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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?

For Small Businesses: Time to Think About Tax Planning

September 12, 2024

We’ll be saying goodbye to 2024 in no time. Here are some year-end moves to consider that may help your small business save on taxes.

For Small Businesses: On Crafting Partnership & LLC Operating Agreements

August 27, 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: What's Best for Taxes, Cash or Accrual Accounting?

August 23, 2024

Choosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods.

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.

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.

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.

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.

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.

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.

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.

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