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For Small Businesses: Is an S Corporation the Right Choice?

March 19, 2025

When starting a new business, you have several entity options to consider. One option is an S corporation. Here are some of its advantages.

For Small Businesses: On the Business Interest Expense Deduction

March 7, 2025

Years ago, businesses used to be able to claim a tax deduction for most business-related interest expense. The Tax Cuts and Jobs Act changed that. Here’s the current situation.

For Small Businesses: How Your Home Office Can Result in Tax Deductions

February 25, 2025

Small business owners who work from home may be able to reduce their tax bills with home office deductions. Are you eligible?

For Small Businesses: Do You Have an Excess Business Loss?

February 25, 2025

The tax rules for business losses from partnerships, S corporations and LLCs can be complex. Here’s what you need to know when filing your tax return.

For Small Businesses: Questions About Taxes & Tips?

February 25, 2025

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?

Coworkers driving in car for business trip

For Small Business: The Standard Business Mileage Rate Has Increased

January 21, 2025

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.

For Small Businesses: Heavy Vehicle Plus Home Office Equals Tax Savings

January 21, 2025

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.

For Small Businesses: How Section 1231 Gains & Losses Affect Business Asset Sales

January 7, 2025

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.

For Small Businesses: Pros & Cons of Operating as a C Corporation

January 1, 2025

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

For Small Businesses: Understanding the Work Opportunity Tax Credit

January 1, 2025

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

For Small Businesses: The Tax Treatment of Intangible Assets

December 19, 2024

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

For Small Businesses: Reduce Your Taxes with Local Transportation Cost Deductions

December 12, 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.

For Small Businesses: When to Deduct Business Meals & Entertainment?

December 12, 2024

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.

Document that says "SELF-EMPLOYMENT TAX"

For Small Businesses: A Refresher on Self-Employment Tax

December 12, 2024

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.

For Small Businesses: A Guide to Business Travel Tax Deductions

December 12, 2024

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!

For Small Businesses: How to Build a Golden Nest Egg If You're Self-Employed

December 10, 2024

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden future and reap tax advantages.

For Small Businesses: Retirement Savings Max Rising Slightly in 2025

December 10, 2024

The tax-advantaged retirement plan contribution amounts will increase less next year than in previous years due to easing inflation. However, many will still go up slightly. Find out how much you can contribute to 401(k)s, SEP plans, IRAs and more.

For Small Businesses: In 2025, the Social Security Wage Base Is Rising

October 22, 2024

Changes are coming to the Social Security system in 2025 in the form of a higher wage base. Next year’s threshold amount was recently announced by the Social Security Administration. Here’s the amount, along with what it means for your business.

For Small Businesses: How to Prepare For and Respond to an IRS Audit

October 21, 2024

What triggers an IRS audit and how can you prepare if your business is selected?

For Small Businesses: On Keeping Your Business Separate From Its Real Estate

October 21, 2024

It may be advantageous to separate ownership of a business’s real estate from the business. But it isn’t always advisable. Here’s a look at the issues.

Q4 2024 Tax Calendar, provided by NMS CPA, local Ohio CPA firm

For Small Businesses: 2024 Q4 Tax Calendar

October 8, 2024

Mark your calendar: It’s time for businesses to start thinking about the fourth quarter 2024 tax filing deadlines.

For Small Businesses: Do You Need to Report Employee Health Coverage?

October 8, 2024

Form 1095-C is filed with the IRS and given to full-time employees of “applicable large employers.” Which employers fall under this category, and what are their obligations?

For Small Businesses: Ensure Your Partnership or LLC Complies with Tax Law

September 17, 2024

Guaranteed payments to partners and payments to retired partners are just two of the tax issues that should be addressed in your partnership (or LLC operating) agreement. Here are the details.

For Small Businesses: Craft Partnership & LLC Operating Agreements

September 12, 2024

If your business is creating a partnership agreement or LLC operating agreement, it should include tax-related specifications. Here are some key points.

For Small Businesses: Reasons an LLC Might Be the Ideal Choice

September 12, 2024

A limited liability company can provide personal liability protection from creditors while delivering tax benefits. Is it right for you?

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