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NARMA Tax Advisors

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NARMA Tax Advisors

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Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from NARMA Tax Advisors, Tax preparation service, Philadelphia, PA.

We help high-income consultants, online entrepreneurs, and business owners legally reduce their tax burden, resolve IRS issues, and protect their wealth by providing tax planning and IRS tax resolution services.

10/28/2026

"You already have an office somewhere else, so no home-office deduction."

That's what an IRS auditor told a self-employed real estate agent. Her CPA agreed. They were both wrong.

She had a shared desk at her brokerage, which she used for floor duty every other week and two sales meetings a month. Everything else happened in her home office: billing, scheduling, record keeping, and managing files.

Since 1999, your home office can count as your principal place of business when:
1. You use it regularly and exclusively for administrative or management work for your business, and
2. You have no other fixed location where you do substantial administrative or management work.

IRS Publication 587 says you can have more than one business location, including your home, for the same business. It also says that having space available somewhere else, and choosing to do that work at home instead, doesn't disqualify you.

The 2026 trap: W-2 employees can't deduct a home office at all, and that rule is now permanent. If you're paid as an independent contractor, keep your contractor agreement on file, because it's what keeps you out of the employee category. If you own a corporation and work for it as an employee, the right route is a reimbursement from your company, not a deduction on your personal return.

And "exclusive" still means exclusive. A guest room that doubles as your office won't qualify.

Not sure your home office would hold up in an audit? Let's review it before you file.
Schedule a Tax Planning Discovery Call: https://calendar.narmainc.com/widget/bookings/narmataxplanningdiscoverycall

10/27/2026

Yesterday we sent the first issue of NARMA Tax Advisors' Tax-Saving Insights newsletter. It's a short monthly email for business owners and real estate investors, with practical tax moves you can use all year.

This month's issue focuses on year-end moves:
1. S corporation owners: three payroll items to finish before year-end
2. 2026 retirement plan limits, and the credits that help pay for a new plan
3. Refinancing a rental? How you spend the cash decides whether the interest is deductible

November's issue covers December purchases, proving your rental hours, and putting your children on payroll.

Want it in your inbox? Sign up for the newsletter here: https://api.leadconnectorhq.com/widget/form/yebTuf6WdgyJo7ZJ3KhI

10/27/2026

"How long have you been in business?"

If your answer starts with "Well, only six months...", stop.

Nicole Reaves started in accounting in 1999. She opened her own firm in 2018. Which number tells a client more about what she can do?

As Russell Dinkins put it: if you bought a car two years ago, that's not when you started driving.

Separate your business age from your professional experience. Honesty doesn't require shrinking your qualifications.

Try: "My firm opened in 2018. I've been doing this work since 1999."

Hear the full Business Low Self-Esteem series on The Boardroom Meeting: Business Networking Talk Show. Listen on Spotify: https://open.spotify.com/show/1BeEkmV0H6D7wObe3gmzxG
Want to be a guest on The Boardroom Meeting? Send us a message.

10/26/2026

Your first fix-and-flip lost money. Can you deduct the whole loss this year?

Picture this: an investor buys a run-down house for $520,000, spends 11 months restoring it, and sells it for about $610,000. After rehab and carrying costs, the project is $75,000 in the red.

How much that $75,000 helps this year comes down to one label: dealer or investor.

✔ Investor: the loss is a capital loss. With no capital gains to offset, you can deduct only $3,000 a year against other income. On a $75,000 loss, that's 25 years.
✔ Dealer: the house was inventory you held to sell. The loss is an ordinary business loss, deductible this year against your other income. If flipping is part of a business you already run, it can cut your self-employment tax too.

The IRS and the courts look at the whole picture: why you bought, how much improvement work you did, how quickly you listed, how businesslike you ran it, and how often you sell. Frequency of sales carries the most weight, so a first flip is the hardest case to make. Nothing about it is automatic.

Dealer status also cuts both ways. Once your flips turn a profit, that profit is ordinary income subject to self-employment tax, and dealer property can't use a 1031 exchange or installment sale reporting. You can't be a dealer in loss years and an investor in profitable ones.

If flipping is your business, document it like one: a written buy-rehab-sell plan, a separate bank account and books, a log of your hours and the work done, and a listing as soon as each rehab is finished.

Flipping now, or planning to? Let's set up your projects the right way before the next one closes.
Schedule a Tax Planning Discovery Call: https://calendar.narmainc.com/widget/bookings/narmataxplanningdiscoverycall

10/24/2026

"Your goal is not to be the cheapest. Your goal is to be profitable." Nicole Reaves

You deserve to build wealth, not just stay busy.

New episodes every week on The Boardroom Meeting: Business Networking Talk Show, with Russell Dinkins and Nicole Reaves. Listen on Spotify: https://open.spotify.com/show/1BeEkmV0H6D7wObe3gmzxG
Want to be a guest on The Boardroom Meeting? Send us a message.

10/22/2026

A listener wrote in: her salon is packed Thursday through Saturday. She has loyal clients, sells products, and rents out two chairs.

And she's never made real money. Her stylists seem to be doing better than she is.

Russell Dinkins: "You cannot price emotionally. You must price mathematically." Add up your overhead, set your target income, and work out the revenue you actually need.

Nicole Reaves: "Pricing is perception and positioning, too." Look at premium add-ons, bundles, retail, your chair rent model, and what's happening Monday through Wednesday.

Their combined advice: run the numbers, compare to 3 to 5 similar businesses, adjust one thing at a time, and communicate it professionally.

Busy is not the goal. Profitable is.

New episodes every week on The Boardroom Meeting: Business Networking Talk Show, with Russell Dinkins and Nicole Reaves. Listen on Spotify: https://open.spotify.com/show/1BeEkmV0H6D7wObe3gmzxG
Want to be a guest on The Boardroom Meeting? Send us a message.

10/22/2026

Have you ever gone into business with a friend?

Nicole Reaves has. Five years. "We broke up."

On The Boardroom Meeting, she explained why it gets so complicated: friendship runs on loyalty, grace, and forgiveness. Business runs on performance, expectations, and accountability. Two different operating systems.

Before you partner with a friend, ask:

• Is this partnership balanced, emotionally and economically?
• If this person weren't my friend, would I tolerate this level of performance?
• Are we both bringing skill, capital, network, or strategy? Or is one of us riding the relationship?

Then put everything in writing, agree on how you'll handle disagreements, review performance quarterly, and define your exit before you need it.

And don't negotiate equity at Thanksgiving dinner.

10/21/2026

S corporation owners: are you paying yourself a salary?

One of the biggest reasons business owners choose an S corporation is to save on self-employment taxes. But there's a catch.

If you work in your business, the IRS expects you to pay yourself reasonable compensation through W-2 payroll before you take distributions.

Skip the salary and take everything as distributions, and the IRS can reclassify that money as wages. That means:

• Back payroll taxes
• Penalties
• Interest

Tax preparers have even been penalized for letting clients get this wrong.

So what is "reasonable"? Generally, what you would have to pay someone else to do the work you do. It depends on your role, your industry, and your numbers. It's not a number to guess at.

If you own an S corporation, this is worth reviewing before year-end payroll and W-2s are finalized.

Schedule your Tax Planning Discovery Call:
https://calendar.narmainc.com/widget/bookings/narmataxplanningdiscoverycall

10/20/2026

Just got married and thinking about selling a home?

Most people know a married couple can keep up to $500,000 of profit on a home sale tax-free. What surprises people is that the wedding alone doesn't get you there.

To claim the full $500,000, generally:

✔ You file a joint return
✔ At least one of you has owned the home for 2 of the last 5 years
✔ BOTH of you have lived in it as your main home for 2 of the last 5 years
✔ Neither of you has used the exclusion on another home in the last 2 years

If your new spouse only moved in last year, you may be limited to $250,000 for now. Sometimes waiting a few months to list can save real money.

The tax planning should happen before you sign the listing agreement, not after closing.

Schedule your Tax Planning Discovery Call:
https://calendar.narmainc.com/widget/bookings/narmataxplanningdiscoverycall

Address

Philadelphia, PA

Opening Hours

Monday	10am - 8pm
Tuesday	10am - 8pm
Wednesday	10am - 8pm
Thursday	10am - 8pm
Friday	10am - 8pm
Saturday	11am - 3pm

Telephone

+18774829911

Website

http://www.narmainc.com/

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