Returning Value Blog

Understanding tax codes can be a difficult and a time-consuming endeavor. Leave it to a tax professional who will keep you in compliance while minimizing your tax liability.

You may need to report your foreign investments to the IRS.

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law — back in December of 2015 — still has a significant impact on tax planning for businesses. Let’s look at three midyear tax strategies inspired by the Protecting Americans from Tax Hikes (PATH) Act:

95% of U.S. businesses are "pass-through" entities and 43% of those pass-throughs are sole proprietorships.

Numerous tax aspects to consider

Being self-employed has its advantages and disadvantages. As the person in charge of your business affairs, you can set your own schedule and generally have more flexibility than someone in a 9-to-5 job. On the other hand, you are fully responsible for the bottom line, often with little or no backup to rely on.

There are several different types of tax-free weekend events in the U.S. Some apply to Energy Star products or hurricane preparedness, or back-to-school shopping needs. This year the State of Alabama will be participating in the Back-to-School Sales Tax Holiday Weekend beginning Friday, July 21 through Sunday, July 23.

Take Advantage of Tax Deductions for Company Events

Machen McChesney has been chosen by Feedspot to be among the Top 100 Wealth Management blogs and websites.