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The Value Report - Machen McChesney Business Advisory Insights

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. Open The Door To Home-office Deductions
  2. Free E-Book: 10 Tax Saving Tips for You and Your Business
  3. FASB Issues ASU On Leases
  4. Is Your Business Taking Advantage of Prepaid Expensing?
  5. Online Incentives Exchange (OIX)

Open The Door To Home-office Deductions


Maximize tax benefits on 2015 returns

For a small-business owner who works out of his or her personal residence, a home-office deduction can provide significant tax savings, year in and year out. But keeping detailed records is critical. Although you may elect to use a simplified method for deducting home-office expenses on your 2015 tax return, the actual expense method usually produces a bigger deduction. Continue reading.

Free E-Book:10 Tax Saving Tips for You and Your Business

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FASB Issues ASU on Leases


On February 25, 2016, the FASB issued its highly-anticipated leasing standard for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities. Continue reading.

Is Your Business Taking Advantage of Prepaid Expensing?


As you consider ways to reduce your federal, state and local tax liability, be sure you don’t overlook prepaid expensing. Prepaid expenses cover any payments your business is making for goods and services to be received in the near future, such as prepaid insurance and prepaid maintenance agreements. Unlike accrued expenses, your business will receive the benefits of your payment in a later period. For accrual basis taxpayers, this means that the tax deduction for prepaid expenses won’t be available until after the cash has been expended. Continue reading.

Online Incentives Exchange (OIX)


By leveraging our membership in BDO Alliance USA,  Machen McChesney can offer greater technical knowledge in specialty areas such as Online Incentives Exchange ("OIX").  BDO is now a member of OIX – an online marketplace for buying, selling, and processing transferable federal and state tax credits. Through its OIX membership, BDO is better able to match buyers and sellers of tax credits, streamline the transfer process and minimize pricing uncertainty. 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. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
If you have any questions on the topics above, please feel free to send us a message.
Machen McChesney
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