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 run your organization more efficiently. 

Table of Content

1. Increase Your Current Business Deductions Under Tangible Property Safe Harbors
2. Remote Auditing Is Here to Stay: How It's Changing the Audit Process
3. There's Still Time to Set Up a SEP and Reduce Your 2025 Taxes
4. Some Small Businesses Can Still Benefit From the Health Care Coverage Credit
5. To Maximize — or Not to Maximize — Depreciation Deduction on Your 2025 Tax Return
6. Beware: Accounting Missteps Can Trip Up New Businesses
7. Unlock the Full Potential of QuckBooks Software
8. Deferring Taxes on Advance Payments
9. What's New at Machen McChesney

Increase Your Current Business Deductions Under Tangible Property Safe Harbors 

Did your business make repairs to tangible property, such as buildings, equipment, or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Continue reading.

Remote Auditing Is Here to Stay: How It's Changing the Audit Process

Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while maintaining audit quality. Continue reading. 

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but SEPs are easy to set up, and the contribution limits are generous. If you have employees, you’ll generally have to include them in the SEP and make contributions on their behalf, which are also deductible. Continue reading. 

To Maximize  — or Not ot Maximize — Depreciation Deduction on Your 2025 Tax Return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation breaks. Continue reading. 

Beware: Accounting Missteps Can Trip Up New Businesses

Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Continue reading.

Unlock the Full Potential of quickBooks Software

Many small and midsize businesses rely on QuickBooks® for day-to-day bookkeeping. But the platform also offers tools designed to improve efficiency and strengthen financial oversight. In recent years, QuickBooks has expanded its automation, reporting, and integration capabilities, making it even more useful for growing businesses. Continue reading.

Deferring Taxes on Advance Payments

An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally, advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the cash method of accounting for tax purposes. But if your business uses the accrual method, it may qualify for favorable tax deferral treatment. 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.