News

Inflation has slowed down considerably in the last couple of years. What does this mean for your federal tax bill? Here are the inflation-adjusted amounts for several provisions in 2025, compared to 2024.

The average price of gas is down more than 20 cents per gallon from a year ago. That may affect the tax deductions for local transportation costs that your business can claim for 2024. Here’s what you can write off.

How does your federal tax bill affect Medicare insurance premiums? How much will monthly Medicare premiums be in 2025? Here are the answers to those and other questions.

If your business is having a holiday party this year, how much of the cost of food and beverages is tax deductible? What if you’re going on a business trip? We've got answers.

You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it works, how it will increase and whether there’s anything you can do to reduce it.

If you’re a small business owner, you want to take full advantage of the tax deductions allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden future and reap tax advantages.

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to easing inflation. However, many will still go up slightly. Find out how much you can contribute to 401(k)s, SEP plans, IRAs and more.

In 2024, if you pay a household worker cash wages of $2,700 or more, you must withhold and pay Social Security and Medicare taxes. What will this threshold be in 2025?

You want to unlock the best possible tax results when exercising employer-issued nonqualified stock options.

Are you thinking about buying a new exterior door or rooftop solar panels? How about an electric vehicle? You may want to act soon because President-Elect Donald Trump has pledged to terminate a law providing valuable tax credits for these and other energy-saving purchases.

When can individual taxpayers deduct vehicle-related expenses? And how much can they deduct? Here are the amounts for 2024.

If you’re feeling generous as we head toward the holidays, you may want to give cash gifts to your loved ones. You may also want to steer clear of gift tax implications.

Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s threshold amount was recently announced by the Social Security Administration. Here’s the amount, along with what it means for your business.

What triggers an IRS audit and how can you prepare if your business is selected?

Transforming your hobby into a business can impact your taxes, especially if the activity loses money for some time. Here’s how you may be able to rightfully deduct losses.

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan.

Taking proactive steps now could help reduce your tax liability for 2024 and 2025. Here are some considerations.

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

When you buy a house, can you deduct seller-paid points on your tax return? Here are the rules.

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?

"25 Emerging Fast Track 50 & 20-Year Hall of Fame Winner"

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

We are pleased to offer new flexible ways to pay for your NMS services. From now on, our new secure online payment portal link will be located at the bottom of your invoice and reminder statements!