Terri Miller, Enrolled Agent, Accountant at NMS, Inc.

12/19/2024

The IRS is checking their list. If you’ve received, sold, or exchanged virtual currency, get your list ready for taxes.

Those realized gains from the surge in cryptocurrency need to be reported on 2024 tax returns. The IRS views every crypto transaction to be as real as cash, and it’s taxable. Prior to this year, taxpayers have used the ‘universal method’ for tracking basis on digital assets. Some people purposely used the method, some may not know they used it. With the IRS becoming more sophisticated and partnering with crypto exchanges, they’ve moved to new regulations making the ‘universal method’ no longer permissible.

The final rules require a ‘wallet-by-wallet’ approach. If you haven’t already, use software or a spreadsheet to record all of your trades, purchases and sales. Know your taxable events, like buying goods or services with crypto. Separate your short-term and long-term gains. Consult a tax pro to work through the challenges.

Please reach out to me at [email protected] if you have questions. I would be happy to help you.

12/13/2024

Throughout the year, I've been informing clients about the requirements of Beneficial Ownership Interest reporting under the Corporate Transparency Act (CTA). On December 3, 2024, the U.

04/03/2024

Tax saving opportunity for S-Corps and Partnerships

Don't miss out on your SCorp or Partnership federal deduction for personal tax savings.

Read more here at https://bit.ly/4cVOY8T

02/19/2024

It's not an option. New Federal Reporting Requirement for Business Ownership.

If the federal government categorizes your business as a 'Reporting Company', you need to comply with a new requirement about ownership.

Read more here https://bit.ly/3UP8jBN

02/07/2024

The bill for Tax Relief for American Families and Workers Act of 2024 is now in the Senate. Impacted returns will be held back from filing. Details are in the article below.

The Tax Relief for American Families and Workers Act of 2024 bill was passed with bipartisan support in Congress on January 31st. We're waiting for the Senate to pass it before we move forward on impacted tax returns.

09/21/2022

Give us a call at 440-352-3949 if you need help with this. We'll ensure your return is accurate and timely.

Deadline is October 17 Did you extend your 2021 tax return? The return is due October 17th. Do you need some help? Hello! If you extended your 2021 tax return, don't forget to file the return! The dea

04/06/2022

There's no harm in extending your return. It won't trigger an additional inspection from the IRS. If you owe, you still need to pay by 4/18! But your new return deadline is October 17th. Call us for help! 440-510-1928

I specialize in bookkeeping, payroll, business and personal taxes, as well as tax planning for individuals and small businesses.

03/19/2022

Don't let stress build. Let us relieve the pressure by doing your taxes.

02/17/2022

Another $1,800 per child could come with your Tax Refund. We can help you sort this out and ensure an accurate return using your Letter 6419 from the IRS. Please contact Terri Miller with questions or to drop off your tax documents. [email protected] or (440) 510-1928. New clients are welcome!

I specialize in bookkeeping, payroll, business and personal taxes, as well as tax planning for individuals and small businesses.