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Returning Value Blog

Michael D. Machen, CPA, CVA

Recent Posts

Five Prime Issues For Business Startups

Posted by Michael D. Machen, CPA, CVA on May 09, 2018

Items for new owners to resolve

Are you starting a new business venture or investing in potential opportunities in the marketplace? Before you make any commitments, be aware that there are numerous practical considerations from a business, tax and legal perspective. In other words, there is much more involved than just fronting the cash.

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Posted in Business Advisory

A Net Operating Loss On Your 2017 Tax Return Isn't All Bad News.

Posted by Michael D. Machen, CPA, CVA on Apr 19, 2018

When a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. If when filing your 2017 income tax return you found that your business had an NOL, there is an upside: tax benefits. But beware — the Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of NOLs.

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Posted in Business Tax

Sec. 179 Expensing Provides Small Businesses Tax Savings on 2017 Returns — and More Savings In The Future

Posted by Michael D. Machen, CPA, CVA on Mar 08, 2018

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018.

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Posted in Business Tax

Top 10 Things Companies Need to Know About Tax Reform

Posted by Michael D. Machen, CPA, CVA on Feb 14, 2018

The $1.5 trillion new tax law represents the most sweeping change to the tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know:

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Posted in Business Tax

Tax Code Changes Will Affect Your Paycheck

Posted by Michael D. Machen, CPA, CVA on Jan 04, 2018

The tax reform bill approved by Congress will take effect January 1, 2018, and your paycheck will be affected, but at this point, you may have to wait until February to see the change.

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Posted in Tax Updates

Who Could Benefit From an IRA Charitable Rollover?

Posted by Michael D. Machen, CPA, CVA on Dec 21, 2017

 

Consider contributing your "Required Minimum Distribution" (RMD) to a charity. It’s called the charitable IRA rollover. It’s a tax planning strategy for donors giving anywhere from $100 to $100,000 that was made a permanent part of the tax law in 2016. Now, with the big changes in the tax cuts bill, it makes this strategy even more relevant as millions of Americans will take the increased standard deduction and lose the incentive to itemize their taxes, including charitable deductions. 

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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

Machen McChesney Voted as Best Accountant for Readers' Choice Awards.

Posted by Michael D. Machen, CPA, CVA on Nov 15, 2017

For 12 years running 

Opelika-Auburn News proudly presents the winners of the 18th annual Readers’ Choice Awards. Machen McChesney was voted the best accounting firm in East Alabama by Opelika-Auburn News readers. Machen McChesney has had the great fortune to have been voted the best accounting firm every year since the inception of the best accountant category.

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Posted in News & Events

Six Ways to Improve Cash Flow

Posted by Michael D. Machen, CPA, CVA on Nov 03, 2017

Practical ideas to spur business growth

When you are running a small business, the numbers matter. This is especially true when it comes to cash flow. If you have more money going out than you have coming in, your business will not survive for very long.

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Posted in Business Advisory

Accelerate Your Retirement Savings With A Cash Balance Plan

Posted by Michael D. Machen, CPA, CVA on Oct 09, 2017

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning efforts. One solution may be a cash balance plan.

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Posted in Business Advisory

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