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. How Can You Build a Golden Nest Egg If You're Self-Employed?
2. 5 Reasons to Outsource Your Bookkeeping
3. Important Tax Tips for 2024
4. The Amount You and Your Employees Can Save for Retirement Is Going Up Slightly in 2025
5. From Flights to Meals: A Guide to Business Travel Tax Deductions
6. The IRS Announces Inflation Changes for 2025
7. Self-Employment Tax: A Refresher on How It Works
8. How Your Business Can Prepare for and Respond to an IRS Audit
9. What's New at Machen McChesney

How Can You Build a Golden Nest Egg If You're Self-Employed?

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. Continue reading.

5 Reasons to Outsource Your Bookkeeping

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers, and bringing in new sales — over tedious bookkeeping tasks. Plus, the accounting rules can be overwhelming. Continue reading.

Important Tax Tips for 2024

The U.S. tax code is complicated and often hard to understand, with many provisions, credits, and disallowances. Let's review a few credits that many people are interested in, as well as how to respond to the IRS if you get married — or get a taxes-due notice. Continue reading.

The Amount You and Your Employees Can Save for Retirement Is Going Up Slightly in 2025

The IRS Announces Inflation Changes for 2025

The following is not a comprehensive list of all changes but a summary of key adjustments that will affect a wide range of taxpayers. Continue reading. 

Self-Employment Tax: A Refresher on How It Works

If you own a growing, unincorporated small business, you may be concerned about high self-employment (SE) tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. Continue reading.

How Your Business Can Prepare for and Respond to an IRS Audit

The IRS has been increasing its audit efforts, focusing on large businesses and high-income individuals. By 2026, it plans to nearly triple its audit rates for large corporations with assets exceeding $250 million. Under these plans, partnerships with assets over $10 million will also see audit rates increase tenfold by 2026. This ramp-up in audits is part of the IRS’s broader strategy, funded by the Inflation Reduction Act, to target wealthier entities and high-dollar noncompliance. 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.