Machen McChesney returns value to clients through our monthly e-newsletter, The Value Report, January 2018 edition.
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The Value Report - Machen McChesney Business Advisory Insights

At Machen McChesney, we are committed to Returning Value to you through our monthly e-newsletter, The Value Report.

Here you'll find regular tips to help with your business and personal finances, as well as strategies to grow and more efficiently run your organization. 


Table of Content

  1. Who Could Benefit From an IRA Charitable Rollover?
  2. Tax Cuts and Jobs Act Bill
  3. Tax Code Changes Will Affect Your Paycheck
  4. The Tax Cuts and Jobs Act Temporarily Expands Bonus Depreciation
  5. A Snapshot of How the New Tax Law Affects Individuals
  6. Seven Steps for Tax Return Season
  7. New Tax Law Gives Pass-through Businesses a Valuable Deduction
  8. Your 2017 Tax Return May Be Your Last Chance To Take The 'Manufacturers' Deduction"
  9. Do You Have to File a Gift Tax Return?
  10. Meals, Entertainment, and Transportation May Cost Businesses More Under The TCJA
  11. What's New at Machen McChesney?

Who Could Benefit From an IRA Charitable Rollover?

iStock-813786668-431476-edited.jpgConsider 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. Continue reading.

Tax Cuts and Jobs Act Bill
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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. Continue reading.


Tax Code Changes Will Affect Your Paycheck

iStock-469958022-277467-edited.jpgThe 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. Continue reading.

The Tax Cuts and Jobs Act Temporarily Expands Bonus Depreciation
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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. Continue reading.

A Snapshot of How the New Tax Law Affects Individuals
IFF_Tax_Law_SNIPPET_560x292.jpgHere is a brief look at how the new Tax Cuts and Jobs Act bill affects individuals. Continue reading.

Seven Steps for Tax Return Season

iStock-644336224-087380-edited.jpgOne 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: Continue reading.


New Tax Law Gives Pass-through Businesses a Valuable Deduction

20  off_560x292-366540-edited.jpgAlthough 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). Continue reading.


Your 2017 Tax Return May Be Your Last Chance To Take The "Manufacturers' Deduction"

Manufacture-359668-edited.jpgWhile 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). Continue Reading.


Do You Have To File a Gift Tax Return?

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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. Continue Reading.


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

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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. Continue Reading.


What's New at Machen McChesney?

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Sponsorships, new hires, announcements

Continue reading.


We hope you found value in The Value Report you've received this month. We look forward to finding, even more, ways to Return Value to you in the future. 

Please feel free to visit our website or visit our blog at any time during the month to interact with additional valuable resources and helpful information.
 
If you have any questions on the topics above, please feel free to send us a message.
 
Thanks,
Machen McChesney 
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Montgomery: 1761 Taliaferro Trail | Montgomery AL 36117

www.machenmcchesney.com

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