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title: The Value Report - October 2024 - Social
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 Machen McChesney returns value to clients through our monthly e-newsletter, The Value Report.

| Not rendering correctly? View this email as a web page here. 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 Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage? Advantages of Keeping Your Business Separate From Its Real Estate Eyes on the Income Statement Reminder: Profits and Cash Flow Aren't the Same Charting the Future of Tax Policy: An Essential Guide for Corporate Boards Recordkeeping for Tax Purposes Preparing for the 2024 Tax Season Employers: In 2025, the Social Security Wage Base Is Going Up What's New at Machen McChesney Understanding Your Obligations: Does Your Business Need to Report Employee Health Coverage? Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding the reporting requirements of federal agencies such as the IRS. Does your business have to comply, and if so, what must you do? Here are some answers to questions you may have. Continue reading. Advantages of Keeping Your Business Separate From Its Real Estate Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability, and estate planning advantages, separating real estate ownership from the business may be a wise choice. Continue reading. Eyes on the Income Statement When reviewing their income statements, business owners tend to focus on profits (or losses). But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, you should analyze this financial report from top to bottom for deeper insights. Continue reading. Reminder: Profits and Cash Flow Aren't the Same Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow. Continue reading.  Charting the Future of Tax Policy: An Essential Guide for Corporate Boards The upcoming U.S. election cycle gives rise to ambiguity in business tax planning. Companies must prepare for a shifting tax landscape while considering differing priorities of Republicans and Democrats regarding U.S. tax policies, such as the approaching expiration of some components of the 2017 Tax Cuts and Jobs Act (TCJA). This environment emphasizes the importance of the board’s oversight role and its understanding of a company's total tax strategy, emerging compliance complexities, the impact of potential election results and associated tax planning scenarios, and the need for a broad perspective on total tax posture and associated social responsibility of the company. Continue reading Recordkeeping for Tax Purposes Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It's the business you're in that affects the type of records you need to keep for federal tax purposes. Continue reading.  Preparing for the 2024 Tax Season There are many tax uncertainties to consider as we face the end of 2024. Chief among them is whether proposals from the presidential candidates will affect our taxes; new legislation may be enacted this year, or changes may occur that will be retroactive. Continue reading. Employers: In 2025, the Social Security Wage Base Is Going Up As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. 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.  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.   Thanks, Machen McChesney  Share our insights with your connections:     Auburn-Opelika: 1820 East University Dr. \| Auburn AL 36830 Montgomery: 1784 Taliaferro Trail, Suite A \| Montgomery AL 36117 machen.cpa You received this email because you are subscribed to Monthly E-Newsletters from Machen McChesney. Update your email preferences to choose the types of emails you receive.  Unsubscribe from all future emails  |
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