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. 2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers
2. Coordinating SEC. 179 Tax Deduction with Bonus Depreciation
3. Small Business Taxpayer Exemptions
4. Auditing WIP Today
5. ESG Audits: Navigating New Frontiers in Corporate Responsibility
6. Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits
7. Don't Have a Tax-Favored Retirement Plan? Set One up Now.
8. What's New at Machen McChesney

2024 Q2 Tax Calendar: Key Deadlines for Businesses and Employers

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.. Continue reading.

Coordinating SEC. 179 Tax Deduction with Bonus Depreciation

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results. Continue reading.

Small Business Taxpayer Exemptions

“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!” Continue reading.

Auditing WIP Today

Scrupulous Records and Legitimate Business Expenses Are The Key to Less Painful IRS Audits

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should carefully record expenses to claim all the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns in case you’re ever audited by the IRS. Continue reading. 

Don't Have a Tax-Favored Retirement Plan? Set One up Now.

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. 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.