As 2021 draws to a close, the time to consider tax-saving opportunities for you and/or your business is before year-end. You may want to consider opportunities to reduce or defer your annual tax obligation. Please call your Machen McChesney trusted advisor today if you need assistance with year-end tax planning. 

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Table of Content

1. Small Businesses: There Still May Be Time to Cut Your 2021 Taxes
2. Look To the Future With a QOE Report
3. 2021 Year-End Tax Planning For Individuals
4. Rolling Forecasts Provide Flexibility in Uncertain Times
5. 2021 Year-End Tax Planning for Businesses
6. Year-End Financial Planning Checklist
7. Providing a Company Car? Here's How Taxes Are Handled.
8. Digitizing the Accounts Receivable Process.
9. What's New at Machen McChesney

Small Businesses: There Still May Be Time to Cut Your 2021 Taxes

Don’t let the holiday rush keep you from considering some important steps to reduce your 2021 tax liability. You still have time to execute a few strategies. Continue reading.

Look To the Future With a QOE ReportAre you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process. It looks beyond the quantitative information provided by the seller’s financial statements. Continue reading.

2021 Year-End Tax Planning For Individuals

As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. Continue reading.

2021 Year-End Tax Planning for BusinessesAs the U.S. entered 2021, many assumed that newly elected President Joe Biden, along with Democratic majorities in the House and Senate, would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and debated by members of Congress and the White House. As 2021 heads to a close, tax increases are still expected, but the timing and content of final changes are still not certain. Continue reading. 

Year-End Financial Planning ChecklistWith the end of 2021 coming into focus, we have many areas of uncertainty to navigate on the healthcare, economic, and political front. As we encourage our clients to continue thinking and acting long term, there are pockets of near-term financial planning opportunities to consider as the calendar rolls toward year-end. Continue reading. 

Providing a Company Car? Here's How Taxes Are Handled. The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current tax law and IRS rules make the benefit even better than it was in the past. Continue reading.

Digitizing the Accounts Receivable ProcessWhile digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper-based. Businesses that automate the accounts receivable process may accomplish several operational and financial goals. Here are five key benefits that organizations can unlock when they “go digital.” 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.