NARMA Tax Advisors

NARMA Tax Advisors 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.

Most real estate investors wait decades to recover the cost of their property. You don't have to.When you purchase an in...
07/28/2026

Most real estate investors wait decades to recover the cost of their property. You don't have to.

When you purchase an investment property, the IRS generally requires you to depreciate the building over 27.5 years (residential rentals) or 39 years (commercial property).

That's a long time to wait for your tax deductions.

A cost segregation study can accelerate those deductions by identifying portions of the property that qualify for much shorter depreciation lives—such as certain flooring, cabinetry, appliances, parking lots, sidewalks, landscaping, fencing, and other qualifying improvements.

The result?

✅ Larger tax deductions in the early years of ownership
✅ Improved cash flow
✅ More money available to reinvest in your business or portfolio

When combined with current depreciation rules, a properly executed cost segregation study can create substantial first-year tax savings for qualifying property owners.

But here's what many people don't realize...

Cost segregation isn't the right strategy for everyone.

If passive loss limitations prevent you from using the deductions, or you expect to sell the property in the near future, accelerating depreciation may not produce the outcome you're looking for. That's why this strategy should always be evaluated as part of a comprehensive tax plan—not in isolation.

At NARMA Tax Advisors, we help clients determine when a cost segregation study makes sense and how it fits into their overall tax strategy.

Don't leave valuable deductions on the table—or implement a strategy before knowing whether it benefits your situation.

📅 Schedule your Tax Planning Discovery Call today:
https://calendar.narmainc.com/sp/d2fc531ba4d

Good news from the IRS.If you've consistently filed and paid your taxes on time, you may no longer have to ask for first...
07/24/2026

Good news from the IRS.

If you've consistently filed and paid your taxes on time, you may no longer have to ask for first-time penalty relief.

Beginning this summer, the IRS is introducing an Automatic Exemption from Penalty (AEP) for eligible taxpayers. That means qualifying taxpayers won't have to call the IRS or submit a request—the relief will be applied automatically.

Here's what you should know:
✔ Applies to eligible 2025 returns and 2026 quarterly returns
✔ You generally need a three-year history of timely filing and payment (12 consecutive quarters for quarterly filers)
✔ Covers certain failure-to-file, failure-to-pay, and failure-to-deposit penalties
✔ You still owe any tax and interest due

This is a welcome change that reduces paperwork and rewards taxpayers who have consistently met their obligations.

Keep in mind that if you don't qualify for automatic relief, you may still be eligible for penalty relief based on reasonable cause.

Tax laws continue to evolve, and understanding these changes can save you time, money, and frustration.

Have questions about an IRS notice or penalties? Let's talk before you pay more than necessary.

📞 Schedule your Tax Planning Discovery Call.
https://calendar.narmainc.com/sp/d2fc531ba4d

S corporation owners: your health insurance deduction is not automatic.If you own more than 2% of an S corporation, you ...
07/23/2026

S corporation owners: your health insurance deduction is not automatic.

If you own more than 2% of an S corporation, you may be able to deduct health insurance premiums for yourself, your spouse, your dependents, and your children under age 27.

But the deduction depends on doing the reporting correctly.

The S corporation generally needs to either:

• Pay the health insurance premiums directly, or
• Reimburse you for the premiums

Then the premium amount must be included as taxable wages in Box 1 of your W-2.

But here’s the important part:

Those premiums should generally not be included in Social Security wages or Medicare wages.

That means they belong in Box 1 — not Boxes 3 and 5.

Once reported correctly, you may be able to claim the self-employed health insurance deduction on your individual return.

But there are traps.

One of the biggest is compensation.

Your deduction cannot exceed your Medicare wages. So if you take little or no salary from your S corporation, you may lose part or all of the deduction.

That surprises a lot of business owners.

Another issue is family attribution.

Certain family members who work in the business may be treated as shareholders even if they do not directly own stock. That can change how their health insurance needs to be handled.

And be careful with non-owner employees.

Reimbursing employees for individually purchased health insurance outside of an approved arrangement can create serious IRS penalty exposure.

The takeaway:

S corporation health insurance can still be deductible in 2026.

But it needs to be paid, reported, and deducted the right way.

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

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

𝗡𝗼𝘁 𝗲𝘃𝗲𝗿𝘆 𝘁𝗮𝘅 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗶𝘀 𝘄𝗼𝗿𝘁𝗵 𝗱𝗼𝗶𝗻𝗴.A lot of business owners hear ideas that sound smart on the surface.Here's one exa...
07/20/2026

𝗡𝗼𝘁 𝗲𝘃𝗲𝗿𝘆 𝘁𝗮𝘅 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗶𝘀 𝘄𝗼𝗿𝘁𝗵 𝗱𝗼𝗶𝗻𝗴.

A lot of business owners hear ideas that sound smart on the surface.

Here's one example: “Buy office furniture personally, then rent it to your corporation.”

At first glance, it sounds like a clever way to create another deduction.

But in most cases, it does not create extra tax savings.

Here’s why:

Your corporation may generally receive the same depreciation deduction whether it buys the furniture directly or rents it from you.

So if the deduction is essentially the same, what changes?

Usually, the paperwork.

More tax reporting.

More recordkeeping.

More room for mistakes.

And in some situations, rental income from the arrangement could create additional tax issues, including possible self-employment tax concerns.

For most business owners, the cleaner move is often the simplest one:

Let the corporation buy the furniture directly.

That way, the corporation claims the deduction without creating an unnecessary rental arrangement between you and your own company.

This is the part of tax planning people do not talk about enough.

A good tax strategy should create value.

It should not just create more forms, more complexity, and more ways to get something wrong.

Smart tax planning is not about chasing every idea that sounds sophisticated.

It is about knowing which strategies actually move the needle — and which ones are just noise.

Before you set up a tax strategy, make sure it is actually worth the paperwork.

Schedule your Tax Planning Discovery Call here:
https://calendar.narmainc.com/sp/d2fc531ba4d

💡 A smarter way to pay family and lower taxes.Most business owners know they can put their child on payroll.That works w...
07/17/2026

💡 A smarter way to pay family and lower taxes.

Most business owners know they can put their child on payroll.

That works well in the right situation — especially for younger children in a sole proprietorship.

But once your child turns 18, or if your business operates as a corporation, payroll taxes usually enter the picture.

There may be another option.

Instead of hiring a family member for ongoing work, you may be able to pay them for a true one-time project.

Think:

• Website design
• Marketing materials
• Facility upgrade
• Special research
• A defined administrative project
• A specific business improvement project

Here’s why this can work:

The business may deduct the payment at the owner’s higher tax rate.

The family member reports the income, often at a much lower rate.

And when structured correctly, the payment may avoid payroll tax treatment and self-employment tax treatment.

That can create real family tax savings.

But this is not a “just write your kid a check” strategy.

The project needs to be legitimate.

The scope should be clear.

The payment should be reasonable and fixed.

The work should not look like hourly wages or ongoing employment.

And you need simple documentation showing what was done and when it was completed.

This strategy can work well when it is structured correctly.

But if the work looks like regular employment or recurring contractor work, the IRS may treat it that way.

Smart tax planning is not about forcing deductions.

It is about matching the right strategy to the facts.

If you own a business and have family members who can legitimately help with a defined project, this may be worth reviewing before year-end. Book a Discovery Call with us to see how we can help: https://calendar.narmainc.com/sp/d2fc531ba4d

The IRS mileage rate changed midyear.Starting July 1, 2026, the business mileage rate increased to 𝟳𝟲 𝗰𝗲𝗻𝘁𝘀 𝗽𝗲𝗿 𝗺𝗶𝗹𝗲.For...
07/15/2026

The IRS mileage rate changed midyear.

Starting July 1, 2026, the business mileage rate increased to 𝟳𝟲 𝗰𝗲𝗻𝘁𝘀 𝗽𝗲𝗿 𝗺𝗶𝗹𝗲.

For 2026, that means business owners need to split their mileage records:

January 1 – June 30, 2026: 72.5¢ per mile
July 1 – December 31, 2026: 76¢ per mile

That may sound simple, but here’s where business owners get into trouble:

They know they drove for business.

They remember going to client meetings, job sites, networking events, supply runs, and business errands.

But they don’t have a proper mileage log.

And “I know I drove a lot” is not a tax record.

A proper mileage log should include:

• 𝗧𝗵𝗲 𝗱𝗮𝘁𝗲
• 𝗪𝗵𝗲𝗿𝗲 𝘆𝗼𝘂 𝗱𝗿𝗼𝘃𝗲 𝗳𝗿𝗼𝗺 𝗮𝗻𝗱 𝘁𝗼
• 𝗧𝗼𝘁𝗮𝗹 𝗺𝗶𝗹𝗲𝘀 𝗱𝗿𝗶𝘃𝗲𝗻
• 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗶𝗹𝗲𝘀 𝗱𝗿𝗶𝘃𝗲𝗻
• 𝗧𝗵𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗽𝘂𝗿𝗽𝗼𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝘁𝗿𝗶𝗽

Also, don’t forget: you need to know your total miles for the year, not just your business miles. That helps establish the business-use percentage if you are using actual vehicle expenses or need to support your deduction.

Mileage can add up quickly, but only if it is documented correctly.

If you use your vehicle for business, now is a good time to clean up your records before year-end instead of trying to recreate everything during tax season.

Good records protect good deductions.

Need help figuring out whether mileage or actual vehicle expenses makes more sense for your business? Let’s talk before tax season.

Most business owners know about business deductions.But fewer know this one:You may be able to rent your personal reside...
07/13/2026

Most business owners know about business deductions.

But fewer know this one:

You may be able to rent your personal residence to your business for up to 14 days per year and receive that rental income tax-free.

This is commonly known as the Augusta Rule.

Here’s how it can work:

Let’s say your business rents your home for legitimate business meetings, planning sessions, board meetings, or team trainings.

If the fair market rental rate is $1,500 per day and your business rents the space for 14 days, that could create a $21,000 business deduction.

Your business gets the deduction.

You personally receive the rental income.

And under the 14-day rule, that rental income may be excluded from taxable income.

Sounds powerful, right?

It is.

But this is not one of those strategies where you casually transfer money to yourself and hope nobody asks questions later.

You need to do it correctly.

That means:

✔ The rental must have a real business purpose
✔ The rate must be based on fair market value
✔ You need records showing what took place
✔ You should keep meeting agendas, attendee lists, and supporting documentation
✔ You should avoid using this for entertainment or personal events

The Augusta Rule can be a great tax planning tool, but only when it is properly structured and documented.

Tax planning is not about grabbing random deductions.

It is about using the tax code strategically, legally, and with enough support to stand behind it.

If your business is profitable and you want to know whether strategies like this belong in your tax plan, now is the time to review it — not after the year is over.

Schedule a tax planning discovery call: https://calendar.narmainc.com/sp/09d942bbd17

Before your business officially opens, the tax decisions have already started.Many new business owners spend money befor...
07/07/2026

Before your business officially opens, the tax decisions have already started.

Many new business owners spend money before they ever make their first sale.

They pay for things like:

• Website development
• Advertising
• Professional fees
• Training
• Rent
• Insurance
• Permits
• Market research
• Travel to evaluate locations, vendors, or suppliers

The mistake is assuming all of those expenses are handled the same way at tax time.

𝗧𝗵𝗲𝘆 𝗮𝗿𝗲 𝗻𝗼𝘁.

Some startup costs may be deductible in the first year.

Some may need to be spread out over 15 years.

Some may need to be capitalized.

And some expenses, like inventory, equipment, buildings, interest, taxes, and certain organizational costs, follow their own separate tax rules.

This is why recordkeeping matters before the business opens.

Your business generally begins for tax purposes when it starts operating as a going concern—when you open to customers, begin offering services, or start selling products.

Until then, many expenses may fall under the startup expense rules.

Starting a business is exciting.

But from a tax standpoint, the setup phase is where many owners make expensive mistakes.

If you are starting or buying a business this year, do not wait until tax season to figure out how these costs should be handled.

Plan first. Spend with intention. Keep clean records.

If you are starting or buying a business this year, this is the kind of planning worth doing before the doors open — not after tax season.

Your home office may be worth more than you think.Many business owners assume they cannot claim a home-office deduction ...
07/06/2026

Your home office may be worth more than you think.

Many business owners assume they cannot claim a home-office deduction unless they have an entire room dedicated to the business.

That is not necessarily true.

A clearly defined area used regularly and exclusively for business may qualify—even if it is only a few square feet.

But here is where the real tax-planning opportunity may be:

A qualifying home office can potentially establish your home as your principal place of business.

Why does that matter?

Because trips from your home office to client meetings, job sites, supply stores, coworking spaces, and other business locations may qualify as deductible business mileage instead of nondeductible commuting.

The space must be used exclusively and regularly for administrative or management activities, such as:

• Bookkeeping
• Billing clients
• Scheduling appointments
• Ordering supplies
• Preparing reports

A small, properly documented workspace could create more tax savings than you realize.

Tax deductions are not always about spending more money.

Sometimes they are about properly documenting what you are already doing.

Are you currently claiming a home-office deduction in your business?

Why High-Income Consultants Need Midyear Tax PlanningIf you are a high-income consultant, waiting until tax season to th...
06/22/2026

Why High-Income Consultants Need Midyear Tax Planning

If you are a high-income consultant, waiting until tax season to think about taxes is already too late.

By the time your return is being prepared, the year is over. The income has already been earned, the money has already been spent, and many of the best planning opportunities are gone.

And let’s be honest: if your CPA only contacts you after the year is over to tell you how much to write the check for, that is tax preparation—not tax planning.

You should not have to wait until March or April to find out that you owe another $40,000, $75,000, or $100,000.

A midyear tax planning review gives you time to look at what is happening now and make adjustments before December 31.

That may include reviewing:

• How much income you are expected to earn this year
• Whether your estimated tax payments are enough
• How your business is structured
• How you are paying yourself
• Retirement plan opportunities
• Business expenses and deductions
• Major purchases or investments you are considering
• Whether you are headed toward another large tax bill

A good tax professional should do more than calculate the damage and hand you a payment voucher.

They should be helping you understand what is driving the tax liability, what can still be changed, and what needs to be implemented before the opportunity is lost.

The goal is not to wait until tax season and hope for the best.

The goal is to know what your tax liability may look like ahead of time, identify opportunities while there is still time to act, and put a plan in place before the year is over.

Tax preparation reports what already happened.

Tax planning helps change what happens next.

If you paid more in taxes than expected last year—or you are headed toward another large tax bill this year—now is the time to plan.

Schedule a Tax Planning Discovery Call here:
https://calendar.narmainc.com/sp/d2fc531ba4d

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