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Returning Value Blog

A Cost Segregation Study May Cut Taxes and Boost Cash Flow

Posted by Michael D. Machen, CPA, CVA on Dec 08, 2023

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow.

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Posted in Taxation

It's Important to Track Tools and Small Equipment

Posted by Melissa Motley, CPA on Dec 07, 2023

Is your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket, or even the armrest of a vehicle — such as power tools, hard hats, iPads, and RFID readers — have a tendency to “walk away” from job sites, warehouses, and offices. However, the cost of lost, damaged, and stolen items can quickly erode profits and cash flow. An effective tracking system can help remedy this problem by making workers more accountable.

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Posted in Audit & Assurance

2023 Year-End Guide - Tax Accounting Methods

Posted by Lesley L. Price, CPA on Dec 06, 2023

A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow. However, the rules covering the ability to use or change certain accounting methods are often complex, and the procedures for changing methods depend on the mechanism for receiving IRS consent — that is, whether the change is automatic or non-automatic. Many method changes require an application to be filed with the IRS prior to the end of the year for which the change is requested.

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Posted in Business Tax

A Company Car Is a Valuable Perk but Don't Forget About Taxes

Posted by Nick Wheeler, CPA on Dec 04, 2023

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company car.) Even better, current federal tax rules make the benefit more valuable than it was in the past.

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Posted in Individual Tax, Business Tax

Key 2024 Inflation-Adjusted Tax Parameters for Small Businesses and Their Owners

Posted by Lesley L. Price, CPA on Dec 01, 2023

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect small businesses and their owners.

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Posted in Business Tax

There Still May Be Time to Reduce Your Small Business 2023 Tax Bill

Posted by Jessica L. Pagan, CPA on Nov 29, 2023

In the midst of holiday parties and shopping for gifts, don’t forget to consider steps to cut the 2023 tax liability for your business. You still have time to take advantage of a few opportunities.

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Posted in Business Tax

Using QuickBooks to Prepare 2024 Budgets and Forecasts

Posted by Chris Earnest on Nov 28, 2023

As year-end nears, many businesses and nonprofits are planning for 2024. QuickBooks® provides budget and forecast features to help management make financial predictions, as well as assess “what if” scenarios to help make more informed business decisions. Here’s how you can use these tools for your year-end financial planning.

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Posted in Accounting & Outsourcing

Your Alabama Tax Rebate Is on the Way

Posted by Louis Hawkins, CPA on Nov 27, 2023

In May 2023, state lawmakers passed a plan that calls for residents to receive a tax rebate. The state has a surplus, which means rebates for millions of state taxpayers.

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Posted in Alerts

2023 Year-End Tax Planning for Individuals

Posted by Lesley L. Price, CPA on Nov 22, 2023

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2023 and 2024 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.

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Posted in Individual Tax

EV Tax Credit Changes

Posted by Eric Perry, CPA on Nov 21, 2023

If you are in the market for a new (not used) electric vehicle this holiday season, you may delay your purchase until 2024.

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Posted in Individual Tax

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