News

NMS remains open for business. However, we have made substantial changes to our business practices until the risks of this health event subside. Read on for details.

Saving money for retirement is important to a business owner’s financial security. If you haven’t set up a retirement plan for yourself and your employees for 2019, you may still be able to do so, and reduce your tax liability for last year.

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 2019
gift tax return this April (or if you may want to file one anyway).

Buying a home and want to know how much of a tax break you’ll get for paying mortgage interest? Here are the rules.

The Work Opportunity Tax credit was set to expire on Dec. 31, 2019. But a law passed late last year extends it through Dec. 31, 2020. Here’s how employers can benefit.

The child tax credit is more valuable than it was a few years ago. In addition, more taxpayers are able to benefit from it. Here are the rules.

Do you operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax
return.

In most cases, married couples who file jointly save more money on taxes than those who file separate returns. However, there are cases when filing separately is a better option.

If you conduct your business as an S corporation, you’ll be subject to income tax, but not self-employment tax, on your share of the S corporation’s income. Could this be the entity for you?

There are many complex facets involved in selling mutual fund shares. Here’s a rundown.

There are many ways to conduct a business for tax purposes, including as an S corporation or a partnership. But many new ventures start out as sole proprietorships. Here are nine tax rules and considerations involved in operating as that entity.

Prevent criminals from making you one of the many thousands of taxpayers who fall victim to tax identity theft every year.

Employers in the food and beverage industry may be eligible for a valuable tax break with the FICA tip credit. Here’s how it works.

Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or
SEP and benefit on your 2019 tax return.

Not all tax figures are annually adjusted for inflation or change due to legislation. But many do. Here are some Q&As about tax-related figures for 2020.

How much can your employees contribute to 401(k) plans this year? How much do employees have to earn in 2020 before they can stop paying Social Security tax? Here are the answers to these and other questions about annual tax-related inflation adjustments affecting businesses.

Your business can generally claim vehicle expense deductions by either calculating the actual expenses or using the IRS’s standard mileage rate, which has decreased slightly for 2020. Here are the details.

You may assume that if you make a charitable contribution to an eligible organization, you’ll receive a tax break for it. That may not be the case anymore. Here’s why.

You probably already know that you need to count rental income as part of your federal gross income. What you may not know is that you must include these four additional kinds of income.

Be an early-bird tax return filer this year. It may protect you from tax identity theft. Here’s why.

Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you. Here are the details.

A new law might provide you with tax-saving opportunities related to your IRA or retirement plan.

Small businesses: The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was recently signed into law. It has provisions that may be of interest to you if you have a retirement plan for employees or are thinking of adding one.

These days, many people work from home. But they don’t all qualify to deduct the expenses of a home office on their tax returns. Here are the basic rules.

Good news for businesses and employers: A new law provides federal tax relief. Here are five highlights.