At Machen McChesney, we are committed to Returning Value to you through our monthly e-newsletter, The Value Report.

Here you'll find regular tips to help with your business and personal finances, as well as strategies to grow and more efficiently run your organization. 

Table of Content

1. This Tax Shelter Is Still Standing
2. Bartering Is Big Business
3. Should You File Form SS-8 To Ask The IRS To Determine A Worker's Status?
4. Four Key Changes For Depreciation Deductions
5. Can You Afford To Retire Early?
6. Using Your Home-field Advantage
7. Six Tax Reform Issues Impacting Nonprofit Organizations
8. TCJA Changes To Employee Benefits Tax Breaks: 4 Negatives and A Positive
9. A Net Operating Loss on Your 2017 Tax Return Isn't All Bad News
10. Tax Document Retention Guidelines For Small Businesses
11. What's New at Machen McChesney?

This Tax Shelter Is Still Standing

Home  sale exclusion remains intact
Although Congress threatened to reduce the benefits of the home sale exclusion, the final version of the new Tax Cuts and Jobs Act (TCJA) did not include a crackdown. As a result, if you sell your home at a huge profit and qualify under the existing rules, you can still exclude up to $250,000 of your gain—$500,000 if you’re married and file a joint return—from the sale of your home. Continue reading.

Bartering Is Big Business

Bartering is as popular as ever, but be careful when it comes to taxes. Continue reading.

Should You File Form SS-8 To Ask The IRS To Determine A Worker's Status?

The Classifying workers as independent contractors — rather than employees — can save businesses money and provide other benefits. But the IRS is on the lookout for businesses that do this improperly to avoid taxes and employee benefit obligations. Continue reading.

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Four Key Changes For Depreciation Deductions

 

New tax law revamps the rules

The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018 through a combination of rules relating to depreciation. The following is a brief overview of four favorable provisions in the new tax law. Continue reading.

Can You Afford To Retire Early?

Answer the key questions below:

If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Continue reading.

Using Your Home-field Advantage

Is paying down your mortgage a smart move? Continue reading.

Six Tax Reform Issues Impacting Nonprofit Organizations

The Tax Cut and Jobs Act of 2017 (the “Act”) will have a profound impact on tax-exempt organizations. Even those that don’t report unrelated trade or business income or pay their executives over $1 million may still be affected. Continue reading.

TCJA Changes To Employee Benefits Tax Breaks: 4 Negatives and A Positive

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. Continue reading.

A Net Operating Loss on Your 2017 Tax Return Isn't All Bad News.

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs. Continue reading.

Tax Document Retention Guidelines For Small Businesses

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years' worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with a multitude of digital tax-related files), you probably want to get rid of what you can. Follow these retention guidelines as you clean up. Continue reading.

What's New at Machen McChesney?

Sponsorships, new hires, announcements

Continue reading.

We hope you found value in The Value Report you've received this month. We look forward to finding, even more, ways to Return Value to you in the future.