Posted in Tax Updates
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.
Posted in Tax Planning
Posted in Business Advisory
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.
Posted in Tax Planning
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.
Posted in Tax Planning
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.
Posted in Business Advisory
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.
Posted in Tax Planning
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:
Posted in Tax Updates
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.
Posted in Business Advisory
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.
Posted in Business Advisory
