News

Tax Advice: How Working Remotely May Have Tax Consequences

August 23, 2024

For some employees who work remotely, the financial reality can be taxing. Here’s what to expect if you have a job but you don’t go to a physical office.

Tax Advice: Unfairly Burdened By a Spouse's Tax Errors?

August 15, 2024

“Innocent spouse” relief may be available to a taxpayer who unfairly receives a tax bill that’s attributed to a spouse’s or ex-spouse’s errors. Here’s a rundown of the relief, along with details of two recent court cases.

For Small Businesses: Understanding Taxes on Real Estate Gains

August 15, 2024

If you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues.

Tax Advice: Owe Estimated Taxes? If So, When's the Next One Due?

August 6, 2024

Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.

Tax Advice: The Implications of Disability Income Benefits

August 5, 2024

Disability income may or may not be taxable by the federal government. Here are the basic rules.

For Small Businesses: The Possible Future Tax Landscape for Businesses

August 5, 2024

The tax landscape for businesses may change significantly in the near future. That’s because provisions in the Tax Cuts and Jobs Act are scheduled to expire and the November elections will be decided. Here are some possible outcomes.

For Small Businesses: Handling Website Expenses for Tax Purposes

July 29, 2024

When developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic rules.

Tax Advice: How Are Series EE Savings Bonds Taxed?

July 29, 2024

If you own Series EE bonds, take a look at the issue dates to see if the bonds are no longer earning interest. Here’s how bond interest is taxed.

For Small Businesses: Closing Involves a Number of Tax Responsibilities

July 25, 2024

If your business is closing, taxes are probably not on your mind but there are a number of tax responsibilities that must be met. Here’s a rundown of the basic rules.

Tax Advice: Planning Your Estate? Don't Overlook Income Taxes

July 17, 2024

The federal estate tax exemption is currently $13.61 million, so you may want to think more about saving income taxes for your heirs (rather than worrying about estate taxes).

Tax Advice: Six Tax Issues to Consider if You're Divorcing

July 17, 2024

Getting a divorce can be an agonizing process. You don’t want to make it worse by making decisions that will cost you more in taxes. Here are six issues to consider if you’re getting a divorce.

For Small Businesses: Tax Consequences of Selling Biz Property

July 17, 2024

What are the tax consequences of selling business assets? They can be complex.

For Small Businesses: If Co-Owners, You Probably Need a Buy-Sell Agreement

July 16, 2024

For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.

Tax Advice: On Charitable Donations & Taxable IRA Withdrawals

July 16, 2024

Here’s a strategy for older taxpayers who are charitably minded and also must take required minimum distributions from their traditional IRAs.

For Small Businesses: On Borrowing From Your Corp

July 16, 2024

Closely held corporation owners: If you need money for personal expenses like a new car or home improvements, consider borrowing from the business. But follow these tips to avoid adverse tax consequences.

Tax Advice: As Tax Provisions Are Scheduled to Expire...

June 30, 2024

What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.

Q3 2024 Tax Calendar, provided by NMS CPA, local Ohio CPA firm

For Small Businesses: 2024 Q3 Tax Calendar

June 25, 2024

Summer is here and tax deadlines are probably the last thing on your mind. But there are some important third-quarter deadlines that businesses can’t afford to forget about.

Tax Advice: Social Security Update - How High Can It Go?

June 18, 2024

The Social Security tax paid by many individuals will continue to go up in future years. Here’s a look at how the tax affects employees, self-employed individuals and employers.

For Small Businesses: Hiring Your Child This Summer Might Be Smart

June 18, 2024

Hiring your child at your business this summer? It can be a tax-smart idea. Here are the benefits.

Tax Advice: If Caring for an Elderly Relative

June 17, 2024

If you’re caring for an elderly relative, you may be entitled to some tax breaks. Here are four of them.

For Small Businesses: Should You Convert From a C to an S Corp?

June 17, 2024

There are several factors to consider when converting from a C corporation to an S corporation. Here are four of the tax issues you may face.

Tax Advice: When Selling Appreciated Vacant Land

June 17, 2024

If you’re fortunate enough to own vacant land that has appreciated greatly, you may want to sell it. But how much will you pay in tax and is there any way to reduce the tax bill? Here’s a strategy to consider.

Tax Advice: The Consequences of Selling Mutual Funds

June 12, 2024

Investing in mutual funds is popular, but selling shares may result in complicated tax matters. Here are the rules.

For Small Businesses: Figuring Corporate Estimated Tax

June 12, 2024

An important deadline for quarterly federal estimated tax payments is coming up on June 17. Here are the methods for computing payments for corporations.

For Small Businesses: Tax Tips When Buying the Assets of a Business

May 27, 2024

When buying a business, you may not focus on taxes. But the way the transaction is structured can lead to better or worse tax results after the acquisition.

Select a Category