News

The April 15 tax filing deadline is just around the corner. Keep in mind that it’s also the deadline for filing a gift tax return if you made large gifts last year. Find out if you must file a 2024 gift tax return and if not, why you may want to file one anyway.

Years ago, businesses used to be able to claim a tax deduction for most business-related interest expense. The Tax Cuts and Jobs Act changed that. Here’s the current situation.

To itemize deductions or not to itemize deductions? Here’s how the decision is made.

Small business owners who work from home may be able to reduce their tax bills with home office deductions. Are you eligible?

The tax rules for business losses from partnerships, S corporations and LLCs can be complex. Here’s what you need to know when filing your tax return.

The best way to grow your nest egg is to save for retirement today. There’s still time if you’re eligible and you didn’t contribute the maximum amount allowed in 2024 to a traditional IRA or SEP.

The Child Tax Credit is a critical resource for millions of families. But under current law, many taxpayers will see the credit cut in half in 2026 if Congress doesn’t act this year.

You may have heard about proposals to end taxes on tips. If you’re a business with employees who receive tips, how should you proceed?

It’s common to wait until the last minute to file your federal tax return. But are there reasons to file early? Here’s the answer to that and other tax-filing questions.

Is retirement on the horizon? Plan ahead for the tangle of tax implications you may face.

How much of your 2025 earnings are taxed for Social Security? How has the standard deduction increased in 2025? Here are some answers to these and other tax questions you may have.

An important deadline is coming up fast for businesses with workers. Here’s what’s due on Jan. 31.

The price of gas is slightly higher than it was a year ago. How does this affect the amount you can deduct for business driving in 2025? Here’s the latest on the cents-per-mile rate for this year.

Small business owners can potentially claim large first-year depreciation deductions for heavy vehicles and home office deductions. The combination can result in major tax savings. Here’s how.

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common questions to help you navigate this process.
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There are some tax-savvy ways to build education savings and pay for college. Here’s how to help maximize education funds and minimize financial stress.

Achieving the best tax treatment for Sec. 1231 gains and losses can be a challenge. Here’s how to help plan the timing of gains and losses for optimal tax results.

In the new year, you may want to contribute new amounts to your employer’s 401(k) plan or Roth 401(k). Here are the contribution limits for 2025.

Discover the key benefits and potential pitfalls of operating your business as a C corporation.

Did you know that interest from U.S. savings bonds is taxed at the federal level but not at the state or local levels? Here’s a look at the tax implications of investing in savings bonds.

With unemployment low, many small businesses need more employees. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.

NMS has made the difficult decision to consolidate our Burton and Chardon offices in Chardon. If this move affects your regular service, we still look forward to serving you! Please visit this post to learn more.

Adopting a child? You know there can be many steep expenses. Fortunately, there may be valuable tax breaks for parents. Here are the relevant amounts for 2024 and 2025.

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.

Through out the year, we have been informing our clients about the requirements of Beneficial Ownership Interest (BOI) reporting under the Corporate Transparency Act (CTA). Click here for the latest.