News

The Child Tax Credit is a critical resource for millions of families. But under current law, many taxpayers will see the credit cut in half in 2026 if Congress doesn’t act this year.

You may have heard about proposals to end taxes on tips. If you’re a business with employees who receive tips, how should you proceed?

It’s common to wait until the last minute to file your federal tax return. But are there reasons to file early? Here’s the answer to that and other tax-filing questions.

Is retirement on the horizon? Plan ahead for the tangle of tax implications you may face.

How much of your 2025 earnings are taxed for Social Security? How has the standard deduction increased in 2025? Here are some answers to these and other tax questions you may have.

An important deadline is coming up fast for businesses with workers. Here’s what’s due on Jan. 31.

The price of gas is slightly higher than it was a year ago. How does this affect the amount you can deduct for business driving in 2025? Here’s the latest on the cents-per-mile rate for this year.

Small business owners can potentially claim large first-year depreciation deductions for heavy vehicles and home office deductions. The combination can result in major tax savings. Here’s how.

Once you reach age 73, tax law requires you to begin taking withdrawals — called Required Minimum Distributions (RMDs) — from your traditional IRA, SIMPLE IRA and SEP IRA. Since funds can’t stay in these accounts indefinitely, it’s important to understand the rules behind RMDs, which can be pretty complex. Below, we address some common questions to help you navigate this process.
...

There are some tax-savvy ways to build education savings and pay for college. Here’s how to help maximize education funds and minimize financial stress.

Achieving the best tax treatment for Sec. 1231 gains and losses can be a challenge. Here’s how to help plan the timing of gains and losses for optimal tax results.

In the new year, you may want to contribute new amounts to your employer’s 401(k) plan or Roth 401(k). Here are the contribution limits for 2025.

Discover the key benefits and potential pitfalls of operating your business as a C corporation.

Did you know that interest from U.S. savings bonds is taxed at the federal level but not at the state or local levels? Here’s a look at the tax implications of investing in savings bonds.

With unemployment low, many small businesses need more employees. The Work Opportunity Tax Credit can help if you hire from certain targeted groups.

NMS has made the difficult decision to consolidate our Burton and Chardon offices in Chardon. If this move affects your regular service, we still look forward to serving you! Please visit this post to learn more.

Adopting a child? You know there can be many steep expenses. Fortunately, there may be valuable tax breaks for parents. Here are the relevant amounts for 2024 and 2025.

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.

Through out the year, we have been informing our clients about the requirements of Beneficial Ownership Interest (BOI) reporting under the Corporate Transparency Act (CTA). Click here for the latest.

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!