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For Small Businesses: Tax Advantages of Debt in a C Corp

May 17, 2024

There are potential federal income tax advantages when you include debt in the capital structure of a C corporation. Here’s a rundown.

Tax Advice: Pay Attention to the Rules When Hobby Turns to Business

May 13, 2024

There are a number of different hobbies that some taxpayers turn into businesses. Here’s how they can protect tax breaks on their tax returns.

For Small Businesses: On Growing With a New Partner

May 13, 2024

If you’re adding a new partner to your partnership, you may think the tough part is over once you find the right person. But there could be complex tax issues to consider.

Tax Advice: When You Sell an Appreciated Vacation Home

May 2, 2024

If you own a vacation home, perhaps you’re ready to sell it. What are the tax implications? Here are the rules if you sell at a profit.

For Small Businesses: When Partners Pay Expenses Related to the Business

May 2, 2024

If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.

Tax Advice: Keep These 3 Issues in Mind After Filing Your Return

April 28, 2024

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.

For Small Businesses: The Key to Less Painful IRS Audits

April 28, 2024

A meticulous approach to maintaining business records can help protect your tax deductions and make an IRS audit much less difficult. Here’s a recent court case illustrating some of the issues involved.

For Small Businesses: Consider a Contrary Approach with Income and Deductions

April 28, 2024

Businesses: Do you expect federal income tax rates to go up, go down or stay the same in the future? If you think your rates could go up, here are some considerations.

Tax Advice: The Pros and Cons of Turning Your Home Into a Rental

April 28, 2024

Home selling (and buying) season is heating up. At the same time, rents are high in many parts of the country. What are the tax implications if you buy another home but decide to keep your current home and rent it out?

For Small Businesses: Don't Have a Tax-Favored Retirement Plan? Set One Up Now

April 28, 2024

If you’re a business owner without a retirement plan, establishing one is simpler than you may think. And there still may be time to set one up for LAST year, depending on your situation.

Tax Advice: After Filing Your Return, 3 Things to Remember

April 24, 2024

Once your 2023 tax return has been filed, you can breathe a sigh of relief. But there still may be some tax issues to consider. Here are three of them.

Tax Advice: File for an Extension if You're Not Ready for 4/15 Deadline

April 6, 2024

The April 15 tax deadline is approaching, but what if you’re not ready to file? There are some simple steps you can take to avoid steep penalties.

Q2 2024 Tax Calendar, provided by NMS CPA, local Ohio CPA firm

For Small Businesses: 2024 Q2 Tax Calendar

April 6, 2024

Spring is here, along with a bunch of tax-related deadlines. Here are some upcoming dates for the second quarter of 2024 that businesses and employers should keep in mind.

Tax Advice: Update on Retirement Account Required Minimum Distributions

March 29, 2024

The SECURE 2.0 law includes good news about required minimum distributions from tax-favored retirement accounts. But an earlier law contained some bad news for certain beneficiaries of inherited retirement accounts. Here are the rules.

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Tax Advice: Beware of a Stealth Tax on Social Security Benefits

March 24, 2024

Many retirees are surprised to find out that some of their Social Security benefits are hit with federal income tax. Will you be one of them? Here are the rules.

Tax Advice: How Renting Out a Vacation Property Will Affect Your Taxes

March 20, 2024

Many people who own vacation homes rent them out to earn extra income. Even better, renting them out may provide tax breaks. Here are the rules.

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For Small Businesses: Bartering Is a Taxable Transaction, Even Without Cash

March 20, 2024

If your small business would like to exchange goods and services without exchanging money, you may be able to barter. The internet makes it easier to engage with other businesses. But if you barter, be aware of the tax consequences.

Tax Advice: Job Loss is Bad, Tax Implications Can Be Worse

March 6, 2024

Losing your job doesn’t mean putting tax issues in the rear-view mirror. There can be tax implications to a layoff or termination. Be aware of these three areas.

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For Small Businesses: Better Tax Break When Applying the Research Credit

March 6, 2024

Even if your startup business has little or no income tax liability, you may be eligible for a payroll tax credit election for increasing research activities. This tax break got better under the Inflation Reduction Act.

For Small Businesses: Tax-Wise Ways to Take Cash From Your Corp

March 4, 2024

As you may know, dividends paid out by a corporation are taxable to shareholders and can’t be deducted by the business. But there may be ways to get cash out of your closely held corporation without dividend treatment.

Tax Advice: New Option for Unused Funds in 529 College Savings Plan

March 4, 2024

It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.

Tax Advice: Get Ready for the 2023 Gift Tax Return Deadline

March 3, 2024

April 15 isn’t only the income tax return deadline, it’s also the gift tax return deadline for people who made large gifts last year. Find out if you’re required to file a 2023 gift tax return. (Note: You may want to file one anyway).

For Small Businesses: The Best Accounting Method Route for Tax Purposes

February 19, 2024

Many businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take? Here are the rules.

Tax Advice: On Filing Jointly or Separately as a Married Couple

February 7, 2024

Is it better for a married couple to file a joint tax return or file separately? It depends. Here’s a look at the issue.

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For Small Businesses: 9 Tax Considerations for New Sole Proprietors

February 7, 2024

Many new ventures start out as sole proprietorships. Here are nine considerations if you’re operating a business that way.

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