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Returning Value Blog

Marty Williams, CPA

Marty Williams has worked in the accounting profession for 27 years, almost all of which has been at Machen McChesney where he specializes in tax, 1031 exchanges and business advisory services. Industries expertise includes construction, manufacturing, real estate, professional services and healthcare. In addition to firm management, Marty works with business core processes and the Business Tax and Business Advisor Services groups on ways to consistently return value to Machen McChesney clients.

Recent Posts

The Home Office Deduction: Actual Expenses vs. the Simplified Method

Posted by Marty Williams, CPA on Feb 21, 2019

If you run your business from your home or perform certain functions at home that are related to your business, you might be able to claim a home office deduction against your business income on your 2018 income tax return. There are now two methods for claiming this deduction: the actual expenses method and the simplified method.

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Posted in Business Tax

Higher Mileage Rate May Mean Larger Tax Deductions For Business Miles in 2019

Posted by Marty Williams, CPA on Jan 18, 2019

This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business increased by 3.5 cents, to the highest level since 2008. As a result, you might be able to claim a larger deduction for vehicle-related expense for 2019 than you can for 2018.

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Posted in Business Tax

Fringe Benefits: Long-term Care Insurance Can Pay Off

Posted by Marty Williams, CPA on Dec 12, 2018

The U.S. population is aging and, as it does, the need for long-term support and services will only grow. According to a 2017 fact sheet from the AARP Public Policy Institute, on average, 52% of people who turn 65 today will develop a severe disability that will require long-term care (LTC) at some point. For this reason, among others, employers should consider offering LTC insurance as a fringe benefit.

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Posted in Payroll, HR & Benefits

When Holiday Gifts and Parties are Deductible or Taxable

Posted by Marty Williams, CPA on Nov 27, 2018

The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it’s taxable to the recipient. Here’s a brief review of the rules.

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Posted in Business Tax

Starting Slow With a SIMPLE IRA

Posted by Marty Williams, CPA on Oct 30, 2018

For certain employers, particularly small businesses, introducing a retirement plan for employees may seem like a daunting task. The company owner may feel that providing a full-blown 401(k) plan is his or her only choice, but that’s far from true.

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Posted in Business Advisory

An FLP Can Save Tax In a Family Business Succession

Posted by Marty Williams, CPA on Aug 10, 2018

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

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Posted in Business Advisory

Business Deductions For Meal, Vehicle and Travel Expenses: Document, Document, Document

Posted by Marty Williams, CPA on Jul 23, 2018

Meal, vehicle, and travel expenses are common deductions for businesses. But if you don’t properly document these expenses, you could find your deductions denied by the IRS.

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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

Follow IRS Rules to Ensure You Receive Your Charitable Tax Deductions

Posted by Marty Williams, CPA on Feb 19, 2018

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules.

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Posted in Individual Tax

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

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