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Returning Value Blog

Meals, Entertainment, and Transportation May Cost Businesses More Under The TCJA

Posted by Marty Williams, CPA on Jan 25, 2018

Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation. In effect, the reduced tax benefits will mean these expenses are more costly to a business’s bottom line.

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Posted in Business Tax

Do You Have to File a Gift Tax Return?

Posted by Trisha Williams, CPA on Jan 19, 2018

Protection under annual gift-tax exclusion

Did you make gifts to family members in 2017? As long as the gifts did not exceed the limits for the annual gift-tax exclusion, you should have no federal gift-tax worries. You do not even have to file a gift-tax return. And the annual gift-tax exclusion limit, which has not budged in five years, is finally going up in 2018.

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Posted in Individual Tax

Your 2017 Tax Return May Be Your Last Chance To Take The “Manufacturers’ Deduction”

Posted by Melissa Motley, CPA on Jan 18, 2018

While many provisions of the Tax Cuts and Jobs Act (TCJA) will save businesses tax, the new law also reduces or eliminates some tax breaks for businesses. One break it eliminates is the Section 199 deduction, commonly referred to as the “manufacturers’ deduction.” When it’s available, this potentially valuable tax break can be claimed by many types of businesses beyond just manufacturing companies. Under the TCJA, 2017 is the last tax year noncorporate taxpayers can take the deduction (2018 for C corporation taxpayers).

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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

Seven Steps for Tax Return Season

Posted by Lisa Albritton on Jan 11, 2018

One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you spring into action: 

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Posted in Individual Tax

A Snapshot of How the New Tax Law Affects Individuals

Posted by Lesley L. Price, CPA on Jan 08, 2018

Here is a brief look at how the new Tax Cuts and Jobs Act bill affects individuals.

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Posted in Individual 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.

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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

Tax Cuts and Jobs Act Bill

Posted by Lesley L. Price, CPA on Jan 02, 2018

On December 22, President Trump signed the Tax Cuts and Jobs Act bill into law.  The bill will impact virtually every individual and business on a level not seen in over 30 years. We have attached a summary of the key provisions. 

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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

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