--- title: Machen McChesney Blog | Tax Planning (2) description: Tax Planning | (2) --- [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 ## [Business Owners: An Exit Strategy Should Be Part Of Your Tax Planning](https://info.machen.cpa/blog/business-owners-an-exit-strategy-should-be-part-of-your-tax-planning) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Jan 04, 2019 [![](https://info.machen.cpa/hubfs/iStock-939112530-1.png)](https://info.machen.cpa/blog/business-owners-an-exit-strategy-should-be-part-of-your-tax-planning) Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future. [Full Story](https://info.machen.cpa/blog/business-owners-an-exit-strategy-should-be-part-of-your-tax-planning) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [Only Certain Trusts Can Own S Corporation Stock](https://info.machen.cpa/blog/only-certain-trusts-can-own-s-corporation-stock) ![](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 Feb 08, 2018 [![](https://info.machen.cpa/hubfs/02_08_18_77744897_EPB_560x292-209980-edited.jpg)](https://info.machen.cpa/blog/only-certain-trusts-can-own-s-corporation-stock) S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders. [Full Story](https://info.machen.cpa/blog/only-certain-trusts-can-own-s-corporation-stock) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [2017 Year-End Tax Planning for Individuals and Businesses](https://info.machen.cpa/blog/2017-year-end-tax-planning-for-individuals-and-businesses) ![](https://info.machen.cpa/hubfs/Marty%20Williams%202025%20update.jpg) Posted by [Marty Williams, CPA](https://info.machen.cpa/blog/author/marty-williams-cpa) on Dec 01, 2017 [![](https://info.machen.cpa/hubfs/iStock-134214747-343780-edited.jpg)](https://info.machen.cpa/blog/2017-year-end-tax-planning-for-individuals-and-businesses) As 2017 draws to a close*,* the time to consider tax-saving opportunities for you and/or your business is before year-end. Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. You may want to consider opportunities to reduce or defer your annual tax obligation. Also, if you own a business, some opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or a regular corporation. Other opportunities may apply only to a particular type of business organization. These *Tax Planning Letters* are intended to assist you in your individual and business tax planning efforts. [Full Story](https://info.machen.cpa/blog/2017-year-end-tax-planning-for-individuals-and-businesses) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [2017 Might be Your Last Chance to Hire Veterans and Claim a Tax Credit](https://info.machen.cpa/blog/2017-might-be-your-last-chance-to-hire-veterans-and-claim-a-tax-credit) ![](https://info.machen.cpa/hubfs/Murry%20Guy%202025%20Updat.jpg) Posted by [Murry Guy, CPA](https://info.machen.cpa/blog/author/murry-guy-cpa) on Nov 09, 2017 [![](https://info.machen.cpa/hubfs/11-6%20veteran%20hiring-flag.jpg)](https://info.machen.cpa/blog/2017-might-be-your-last-chance-to-hire-veterans-and-claim-a-tax-credit) With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. [Full Story](https://info.machen.cpa/blog/2017-might-be-your-last-chance-to-hire-veterans-and-claim-a-tax-credit) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [Put Your Audit In Reverse To Save Sales and Use Tax](https://info.machen.cpa/blog/put-your-audit-in-reverse-to-save-sales-and-use-tax) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Aug 16, 2017 [![](https://info.machen.cpa/hubfs/iStock-497547340-019899-edited.jpg)](https://info.machen.cpa/blog/put-your-audit-in-reverse-to-save-sales-and-use-tax) It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds. [Full Story](https://info.machen.cpa/blog/put-your-audit-in-reverse-to-save-sales-and-use-tax) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [Smart Tax Planning for Small Business Owners](https://info.machen.cpa/blog/smart-tax-planning-for-small-business-owners) ![](https://info.machen.cpa/hubfs/Mike%20Machen%202025%20Update.jpg) Posted by [Michael D. Machen, CPA, CVA](https://info.machen.cpa/blog/author/michael-d-machen-cpa-cva) on Apr 25, 2017 [![](https://info.machen.cpa/hubfs/iStock-622307662-548915-edited.jpg)](https://info.machen.cpa/blog/smart-tax-planning-for-small-business-owners) What should small business owners be focused on to ensure a smooth tax season? While you started 2017 with the best of intentions to keep your financial records organized, you may find yourself scrambling to find receipts and other documentation to prepare your tax returns. All too often it is accounts receivable that presents that greatest challenge. [Full Story](https://info.machen.cpa/blog/smart-tax-planning-for-small-business-owners) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [The 4 Most Common Estate Planning Mistakes](https://info.machen.cpa/blog/four-common-estate-planning-mistakes) ![](https://info.machen.cpa/hs-fs/hub/471263/file-2626477966.jpg) Posted by [Don G. Chastain, CPA](https://info.machen.cpa/blog/author/don-g-chastain-cpa) on Feb 23, 2017 [![](https://info.machen.cpa/hubfs/iStock-520684647-948292-edited.jpg)](https://info.machen.cpa/blog/four-common-estate-planning-mistakes) The most common components of a basic estate plan: a will, living will, life insurance, and maybe even a trust. Most adults know the importance of these estate planning elements, and may even have some or all of them implemented – which, overall, is great. But like everything in life, change happens, and updates will be necessary to some, if not all, of these documents. Here we have laid out the most common mistakes found in estate planning: [Full Story](https://info.machen.cpa/blog/four-common-estate-planning-mistakes) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [2016 Year-End Tax Planning for Individuals and Businesses](https://info.machen.cpa/blog/2016-year-end-tax-planning-for-individuals-and-businesses) ![](https://info.machen.cpa/hubfs/Marty%20Williams%202025%20update.jpg) Posted by [Marty Williams, CPA](https://info.machen.cpa/blog/author/marty-williams-cpa) on Dec 21, 2016 [![](https://info.machen.cpa/hubfs/iStock-488306377-771627-edited.jpg)](https://info.machen.cpa/blog/2016-year-end-tax-planning-for-individuals-and-businesses) As 2016 draws to a close*,* the time to consider tax-saving opportunities for you and/or your business is before year-end. Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. You may want to consider opportunities to reduce or defer your annual tax obligation. Also, if you own a business, some opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or a regular corporation. Other opportunities may apply only to a particular type of business organization. These *Tax Planning Letters* are intended to assist you in your individual and business tax planning efforts. [Full Story](https://info.machen.cpa/blog/2016-year-end-tax-planning-for-individuals-and-businesses) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [Post-Election Analysis: What to Expect from Trump's and House Republicans' Tax Proposals](https://info.machen.cpa/blog/post-election-analysis-what-to-expect-from-trumps-and-house-republicans-tax-proposals) ![](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 Nov 18, 2016 [![](https://info.machen.cpa/hubfs/iStock-547529720-803073-edited.jpg)](https://info.machen.cpa/blog/post-election-analysis-what-to-expect-from-trumps-and-house-republicans-tax-proposals) As the dust settles from President-elect Donald Trump’s historic victory in this year’s presidential contest and the Republican sweep of the U.S. House and Senate, it is now possible to envision potentially significant tax legislation changes being proposed as early as 2017. The tax cuts proposed by President-elect Trump are among the largest proposed since the days of Ronald Reagan. Assuming that he follows up on these proposals and sticks to his promises, there are several major changes that the Trump administration seeks to make on individual and business taxes: [Full Story](https://info.machen.cpa/blog/post-election-analysis-what-to-expect-from-trumps-and-house-republicans-tax-proposals) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) ## [5 Year-end Ideas for Your Business](https://info.machen.cpa/blog/5-year-end-ideas-for-your-business) ![](https://info.machen.cpa/hubfs/Marty%20Williams%202025%20update.jpg) Posted by [Marty Williams, CPA](https://info.machen.cpa/blog/author/marty-williams-cpa) on Oct 12, 2016 [![](https://info.machen.cpa/hubfs/iStock_44390442_LARGE-660149-edited.jpg)](https://info.machen.cpa/blog/5-year-end-ideas-for-your-business) Remember that year-end planning is not just for individuals (see [Seven Timely Tax Moves in 2016](https://info.machenmcchesney.com/blog/seven-timely-individual-tax-moves-in-2016)). In fact, your business operation may benefit from tax moves in 2016 in the wake of several key extensions in the Protecting Americans from Tax Hikes (PATH) Act of 2015. Here are five ideas for small-business owners to consider. [Full Story](https://info.machen.cpa/blog/5-year-end-ideas-for-your-business) Posted in [Tax Planning](https://info.machen.cpa/blog/topic/tax-planning) [Previous](https://info.machen.cpa/blog/topic/tax-planning/page/1) [Next](https://info.machen.cpa/blog/topic/tax-planning/page/3) 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 (240)](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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