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

Returning Value Blog

Nick Wheeler, CPA

Recent Posts

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

ESOPs Offer Businesses Tax and Other Benefits

Posted by Nick Wheeler, CPA on Jul 28, 2017

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning.

Full Story

Posted in Business Valuation

Keep Real Estate Separate From Your Business's Corporate Assets To Save Tax

Posted by Nick Wheeler, CPA on Jul 05, 2017

It’s common for a business to own not only typical business assets, such as equipment, inventory, and furnishings but also the building where the business operates — and possibly other real estates as well. There can, however, be negative consequences when a business’s real estate is included in its general corporate assets. By holding real estate in a separate entity, owners can save tax and enjoy other benefits, too.

Full Story

Posted in Business Tax

Choosing The Best Way To Reimburse Employee Travel Expenses

Posted by Nick Wheeler, CPA on Jun 12, 2017

If your employees incur work-related travel expenses, you can better attract and retain the best talent by reimbursing these expenses. But to secure tax-advantaged treatment for your business and your employees, it’s critical to comply with IRS rules.

Full Story

Posted in Business Tax

Enjoy Deductions for Summer T&E Expenses

Posted by Nick Wheeler, CPA on Apr 20, 2017

Reap tax rewards for travel and entertainment

What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a Memorial Day or Fourth of July barbecue or treat them to a night out on the town.

Full Story

Posted in Business Tax

Immediate Tax Benefits for Business Property

Posted by Nick Wheeler, CPA on Feb 10, 2017

Section 179 provides generous tax break

There is a unique tax break for business entities of all shapes and sizes contained in Section 179 of the Internal Revenue Code. Under this section, a business can elect to “expense,” or currently deduct, the cost of qualified property placed in service during the year, up to a maximum level. It is near-instant tax gratification.

Full Story

Posted in Business Tax

Opportunity For Fiscal Year Taxpayers to Claim Missed Bonus Depreciation on 2015 Assets

Posted by Nick Wheeler, CPA on Nov 07, 2016

Summary

A highlight of the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) is the five-year extension of additional first-year depreciation, or “bonus depreciation,” from 2015 through 2019.  Enacted on December 18, 2015, the “PATH Act” retroactively extended 50-percent bonus depreciation to apply to qualified property placed in service in 2015.  The enactment came too late for some fiscal year taxpayers that had already filed federal tax returns for tax years beginning in 2014 and ending in 2015, and for taxpayers with a taxable year of less than 12 months beginning and ending in 2015.  Consequently, these taxpayers may have failed to claim bonus depreciation on their tax returns for qualifying property placed in service in 2015.  Recently, the Internal Revenue Service issued relief guidance in Rev. Proc. 2016-48 to provide affected taxpayers with procedures for claiming, or not claiming, the 50-percent bonus depreciation on such property.

Full Story

Posted in Business Tax

Seven Timely Individual Tax Moves in 2016

Posted by Nick Wheeler, CPA on Oct 11, 2016

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year.

Full Story

Posted in Individual Tax

Crash Course on Education Tax Breaks

Posted by Nick Wheeler, CPA on Sep 13, 2016

Choose one of three tax-savers

Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) and the tuition deduction.

Full Story

Posted in Individual Tax Planning

Giving the “Right Stock” to Charity

Posted by Nick Wheeler, CPA on Aug 09, 2016

Tax rules may affect your donations

Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return.

Full Story

Posted in Individual Tax

Returning_Value