Small Business Tax Advice | News from NMS, Inc.

Tax Advice: Take Advantage of the Gift Tax Exclusion Rules

October 7, 2019

With the annual federal gift tax exclusion, you can transfer substantial amounts free of gift taxes to your children and others. Here are the basic rules.

Tax Advice: When is Tax Due on Series EE Savings Bonds?

October 6, 2019

If you own Series EE bonds, check the issue dates on your bonds. If they’re no longer earning interest, you probably want to redeem them. Read this article to learn more on that and how the interest on the bonds is taxed.

Tax Advice: On Divorce-Related Tax Issues

September 18, 2019

Getting a divorce can be a painful process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are four issues to consider if you’re in the process of getting a divorce.

Tax Advice: Must You Make a Payment on September 16?

September 10, 2019

The third estimated tax payment deadline is coming up. Here are the details of when it is and whether you’re required to make a payment.

Tax Advice: Expenses Teachers Can/Can't Deduct on Their Taxes

August 28, 2019

Are you an educator who's back to school and spending money out of your pocket to teach your students? Read on: you may be eligible for a special tax break!

Tax Advice: Taking Distributions from Your Traditional IRA

August 26, 2019

Prudently planning how to take money out of your traditional IRA can mean more money for you and your heirs. Here are three areas to understand in order to maximize your
retirement savings.

Tax Advice: "Innocent Spouses" May Get Relief from Tax Liability

August 15, 2019

If you’re married and file a joint return, what happens if your spouse doesn’t disclose all of his or her income or otherwise doesn’t pay the correct tax owed? You’re generally
liable for the full amount but there may be “innocent spouse” relief.

Tax Advice: The "Kiddie Tax" Hurts Families More Than Ever

August 1, 2019

If your child or grandchild has unearned income from dividends, interest and capital gains, beware of the “kiddie tax.” Your family may be hit even harder by the tax under current
law.

Tax Advice: "Nanny Tax" Applies to More Than Just Nannies

July 27, 2019

In 2019, if you pay a household worker cash wages of $2,100, you must withhold and pay Social Security and Medicare taxes. Learn about this and other tax obligations for household
workers.

Tax Advice: Volunteering for Charity = Tax Break?

July 16, 2019

Do you spend time volunteering for charity? While you can’t deduct the value of your time, you may be able to deduct some of the out-of-pocket costs. Here are the rules.

Tax Advice: Summer, a Good Time to Review Your Investments

July 16, 2019

As the old song goes: “Summertime, and the livin’ is easy.” But take some time to review your investment portfolio for possible growth and tax reduction strategies.

Tax Advice: You May Have to Pay Tax on Social Security Benefits

July 8, 2019

If you’re getting close to retirement age, you may be wondering if your Social Security benefits are going to be taxed. And if so, how much will you have to pay?

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.