News

If your employer provides you with group term life insurance, it may add to your tax bill. It depends on the amount. Here are the rules.

If your corporation defaults on a loan that you guarantee, there may be tax consequences. You don’t want to be caught unaware.

Next year, a new provision kicks in that may allow businesses to help employees in financial emergencies through their retirement plans. Here are the details.

Family members often want to help disabled loved ones financially but don’t want them to lose eligibility for their government benefits. A tax-advantaged ABLE account may be the answer.

Launching a business? Here’s how start-up expenses are handled on a federal tax return.

When planning your estate or inheriting assets, it’s essential to understand the “step-up” basis rules. They can affect the taxes due on the sale of the assets.

Converting an unincorporated business into an S corporation may help you cut your self-employment tax bill. Here’s how.

Criminals keep coming up with new ways to try and steal information from taxpayers. Here are a few of their scams and how you can avoid them.

Don’t panic if you get a letter from the IRS telling you your tax return is being audited. In many cases, the IRS completes audits after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help survive an audit.

The Trust Fund Recovery Penalty is personally imposed on certain business owners and managers when employment taxes aren’t paid to the government. Here are the rules, along with two cases where individuals were held liable for the harsh penalty.

If you’re married and don’t earn compensation, you may think you can’t contribute to a retirement plan. But you may be eligible for a spousal IRA. Here are the rules for 2023.

You might want to enjoy the lazy days of summer, but employers and businesses need to make sure not to miss these third-quarter 2023 tax deadlines.

Seniors who have Medicare insurance (including supplemental) know that it can be costly to get the desired coverage. If this is your situation, you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return.

In addition to regular income tax, high-income taxpayers may face the 3.8% net investment income tax. This article explains who the tax applies to, as well as some strategies to minimize it.

Here’s a rundown of the tax deductions you can claim for business travel.

Many people turn to “gig” work for additional income. Here are the tax consequences of taking on these jobs.

Keeping careful business records for meal and vehicle expenses can safeguard your tax deductions. Here are some DOs and DON’Ts.

You’ve probably heard that you should avoid probate in estate planning. But what does that mean and how is it done?

Don’t ignore tax planning after you retire. Here are some of the tax implications of retirement.

NMS is excited to announce the acquisition of Ted Reed Accounting.

How much do Americans spend on AC? The number may surprise you. Get tips to start saving.

If you're looking for a way to incentivize and retain key employees, considering offering a nonqualified deferred compensation (NQDC) plan.

When you sell a principal residence that has appreciated in value, you generally can exclude $250,000 ($500,000 for married couples) of the gain from tax. But many homes sell at a much higher profit, which is why you should keep track of your "basis."

Though the labor market has stabilized since 2021's "Great Resignation," some businesses continue to lose employees and struggle to replace them. You might try to stem this issue by conducting "stay interviews."