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Returning Value Blog

Jessica L. Pagan, CPA

Jessica Pagan has worked with Machen McChesney since 2003. She specializes in reviews, business and individual tax and construction accounting. She participates in core processes, mentoring and training at the firm.

Recent Posts

2017 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

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

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2017. 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.

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Posted in Business Tax

How Caregivers Can Catch a (Tax) Break

Posted by Jessica L. Pagan, CPA on Aug 25, 2017

Ways to ease the financial burden of caring for elderly relatives.

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Posted in Individual Tax

New HRA Heals Health Care Reimbursement Pain

Posted by Jessica L. Pagan, CPA on Aug 11, 2017

Small employers now have a treatment for an Affordable Care Act ailment.

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Posted in Business Advisory

All Fringe Benefits Aren't Created Equal for Tax Purposes

Posted by Jessica L. Pagan, CPA on Jul 25, 2017

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of a fringe benefit can vary dramatically based on the type of benefit.

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Posted in Business Tax

Pass-through Entities Far Outnumber C Corps. Here's a Closer Look.

Posted by Jessica L. Pagan, CPA on Jul 21, 2017

95% of U.S. businesses are "pass-through" entities and 43% of those pass-throughs are sole proprietorships.

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Posted in Business Tax

2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Jun 21, 2017

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2017. 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.

Full Story

Posted in Business Tax

Be Sure About Estimated Tax Payments

Posted by Jessica L. Pagan, CPA on Apr 24, 2017


How to avoid underpayment penalties

Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired.

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Posted in Individual Tax

Business Driving Deductions: A Fork in the Road

Posted by Jessica L. Pagan, CPA on Mar 22, 2017

Compare actual expenses with flat-rate method

Did you use your vehicle for business driving in 2016? Generally, you can deduct expenses on your tax return in one of two ways: the actual expense method or the IRS-approved standard mileage rate. Here is a brief comparison:  

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Posted in Individual Tax

President Obama Signed Bill that Eliminates the ACA Penalty on Certain Health Care Premiums Reimbursed to Employees

Posted by Jessica L. Pagan, CPA on Jan 25, 2017

Summary

On December 13, 2016, President Obama signed the 21st Century Cures Act, which allows certain small employers to establish a new type of health reimbursement arrangement that reimburses for health insurance premiums without exposure to the $100 dollar per day penalty under the Affordable Care Act (“ACA”).  Under these new rules, small business owners are permitted to compensate employees for medical visits or the cost of individual insurance premiums up to an annual limit of $4,950 for individuals, or $10,000 for families. These reimbursements are also excludible from the employee’s gross income.  
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Posted in Business Tax

Rental Property Owners Can Take an Individual Tax Deduction

Posted by Jessica L. Pagan, CPA on Sep 14, 2016

Make these elections on your 1040 tax return.

Owners of rental property may be surprised to learn that they may take a tax deduction on their 1040 tax returns. Tangible property regulations, issued by the IRS in 2013, address a wide variety of topics, including materials and supplies; repairs and maintenance; capital expenditures; and amounts paid for the acquisition and improvement of tangible property. 

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Posted in Individual Tax

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