might not be having the right amount of tax withheld from your paycheck. We’ll tell you how to avoid this next year.

Tax Advice: Selling Your Home? Consider These Tax Implications

May 16, 2019

Are you selling your principal residence? You may be able to exclude up to $250,000 ($500,000 for married joint filers) of gain. Here are the tax rules for home sales.

Tax Advice: Check on Your Refund — and Learn Why the IRS May Not Send It

May 9, 2019

In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays, or, in worst-case scenarios, refunds may be applied to debts owed to the federal or state governments.

Tax Advice: Plug in Savings for Electric Vehicles

May 5, 2019

Are you interested in joining the growing ranks of plug-in electric vehicle owners? Find out about the federal income tax credit you might be able to claim.

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.