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Returning Value Blog

Should You Buy a Business Vehicle Before Year End?

Posted by Lesley L. Price, CPA on Dec 11, 2017

One way to reduce your 2017 tax bill is to buy a business vehicle before year end. But don’t make a purchase without first looking at what your 2017 deduction would be and whether tax reform legislation could affect the tax benefit of a 2017 vs. 2018 purchase.

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Posted in Business Tax

You Give Back. Now It's The IRS's Turn

Posted by Lisa Albritton on Dec 07, 2017

Volunteers can get a tax break for unreimbursed expenses.

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Posted in Individual Tax

Five Ideas for a 2018 Business Plan

Posted by Michael D. Machen, CPA, CVA on Dec 06, 2017

It is almost 2018 … do you know where your business plan for the new year is?

Developing a business plan for the upcoming year is a laborious task, but it is often critical to the continued success of the operation. Although the details will vary from company to company, the best approach is to confront the challenges expected for the year and address the strengths and weaknesses within the organization. Conversely, if a business has a merely rudimentary plan—or even worse, no plan at all—the likelihood of real progress is diminished.

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Posted in Business Advisory

Accrual-basis Taxpayers: These Year-end Tips Could Save You Tax.

Posted by Nick Wheeler, CPA on Dec 05, 2017

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.

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Posted in Business Tax

5 Tips For Companies On The Move

Posted by Jessica L. Pagan, CPA on Dec 04, 2017

Do you plan to relocate or expand your business in 2018?

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Posted in Business Advisory

2017 Year-End Tax Planning for Individuals and Businesses

Posted by Marty Williams, CPA on Dec 01, 2017

As 2017 draws to a closethe time to consider tax-saving opportunities for you and/or your business is before year-end. Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. You may want to consider opportunities to reduce or defer your annual tax obligation. Also, if you own a business, some opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or a regular corporation. Other opportunities may apply only to a particular type of business organization. These Tax Planning Letters are intended to assist you in your individual and business tax planning efforts.

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Posted in Tax Planning

Reduce Your 2017 Tax Bill By Buying Business Assets

Posted by Melissa Motley, CPA on Nov 30, 2017

Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases.

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Posted in Business Tax

Can You Reduce 2017 Taxes by "Harvesting" Depreciated Stocks?

Posted by Lesley L. Price, CPA on Nov 28, 2017

 

This is the time of year to start thinking about depreciated stock, it may help you reduce your 2017 tax bill.

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Posted in Individual Tax Planning

Getting Around the $25 Deduction Limit For Business Gifts

Posted by Jessica L. Pagan, CPA on Nov 20, 2017

At this time of year, it’s common for businesses to make thank-you gifts to customers, clients, employees and other business entities and associates. Unfortunately, the tax rules limit the deduction for business gifts to $25 per person per year, a limitation that has remained the same since it was added to law back in 1962. Fifty-five years later, the $25 limit is unrealistically small in many business gift-giving situations. Fortunately, there are a few exceptions.

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Posted in Business Tax

Can I Pay Bonuses in 2018 But Deduct Them in 2017?

Posted by Nick Wheeler, CPA on Nov 16, 2017

 

The IRS goes to great lengths to categorize different types of income and treat them differently, and bonuses are another example of this. In the eyes of the IRS, bonuses are typically categorized as “supplemental wages.”

Some businesses can accelerate deductions for bonuses.

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Posted in Business Tax

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