News

The rules for deducting personal casualty losses on a tax return have changed through 2025. However, you may still be able to claim a deduction if an event qualifies as a federally declared disaster (and several have this summer).

If you own or operate a business, you may not know that the IRS has “Audit Techniques Guides” for certain industries and tax issues. IRS examiners use them to prepare for audits and you can read them too. Here’s how.

Does your employer provide you with group term life insurance? Depending on the amount of coverage, it may add to your tax bill. Here are the rules.

Divorce may have tax implications for the spouses involved, especially if one or both of them owns a business. Here are some of the issues involved.

Do you have a disabled family member that you’d like to help out financially but you don’t want them to lose eligibility for their government benefits? You may be able to use a tax-advantaged ABLE account.

If your corporation defaults on a loan that you guarantee, you don’t want to be blindsided by the tax implications.

If you're struggling to find new ways to grow your company, know this.

If your child receives a scholarship, is the amount taxable income? Here are the rules.

Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.

Long-term care, including nursing home care, is expensive. Fortunately, there may be tax breaks if your parent is moving into a nursing home.

There are several options for operating your small business. For example, a sole proprietorship, an S corporation or a partnership. Take a look at why a limited liability company (LLC) might be right for you.

Fun fact: A summer job may enable your teen to contribute to a Roth IRA.

Business applications have increased over the past year, according to the U.S. Census Bureau. If you’re launching a business, here’s how start-up expenses are treated on a federal tax return.

Student loan interest is deductible for some borrowers subject to certain limits. Find out if you qualify.

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.

Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.

NMS is excited to announce a merger effective July 19 with Kathleen J. Miller + Associates, Inc.

Are you an investor or a trader? The difference is important for tax purposes.

The IRS will impose the “Trust Fund Recovery Penalty” on certain business owners and managers personally if employment taxes aren’t paid to the government. Find out if you could be liable.

An IRS audit seems scary but may be nothing to worry about. In many cases, the IRS closes an audit after receiving requested documentation. Here are the latest IRS statistics, as well as some tips on how to help come out of an audit with a favorable result.

Owners of “pass-through” businesses can claim a valuable tax deduction that was created by a 2017 law. Here’s how much it’s worth and who is eligible.

Married spouses who don’t work outside the home may still be able to contribute to an IRA. Here are the rules for 2021 for spousal IRAs.

If your business hasn’t already claimed the Employee Retention Tax Credit, you should check out if you’re eligible. The money can help with the costs you incur in hiring and retaining employees during the pandemic.

On the road again for business? Here’s a rundown of costs you can deduct for business travel.

If you have Medicare insurance (including supplemental), you know it can be expensive to get the coverage you want. But you may be able to deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.