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Returning Value Blog

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

Business or Hobby?  

Posted by Lisa Albritton on Mar 21, 2018

 

Under the new tax law, you can’t deduct hobby expenses.

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Posted in Individual 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

Make Sure Repairs To Tangible Property Were Actually Repairs Before You Deduct The Cost

Posted by Marty Williams, CPA on Mar 16, 2018

Repairs to tangible property, such as buildings, machinery, equipment or vehicles, can provide businesses a valuable current tax deduction — as long as the so-called repairs weren’t actually “improvements.” The costs of incidental repairs and maintenance can be immediately expensed and deducted on the current year’s income tax return. But costs incurred to improve tangible property must be depreciated over a period of years.

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Posted in Business Tax

Compare the Two Types of IRAs

Posted by Don G. Chastain, CPA on Mar 12, 2018

Distinguishing traditional IRAs from Roths

There are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2017 tax year is April 17, 2018. There are no extensions for making IRA contributions for 2017, even if you obtain an extension for filing your return.

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Posted in Retirement & Wealth Management Planning

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

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.

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Posted in Business Tax

The First Social Security Check Recipient

Posted by Lisa Albritton on Mar 06, 2018

Do you know who received the first Social Security check and for what amount?

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Posted in Individual Tax

5 Estate Planning Tips for The Sandwich Generation

Posted by Lesley L. Price, CPA on Mar 05, 2018

The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include aging parents as well.

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Posted in Estate Planning

Favorable Tax Treatment for Medical Expenses

Posted by Melissa Motley, CPA on Mar 02, 2018

New law creates retroactive tax break

The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns (see “Last Chance for Key Tax Deductions”), but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you file in 2018.

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Posted in Individual Tax

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