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

Returning Value Blog

Nick Wheeler, CPA

Recent Posts

Accounting For Overhead Costs

Posted by Nick Wheeler, CPA on Dec 10, 2018

Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur.

Full Story

Posted in Business Tax

Tax Reform Expands Availability of Cash Accounting

Posted by Nick Wheeler, CPA on Nov 20, 2018

Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether the cash method would be advantageous and if so, consider switching methods.

Full Story

Posted in Business Tax

Tax-free Fringe Benefits Help Small Businesses and Their Employees

Posted by Nick Wheeler, CPA on Oct 10, 2018

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options.

Full Story

Posted in Business Tax

Got Medical Bills? Get Planning!!!

Posted by Nick Wheeler, CPA on Sep 26, 2018

For 2018, taxpayers can itemize medical expenses that total only 7.5% of AGI.

Full Story

Posted in Individual Tax Planning

Be Sure Your Employee Travel Expense Reimbursements Will Pass Muster With The IRS

Posted by Nick Wheeler, CPA on Sep 17, 2018

Does your business reimburse employees’ work-related travel expenses? If you do, you know that it can help you attract and retain employees. If you don’t, you might want to start, because changes under the Tax Cuts and Jobs Act (TCJA) make such reimbursements even more attractive to employees. Travel reimbursements also come with tax benefits, but only if you follow a method that passes muster with the IRS.

Full Story

Posted in Business Tax

Do You Qualify For The Home Office Deduction?

Posted by Nick Wheeler, CPA on Aug 07, 2018

Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you.

Full Story

Posted in Business Tax

What Businesses Need To Know About The Tax Treatment Of Bitcoin And Other Virtual Currencies

Posted by Nick Wheeler, CPA on Jun 07, 2018

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

Full Story

Posted in Business Tax

The TCJA Changes Some Rules For Deducting Pass-through Business Losses

Posted by Nick Wheeler, CPA on May 22, 2018

It’s not uncommon for businesses to sometimes generate tax losses. But the losses that can be deducted are limited by tax law in some situations. The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct — beginning in 2018. This could negatively impact owners of start-ups and businesses facing adverse conditions.

Full Story

Posted in Business Tax

A Review Of Significant TCJA Provisions Affecting Small Businesses

Posted by Nick Wheeler, CPA on May 02, 2018

Now that small businesses and their owners have filed their 2017 income tax returns (or filed for an extension), it’s a good time to review some of the provisions of the Tax Cuts and Jobs Act (TCJA) that may significantly impact their taxes for 2018 and beyond. Generally, the changes apply to tax years beginning after December 31, 2017 and are permanent, unless otherwise noted.

Full Story

Posted in Business Tax

TCJA Changes To Employee Benefits Tax Breaks: 4 Negatives and A Positive

Posted by Nick Wheeler, CPA on Apr 19, 2018

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits.

Full Story

Posted in Business Tax

Recent Posts

Returning_Value