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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

Four Key Changes For Depreciation Deductions

Posted by Jessica L. Pagan, CPA on Apr 05, 2018

New tax law revamps the rules

The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018 through a combination of rules relating to depreciation. The following is a brief overview of four favorable provisions in the new tax law.

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Posted in Business Tax

2018 Q2 Tax Calendar: Key Deadlines For Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Mar 26, 2018

Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. 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

Defer Tax With A Section 1031 Exchange, But New Limits Apply This Year

Posted by Jessica L. Pagan, CPA on Mar 19, 2018

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange. However, the Tax Cuts and Jobs Act (TCJA) reduces the types of property eligible for this favorable tax treatment.

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Posted in Business Tax

Last Chance for Key Tax Deductions

Posted by Jessica L. Pagan, CPA on Mar 01, 2018

Opportunities vanishing after 2017 returns

The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are expected to itemize returns in the future.

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Posted in Individual Tax

Claiming Bonus Depreciation On Your 2017 Tax Return May be Particularly Beneficial

Posted by Jessica L. Pagan, CPA on Feb 06, 2018

With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation.

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Posted in Business Tax

New Tax Law Gives Pass-through Businesses a Valuable Deduction

Posted by Jessica L. Pagan, CPA on Jan 12, 2018

Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through” entities may see some major — albeit temporary — relief in the form of a new deduction for a portion of qualified business income (QBI).

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Posted in Business Tax

This Year's Company Holiday Party is Probably Tax Deductible, But Next Year's May Not Be

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

Many businesses are hosting holiday parties for employees this time of year. It’s a great way to reward your staff for their hard work and have a little fun. And you can probably deduct 100% of your 2017 party’s cost as a meal and entertainment (M&E) expense. Next year may be a different story.

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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

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

Tax Relief on Tap for Disaster Victims

Posted by Jessica L. Pagan, CPA on Nov 01, 2017

How to qualify for casualty loss deductions

Catastrophic events, such as hurricanes Harvey and Irma—or tornados, earthquakes, wildfires and the like—can severely damage your personal or business property. Small consolation: You may be entitled to deduct a casualty loss on your tax return.

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Posted in Individual Tax

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