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. Last Chance for Key Tax Deductions
2. Favorable Tax Treatment for Medical Expenses
3. 5 Estate Planning Tips for The Sandwich Generation
4. The First Social Security Check Recipient
5. Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and More Savings In The Future
6. Compare the Two Types of IRAs
7. Make Sure Repairs To Tangible Property Were Actually Repairs Before You Deduct The Cost
8. Business or Hobby?
9. Defer Tax With A Section 1031 Exchange, But New Limits Apply This Year
10. 2018 Q2 Tax Calendar: Key Deadlines For Businesses and Other Employers
11. What's New at Machen McChesney?

Last Chance for Key Tax Deductions 

The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are expected to itemize returns in the future. Continue reading.

Favorable Tax Treatment for Medical Expenses

The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns, but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you file in 2018. Continue reading.

5 Estate Planning Tips for The Sandwich Generation

The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include aging parents as well. Continue reading.

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The First Social Security Check Recipient

Do you know who received the first Social Security check and for what amount? Continue reading.

Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and More Savings In The Future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. Continue reading.

Compare the Two Types of IRAs

There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year is April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return. Continue reading.

Make Sure Repairs To Tangible Property Were Actually Repairs Before You Deduct The Cost

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible property must be depreciated over a period of years. Continue reading.

Business or Hobby?

Under the new tax law, you can’t deduct hobby expenses. Continue reading.

Defer Tax With A Section 1031 Exchange, But New Limits Apply This Year

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment. Continue reading.

2018 Q2 Tax Calendar: Key Deadlines For Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. 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.

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.