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. Reasons an LLC Might Be the Ideal Choice for Your Small Business
2. It's Time for Your Small Business to Think About Year-End Tax Planning
3. 2024 Presidential Election: What's at Stake for the Asset Management Industry
4. Strong Internal Controls and Audits Can Help Safeguard Against Data Breaches
5. Help Ensure Your Partnership or LLC Complies With Tax Law
6. 2024 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers
7. Cutoffs: When to Report Revenue and Expenses
8. What's New at Machen McChesney

Reasons an LLC Might Be the Ideal Choice for Your Small Business

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability, and other issues. For many businesses, a limited liability company (LLC) is an attractive choice. It can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide the owners with several benefits. Continue reading.

It's Time for Your Small Business to Think About Year-End Tax Planning

With Labor Day in the rearview mirror, it’s time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of bunching deductible expenses into this year or next to maximize their tax value. Continue reading.

2024 Presidential Election: What's at Stake for the Asset Management Industry 

The 2024 election is likely to profoundly impact tax policy and legislation. Once the dust settles on the results, the incoming president and Congress will have a tall task in 2025, as the expiration of several 2017 Tax Cuts and Jobs Act (TCJA) provisions will loom large, and many other tax policy proposals will be on the table. All of the moving parts have inspired pundits to refer to 2025 as a year we will see the “Super Bowl of Tax”. Continue reading.

Strong Internal Controls and Audits Can Help Safeguard Against Data Breaches

2024 Q4 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 fourth quarter of 2024. 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. 

Cutoffs: When to Report Revenue and Expenses

Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for when companies recognize revenue and expenses. However, some companies may be tempted to play timing games, especially at year-end, to boost financial results or lower taxes. 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.