Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900

Returning Value Blog

Nick Wheeler, CPA

Recent Posts

TCJA Changes To Employee Benefits Tax Breaks: 4 Negatives and A Positive

Posted by Nick Wheeler, CPA on Apr 19, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

Full Story

Posted in Business Tax

Bartering Is Big Business

Posted by Nick Wheeler, CPA on Apr 02, 2018

 

Bartering is as popular as ever, but be careful when it comes to taxes.

Full Story

Posted in Business Tax

Don't Forget: 2017 Tax Filing Deadline for Pass-through Entities is March 15

Posted by Nick Wheeler, CPA on Mar 07, 2018

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is March 15. While this has been the S corporation deadline for a long time, it’s only the second year the partnership deadline has been in March rather than in April.

Full Story

Posted in Business Tax

2 Tax Credits Just For Small Businesses May Reduce Your 2017 and 2018 Tax Bills

Posted by Nick Wheeler, CPA on Feb 05, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits.

Full Story

Posted in Business Tax

The Tax Cuts and Jobs Act Temporarily Expands Bonus Depreciation

Posted by Nick Wheeler, CPA on Jan 05, 2018

The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.

Full Story

Posted in Business Tax

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.

Full Story

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.

Full Story

Posted in Business Tax

Strategies to Help Startups Overcome Financial Statement Hurdles

Posted by Nick Wheeler, CPA on Nov 07, 2017

To put the early phase of building a startup business into context, consider dating. You remember that, right? Daters find each other through different avenues, get together, gauge their respective interest in one another, and then pursue a relationship or go their separate ways.

Full Story

Posted in Business Advisory

Timing Strategies Could Become More Powerful In 2017, Depending On What Happens With Tax Reform.

Posted by Nick Wheeler, CPA on Oct 04, 2017

Projecting your business income and expenses for this year and next can allow you to time when you recognize income and incur deductible expenses to your tax advantage. Typically, it’s better to defer tax. This might end up being especially true this year, if tax reform legislation is signed into law.

Full Story

Posted in Business Tax

Larger Deduction Might Be Available to Businesses Providing Meals to Their Employees

Posted by Nick Wheeler, CPA on Aug 31, 2017

When businesses provide meals to their employees, generally their deduction is limited to 50%. But there are exceptions. One is if the meal qualifies as a de minimis fringe benefit under the Internal Revenue Code.

Full Story

Posted in Business Tax

Recent Posts

Returning_Value