--- title: Machen McChesney Blog | Individual Tax (8) description: Individual Tax | (8) --- [Family of Services](http://machenmcchesney.com/about-us/family-of-companies/)  |  [CPA & Business Advisory](http://machenmcchesney.com)  |  [Payroll, HR & Benefits](http://focuspaysolutions.com/)  |  [Wealth Management](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900 [![mm-re-cobrand-fd-blues](https://info.machen.cpa/hs-fs/hubfs/mm-re-cobrand-fd-blues.png?width=279&height=100&name=mm-re-cobrand-fd-blues.png)](http://machenmcchesney.com) Search this site on Google Search Google Search this site on Google Search Google - [Client Portal](https://machenmcchesney.sharefile.com/Authentication/Login) - [1040 Electronic Organizer](https://www.my1040data.com/account/login/HT7902990) - [LinkedIn](https://www.linkedin.com/company/675439?trk=tyah&trkInfo=idx%3A1-1-1%2CtarId%3A1424436970395%2Ctas%3Amachen+mcchesney) - [Facebook](https://www.facebook.com/machenmcchesney) - [Google](https://plus.google.com/101356546927388458481) - [Twitter](https://twitter.com/machenmcchesney) - About Us - [Welcome](http://machenmcchesney.com/about-us/welcome/) - [Affiliations and Associations](http://machenmcchesney.com/about-us/affiliations-and-associations/) - [Community Events](http://machenmcchesney.com/about-us/community-events/) - [Family of Companies](http://machenmcchesney.com/about-us/family-of-companies/) - [History](http://machenmcchesney.com/about-us/firm-profile-history/) - [Mission and Values](http://machenmcchesney.com/about-us/mission-and-values/) - [Team Directory](http://machenmcchesney.com/about-us/team-directory/) - Services - [Accounting & Outsourcing](http://machenmcchesney.com/services/accounting-outsourcing/) - [Audit and Assurance Services](http://machenmcchesney.com/services/audit-assurance/) - [Business Advisory Services](http://machenmcchesney.com/services/business-advisory/) - [Business Valuation Services](http://machenmcchesney.com/services/business-valuation-services/) - [Family Office Services](http://machenmcchesney.com/services/family-care/) - [Financial Planning & Wealth Mangement Services](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) - [Individual Services](http://machenmcchesney.com/services/individuals/) - [Taxation](http://machenmcchesney.com/services/taxation/) - Who We Serve - [Construction & Real Estate](http://machenmcchesney.com/industries/construction-real-estate/) - [Credit Unions](http://machenmcchesney.com/industries/credit-unions/) - [Government & Not-For-Profits](http://machenmcchesney.com/industries/governmental-not-for-profit/) - [Healthcare & Professional Services](http://machenmcchesney.com/industries/healthcare-and-professional-services/) - [Hospitality, Restaurant & Retail](http://machenmcchesney.com/industries/hospitality-restaurant-retail/) - [Manufacturing, Distribution & Automotive](http://machenmcchesney.com/industries/manufacturing-distribution-automotive/) - [Success Stories](http://machenmcchesney.com/success-stories) - Resources - [Blog](https://info.machenmcchesney.com/blog) - [E-Newsletter Archive](http://machenmcchesney.com/resources/e-newsletter-archive/) - [Financial Calculators](http://machenmcchesney.com/resources/financial-calculators/) - [Financial Terms Glossary](http://machenmcchesney.com/resources/financial-terms-glossary/) - [Helpful Articles](http://machenmcchesney.com/resources/newsletter/) - [Tax Calendar](http://machenmcchesney.com/resources/tax-calendar/) - [Tax Links](http://machenmcchesney.com/resources/tax-links/) - [Track Your Refund](http://machenmcchesney.com/resources/track-your-refund/) - [Sign Up for Our E-Newsletter](http://machenmcchesney.com/resources/e-newsletter/) - [Subscribe to Our Blog](http://machenmcchesney.com/resources/subscribe-to-the-machen-mcchesney-blog/) - News & Events - [Press Releases](http://machenmcchesney.com/news-events/press-releases/) - [Upcoming Events](http://machenmcchesney.com/news-events/upcoming-events/) - Careers - [Our Culture](http://machenmcchesney.com/careers/culture/) - [Benefits](http://machenmcchesney.com/careers/benefits/) - [Our Stories](http://machenmcchesney.com/careers/our-stories/) - [Current Openings](http://machenmcchesney.com/careers/current-openings-send-resume/) - [Accounting Internship Opportunities](http://machenmcchesney.com/careers/students/) - Contact Us - [Auburn-Opelika Office](http://machenmcchesney.com/contact-us/contact-us-auburn-office/) - [Montgomery Office](http://machenmcchesney.com/contact-us/contact-us-montgomery-office/) # Returning Value Blog ## [Have you Designated Your Beneficiaries?](https://info.machen.cpa/blog/have-you-designated-your-beneficiaries) ![](https://info.machen.cpa/hubfs/Lesley%20Price%202025%20update.jpg) Posted by [Lesley L. Price, CPA](https://info.machen.cpa/blog/author/lesley-l-price-cpa) on Sep 20, 2016 [![](https://info.machen.cpa/hubfs/iStock_18541321_LARGE-508546-edited.jpg)](https://info.machen.cpa/blog/have-you-designated-your-beneficiaries) ### A key component of estate planning Most of us lead hectic lives, but as part of an estate plan, it is important to take the time to designate or update beneficiaries for all of your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.   [Full Story](https://info.machen.cpa/blog/have-you-designated-your-beneficiaries) Posted in [Individual Tax](https://info.machen.cpa/blog/topic/individual-tax) ## [Rental Property Owners Can Take an Individual Tax Deduction](https://info.machen.cpa/blog/rental-property-owners-can-tak-an-individual-tax-deduction) ![](https://info.machen.cpa/hubfs/Jessica%20Pagan%202025%20update%20.jpg) Posted by [Jessica L. Pagan, CPA](https://info.machen.cpa/blog/author/jessica-l-pagan-cpa) on Sep 14, 2016 [![](https://info.machen.cpa/hubfs/iStock_73746289_LARGE-421020-edited.jpg)](https://info.machen.cpa/blog/rental-property-owners-can-tak-an-individual-tax-deduction) ### Make these elections on your 1040 tax return. Owners of rental property may be surprised to learn that they may take a tax deduction on their 1040 tax returns. Tangible property regulations, issued by the IRS in 2013, address a wide variety of topics, including materials and supplies; repairs and maintenance; capital expenditures; and amounts paid for the acquisition and improvement of tangible property.  [Full Story](https://info.machen.cpa/blog/rental-property-owners-can-tak-an-individual-tax-deduction) Posted in [Individual Tax](https://info.machen.cpa/blog/topic/individual-tax) ## [Giving the “Right Stock” to Charity](https://info.machen.cpa/blog/giving-the-right-stock-to-charity) ![](https://info.machen.cpa/hubfs/Nick%20Wheeler%202025%20update.jpg) Posted by [Nick Wheeler, CPA](https://info.machen.cpa/blog/author/nick-wheeler-cpa) on Aug 09, 2016 [![](https://info.machen.cpa/hubfs/iStock_43285238_LARGE-094030-edited.jpg)](https://info.machen.cpa/blog/giving-the-right-stock-to-charity) ### **Tax rules may affect your donations** Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return. [Full Story](https://info.machen.cpa/blog/giving-the-right-stock-to-charity) Posted in [Individual Tax](https://info.machen.cpa/blog/topic/individual-tax) ## [The Rules for PALs Are Not Friendly](https://info.machen.cpa/blog/the-rules-for-pals-are-not-friendly) ![](https://info.machen.cpa/hubfs/Nick%20Wheeler%202025%20update.jpg) Posted by [Nick Wheeler, CPA](https://info.machen.cpa/blog/author/nick-wheeler-cpa) on Jul 11, 2016 [![](https://info.machen.cpa/hubfs/iStock_12459256_LARGE-807615-edited.jpg)](https://info.machen.cpa/blog/the-rules-for-pals-are-not-friendly) ### 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. [Full Story](https://info.machen.cpa/blog/the-rules-for-pals-are-not-friendly) Posted in [Individual Tax](https://info.machen.cpa/blog/topic/individual-tax) ## [Education and Strategy are Key in Deciding When to File for Social Security](https://info.machen.cpa/blog/education-and-strategy-are-key-in-deciding-when-to-file-for-social-security) ![](https://info.machen.cpa/hubfs/Trisha%20Williams%202025%20update%20.jpg) Posted by [Trisha Williams, CPA](https://info.machen.cpa/blog/author/trisha-williams-cpa) on Jun 27, 2016 [![](https://info.machen.cpa/hubfs/iStock_69602581_LARGE-226333-edited.jpg)](https://info.machen.cpa/blog/education-and-strategy-are-key-in-deciding-when-to-file-for-social-security) **Understanding the Challenge** “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. [Full Story](https://info.machen.cpa/blog/education-and-strategy-are-key-in-deciding-when-to-file-for-social-security) Posted in [Individual Tax](https://info.machen.cpa/blog/topic/individual-tax) [Previous](https://info.machen.cpa/blog/topic/individual-tax/page/7) Search this site on Google Search Google ### Recent Posts ### Subscribe to Blog ### Posts by Category - [Business Tax (356)](https://info.machen.cpa/blog/topic/business-tax) - [Business Advisory (242)](https://info.machen.cpa/blog/topic/business-advisory) - [Payroll, HR & Benefits (124)](https://info.machen.cpa/blog/topic/payroll-hr-benefits) - [Audit & Assurance (113)](https://info.machen.cpa/blog/topic/audit-assurance) - [Accounting & Outsourcing (81)](https://info.machen.cpa/blog/topic/accounting-outsourcing) - [Individual Tax (75)](https://info.machen.cpa/blog/topic/individual-tax) - [Tax Planning (33)](https://info.machen.cpa/blog/topic/tax-planning) - [Tax Updates (25)](https://info.machen.cpa/blog/topic/tax-updates) - [Retirement & Wealth Management Planning (18)](https://info.machen.cpa/blog/topic/retirement-wealth-management-planning) - [Taxation (15)](https://info.machen.cpa/blog/topic/taxation) - [Alerts (13)](https://info.machen.cpa/blog/topic/alerts) - [Business Valuation (11)](https://info.machen.cpa/blog/topic/business-valuation) - [News & Events (11)](https://info.machen.cpa/blog/topic/news-events) - [Tax News (11)](https://info.machen.cpa/blog/topic/tax-news) - [Individual Tax Planning (10)](https://info.machen.cpa/blog/topic/individual-tax-planning) - [Not For Profit (10)](https://info.machen.cpa/blog/topic/not-for-profit) - [Retirement Planning (9)](https://info.machen.cpa/blog/topic/retirement-planning) - [Estate Planning (8)](https://info.machen.cpa/blog/topic/estate-planning) - [Manufacturing Industry Insights (7)](https://info.machen.cpa/blog/topic/manufacturing-industry-insights) - [Individuals (1)](https://info.machen.cpa/blog/topic/individuals) - [Insider (1)](https://info.machen.cpa/blog/topic/insider) - [Professional Standard News (1)](https://info.machen.cpa/blog/topic/professional-standard-news) see all [![Returning\_Value](https://info.machen.cpa/hs-fs/file-2504250850-jpg/Machen-Blog-Image/Returning_Value.jpg)](http://machenmcchesney.com/about-us/mission-and-values/) - [![AICPA](https://machenmcchesney.com/img/logos/aicpa.jpg)](https://www.aicpa-cima.com/) - [![NACVA](https://machenmcchesney.com/img/logos/nacva.jpg)](http://www.nacva.com/) - ![2026 INSIDE Public Accounting Top 400](https://machenmcchesney.com/img/2026-ipa-top-400.jpg) - ![2026 Best of Auburn-Opelika](https://machenmcchesney.com/img/2026-best-of-auburn-opelika.jpg) - [![2025 Best of OA](https://machenmcchesney.com/img/2025-best-of-oa.jpg)](https://oanow.com/exclusive/readerschoice/ballot-2025/) - ![2026 Best of OA Winner](https://machenmcchesney.com/img/2026-best-of-oa-winner.jpg) - [![2025 Accounting Today Regional Leaders](https://machenmcchesney.com/img/2025-accounting-today-regional-leaders.jpg)](https://www.accountingtoday.com/) - [![ClearlyRated Best of Accounting](https://machenmcchesney.com/img/2024-best-of-accounting.jpg)](https://www.clearlyrated.com/accounting) - [![ClearlyRated Best of Accounting Employee](https://machenmcchesney.com/img/2024-best-of-accounting-employee.jpg)](https://www.clearlyrated.com/accounting) 1820 East University Drive, Auburn, AL 36830 | Tel: (334) 887-7022 | Fax: (334) 887-7221 1761 Taliaferro Trail, Montgomery, AL 36117 | Tel: (334) 244-8900 | Fax: (334) 364-0927 † This is not a CPA firm. \* Assurance, attest, and audit services provided by Frazier & Deeter, LLC. “Frazier & Deeter” is the brand name under which Frazier & Deeter, LLC\* and Frazier & Deeter Advisory, LLC† and its subsidiary entities provide professional services. 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