News

You don’t have to be a large business to benefit from tax breaks. Here are 3 ways that eligible small businesses can save on taxes.

Many people are thinking about buying electric vehicles because of their advanced technology, high gas prices and the fact there are more models available today. Along with factors like acceleration and the battery range, check out the federal tax break that may be available.

Do your children have investment income? They may owe “kiddie tax.” Here are the basic rules.

Interested in a “like-kind” exchange of real property? Here are the basic rules.

In some cases, disability income is taxable by the federal government. In other cases, it isn’t. Here are the rules.

When a business shuts down, there are a number of tax responsibilities that must be met. Unfortunately, because of the pandemic and the economy, many businesses are facing this reality. Here are the basic rules.

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

Buying or selling a business may be the most critical transaction you ever make. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law. Here are some considerations.

Rather than keeping track of your actual vehicle-related expenses, you may be able to use a standard mileage rate to compute certain tax deductions. But when are individual taxpayers eligible to deduct vehicle-related expenses and what are the amounts for 2022?

If you’re a business owner or executive, you might be taking it a little easy this summer. But don’t take it so easy that you forget about these third-quarter tax deadlines.

If you’re getting a divorce, you know it can be a difficult process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are five issues to consider.

Business owners: Are high gas prices getting you down? The IRS is providing some relief by raising the optional standard mileage rate for the last six months of 2022.

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

With the federal estate tax exemption currently so large, you may want to devote more time to saving income taxes for your heirs.

The “dividends-received deduction” may take some of the bite out of a C corporation’s tax bill. Here’s how.

Small businesses and start-ups engaging in research activities: Here’s a way to save on payroll taxes.

Some people are under the misconception that Social Security benefits are always free from federal income tax. So they may be surprised to learn that benefits may be taxed in retirement. Here are the rules.

An important deadline is coming up for quarterly federal estimated tax payments. Here are four methods for corporations to compute them.

If the value of your portfolio is down, you may want to turn the stock market downturn into a tax-saving opportunity. How? By converting a traditional IRA into a Roth IRA.

Do you own Series EE bonds? Take a look at the issue dates to see if the bonds are no longer earning interest. Here’s some information about how bond interest is taxed.

You may have overlooked some tax breaks if you are caring for an elderly relative. Here’s a rundown.

If you’re involved in a partnership, you likely know it’s taxed differently than a C corporation. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

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

Starting with the 2022 tax year, filing and receiving 1099-K forms will be much more complicated for many businesses and self-employed individuals.

Here’s a strategy for older taxpayers who are philanthropically inclined and also take distributions from their traditional IRAs.