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Returning Value Blog

Nick Wheeler, CPA

Recent Posts

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.

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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.

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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.

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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.

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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.

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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.

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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.

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Posted in Business Tax

Bartering Is Big Business

Posted by Nick Wheeler, CPA on Apr 02, 2018

 

Bartering is as popular as ever, but be careful when it comes to taxes.

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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

2 Tax Credits Just For Small Businesses May Reduce Your 2017 and 2018 Tax Bills

Posted by Nick Wheeler, CPA on Feb 05, 2018

Tax credits reduce tax liability dollar-for-dollar, potentially making them more valuable than deductions, which reduce only the amount of income subject to tax. Maximizing available credits is especially important now that the Tax Cuts and Jobs Act has reduced or eliminated some tax breaks for businesses. Two still-available tax credits are especially for small businesses that provide certain employee benefits.

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Posted in Business Tax

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