News

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.

What you need to know now about the employee retention credit.

Although you might want to enjoy the lazy days of summer, employers and businesses should be careful not to miss these third quarter 2021 tax deadlines.

Your college savings can go farther with tax-favored vehicles. Here are some options.

Tax planning is still important after you retire. Check out these tax implications of retirement.

Keeping meticulous business records for meal and vehicle expenses can protect your tax deductions. Here are some DOs and DON’Ts.

Are you a business owner with teenage or college-age children who constantly need cash? You may want to hire them to work at your business. You’ll save taxes and realize other benefits.

If you’re subject to the 3.8% net investment income tax, you should include it in your tax planning. Here is who the tax applies to and some strategies to minimize it.

About 39 million households covering 88% of children in the U.S. will begin receiving monthly tax credit payments soon. Here are the details.