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Home office setup with desk, chair, storage shelving and a plant.

Tax Advice: Can You Deduct Home Office Expenses?

January 23, 2018

You might be able to deduct home office expenses for 2017, but not 2018. The difference may depend on whether you’re an employee or self-employed.

Person cutting into a stack of $100 bills with a knife and fork

For Small Businesses: Meals, Entertainment, Transportation May Cost More Now

January 23, 2018

Entertaining clients, providing meals to employees and offering attractive transportation fringe benefits are important to success for many businesses. Unfortunately, the new tax law curtails deductions for these expenses.

A Fun Fact About Tax Season Delays

January 23, 2018

The December passage of the Tax Cuts and Jobs Act has caused later a later 2017 tax season. Learn why here.

Turning gears, clock gear surrounded by dollar sign gears

For Small Businesses: '17 Return May Be Last Chance at “Manufacturers’ Deduction”

January 17, 2018

If your business is engaged in domestic production activities, which include activities beyond traditional manufacturing, the Sec. 199 deduction can save you tax. But time is running out for this break.

Graphic of a glacier, above and below water line

Tax Advice: Personal Exemptions, Standard Deductions & Tax Credits...Oh My!

January 17, 2018

It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard
deduction and child credit are just the tip of the iceberg.

For Small Businesses: New Law Gives Pass-through Businesses a Valuable Deduction

January 8, 2018

While their top potential tax rate is now much higher than the corporate rate, owners of sole proprietorships, partnerships, S corporations and LLCs may get a new 20% deduction under the TCJA.

Blow arrow pointing down, "Individual tax rates"

Tax Advice: Most Individual Tax Rates Go Down Under the TCJA

January 2, 2018

With a couple of exceptions, the Tax Cuts and Jobs Act reduces individual tax rates. But what will YOUR 2018 rate be?

For Small Businesses: New Law Temporarily Expands Bonus Depreciation

January 2, 2018

The new tax law’s enhanced provision for bonus depreciation, which allows businesses to deduct more of an asset’s cost in the year the asset is placed in service, may save tax on your 2017 return.

State Capitol Building with words "TCJA and Your Business" next to it

For Small Businesses: Key Provisions Affecting You in New Tax Law

January 1, 2018

Most provisions of the Tax Cuts and Jobs Act go into effect in 2018. Which ones will affect your business?

Washington Monument, Lincoln Memorial and the Capitol Building lit up with the moon in the sky, "TCJA and You"

Tax Advice: Key Provisions Affecting Individuals in New Tax Law

January 1, 2018

For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.

RE: Tax Reform and Year End 2017 Planning

December 29, 2017

See this entry for NMS' correspondence to clients on the law and last minute tax strategies for 2017.

Short jar full of $100 bills next to "Retirement" jar full of coins

Tax Advice: 401(k) Contribution Limit Increases for '18

December 22, 2017

The contribution limits for a couple of types of tax-advantaged retirement plans have gone up for 2018. How much should you contribute?

Gloved hands holding a red heart, "Year-end charitable giving"

Tax Advice: What to Know About 2017 Year-End Charitable Giving

December 12, 2017

The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be
sure to follow the rules.

For Small Businesses: Buy a Business Vehicle Before Year End?

December 12, 2017

Making a business vehicle purchase by December 31 is a traditional year-end tax strategy. But tax reform could affect whether buying in 2017 or 2018 makes more tax sense.

Tax Advice: 7 Last-Minute Tax-Saving Tips

December 6, 2017

The possibility of tax reform being signed into law this year makes tax planning more challenging. But it also could make these tried-and-true year-end tax planning tips extra
powerful in 2017.

2018 Q1 tax calendar (January, February and March)

For Small Businesses: 2018 Q1 Tax Deadlines for Businesses and Employers

December 6, 2017

To avoid interest and penalties, it’s important for businesses to be prepared for upcoming tax-related deadlines. Make sure you know what’s due in Q1 of 2018.

2017 calendar with the "7" falling to reveal a red "8"

For Small Businesses: These Year-end Tips Could Save You Tax

December 5, 2017

Accrual-basis taxpayers can save tax by properly recording and recognizing expenses incurred this year but that won’t be paid until 2018.

African American family of three smiling for picture.

Tax Advice: You vs. Your Family When It Comes to the Long-term Capital Gains Rate

December 5, 2017

Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate.

Announcing the Ohio Tax Amnesty Program

December 3, 2017

Big news: ALL penalties and HALF the interest will be waived on qualified delinquent taxes January 1 through February 15, 2018.

Person holding a present wrapped in white with a gold ribbon.

For Small Businesses: Getting Around the $25 Deduction Limit for Business Gifts

November 21, 2017

When the $25 deduction limit for business gifts was introduced in the 1960s, it wasn’t an issue for any but the most extravagant taxpayers. These days, however, $25 doesn’t go very far. Learn how to maximize your deduction despite the limit.

A to do list, "Take 2017 RMDS" next to a cup of cocoa.

Tax Advice: When to Add RMDs to Your Year-End To-Dos

November 21, 2017

Taxpayers who have a retirement plan and are over age 70½ or inherited the plan may be subject to required minimum distribution (RMD) rules. If you’re one of them, take your RMDs by Dec. 31 to avoid a 50% penalty.

"Property Tax" sign propped next to cardboard house.

Tax Advice: Why Accelerate Your Property Tax Payment Into 2017

November 15, 2017

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?

Turning gears with years on it, 2017 larger and gold.

For Small Businesses: Reduce Your Tax Bill by Buying Business Assets

November 15, 2017

Depreciation-related tax breaks can provide significant tax savings. But keep possible tax law changes in mind as you consider buying business assets between now and year end.

A Fun Fact About Taxes on Phone Service

November 15, 2017

Phone service was taxed early — and has been taxed often ever since.

Wooden blocks that spell out "AMT" in front of a roll of money and a calculator.

Tax Advice: Could the AMT Boost Your 2017 Tax Bill?

November 15, 2017

Possible tax reform complicates year-end tax planning for the AMT in 2017. Here's why.

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