Returning Value Blog

The Opportunity

As you consider ways to reduce your federal, state and local tax liability, be sure you don’t overlook prepaid expensing. Prepaid expenses cover any payments your business is making for goods and services to be received in the near future, such as prepaid insurance and prepaid maintenance agreements. Unlike accrued expenses, your business will receive the benefits of your payment in a later period. For accrual basis taxpayers, this means that the tax deduction for prepaid expenses won’t be available until after the cash has been expended.

Maximize tax benefits on 2015 returns

For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually produces a bigger deduction.

Special tax break for gifts of property

Facebook founder Mark Zuckerberg made news recently by promising to give away 99% of his net worth, including his Facebook shares, to charity. The arrangement takes advantage of a unique tax break for charitable gifts of appreciated property, such as stock.

Popular fringe benefit for employees

Flexible spending accounts (FSAs) can be a low-cost addition to your company’s benefits package. You can provide FSAs for your employees to cover health care expenses, dependent care expenses—or both—within certain tax law limits.

As a savvy business owner and/or financial professional, you understand the importance of cutting taxes to maximize the success of your business. As trusted business advisors, we understand the importance of uncovering every possible legal deduction available that you should be considering.  

In most cases if you make retail sales of tangible personal property or lodging accommodations, you must collect and remit the applicable tax associated with that transaction. However, there are three types of customers that are tax-exempt:

 8 No-Cost Transaction Cycles Available for Complimentary Evaluation

As business advisors to our clients, we take a comprehensive approach to assessing and serving your needs.  Through the core accounting and financial services we provide, we are uniquely positioned to identify additional opportunities to improve the overall operational effectiveness of your organization.

We are excited to be Returning Value to the Montgomery area through our recent merger with Wolf & Taunton, P.C. Click here to read the full press release and learn more.

This merger will not only benefit our clients but our firm as well. Having more professionals with experience in a wide range of industries and greater technical knowledge in specialty areas, we now have more resources readily available to better serve you.

Clients will have access to more comprehensive services, industry expertise, business advisory services, and domestic and international coverage. Click here to learn more about Machen McChesney, service offerings and industry specialization.

Smart business owners know their products, services, markets and customers inside and out. Yet that doesn’t necessarily mean they’re experts in business finance, taxes and IRS regulations. While these disciplines grow increasingly complex every year, business owners must make intelligent decisions about each one in order to keep their businesses viable.