Perhaps you’ve heard of the Last In, First Out (LIFO) method, but were uncertain what it means, what it’s used for, and why it may be important.
Maximize tax benefits for passive activities
Do you own investment real estate—say, an apartment building—that you rent out to tenants? Real estate can be a valuable and reliable source of income. Of course, the rental income is subject to tax, but the resulting tax liability may be offset by deductible expenses. In some cases, you might even qualify for a loss.
Posted in Individual Tax
When it comes to evaluating the fair value of income-producing real estate properties, capitalization rates – or cap rates, as they’re widely known – are among the most useful tools available for buyers, sellers, property appraisers, bankers, and financial statement auditors.
Posted in Business Valuation
“When should I begin to collect Social Security benefits?”
It’s a question we hear often—and that’s understandable. People who are nearing the retirement age face this very difficult decision, and the actions they take can have profound implications.
Posted in Individual Tax
Although you may have spent years building up a successful enterprise, your family may be forced to sell it soon after your death to pay the federal estate-tax bill. The full amount of estate tax is due nine months after an individual’s death. Fortunately, there is some tax relief for a family that inherits a small business.
Posted in Tax Planning
Although summer is traditionally the time for rest and relaxation, you can still “work on” your 2016 tax bill. What’s more, special tax incentives for individuals and small-business owners have been restored by the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are seven popular tax-saving ideas.
Posted in Tax Planning
Machen McChesney, LLP is honored to have been chosen again as a winner of the 2016 When Work Works Award. This award is presented to companies for use of effective workplace strategies that increase business and employee success.
Posted in Insider
When was the last time you checked the beneficiaries you selected for your qualified retirement plan or IRA? Chances are that the choices you made when you initiated the account may no longer be appropriate. Anyone with funds in one or both of these accounts should have at least one beneficiary listed should anything happen to the owner.
Posted in Individual Tax Planning
The Protecting Americans From Tax Hikes Act of 2015 (the Act), which was signed by the president on Dec. 18, 2015, contains many provisions that directly affect tax‑exempt organizations. Many recent tax provisions have been so-called “extenders,” which required passage of legislation annually in order for them to continue to remain in effect. These were typically passed at year-end for the applicable year, making planning for such provisions impossible. Now, the year-end panic is over, as the Act makes many of these provisions permanent.
Posted in Not For Profit
