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Returning Value Blog

Tax-smart Domestic Travel: Combining Business With Pleasure

Posted by Marty Williams, CPA on Jun 19, 2019

Summer has just begun, so you might be thinking about getting some vacation time. If you’re self-employed or a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the write-offs you’re expecting.

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Posted in Business Tax

IRS Raises Valuation Limit for Employer-Provided Vehicles

Posted by Lesley L. Price, CPA on May 17, 2019

One of the most popular fringe benefits for employees at many organizations isn’t an insurance plan or a health club membership; it’s shiny chrome and steel — a vehicle. Providing a car, van or truck that an employee can use for both work and personal purposes can attract better job candidates or just make sense practically. If your organization offers such a fringe benefit, you should know that the IRS recently updated its valuation limit for employer-provided vehicles.

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Posted in Business Tax

Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments

Posted by Lisa Albritton on May 14, 2019

Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal property is located. The following summarizes the most often overlooked items that result in overpayments of personal property taxes by any organization.

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Posted in Business Tax

Can I Add Personal Days to a Business Trip and Deduct My Travel Expenses?

Posted by Lisa Albritton on Apr 24, 2019

Tacking vacation days onto a deductible business trip.

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Posted in Business Tax

How Entrepreneurs Must Treat Expenses on Their Tax Returns

Posted by Lesley L. Price, CPA on Apr 23, 2019

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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Posted in Business Tax

Deducting Business Meal Expenses Under Today's Tax Rules

Posted by Marty Williams, CPA on Apr 22, 2019

In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors, and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some valuable write-offs.

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Posted in Business Tax

Divorcing Business Owners Need to Pay Attention to Tax Implications

Posted by Nick Wheeler, CPA on Apr 18, 2019

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it.

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Posted in Business Tax

Now or Later? When to Report Subsequent Events.

Posted by Jessica L. Pagan, CPA on Apr 15, 2019

Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications for the prior period or for the future. Here’s a look at what’s reportable and what’s not.

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Posted in Business Tax

2019 Q2 Tax Calendar: Key Deadlines for Businesses and Other Employers

Posted by Jessica L. Pagan, CPA on Mar 26, 2019

Here are some of the key tax-related deadlines that apply to businesses and other employers during the second quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

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Posted in Business Tax

Could Your Business Benefit from the Tax Credit for Family and Medical Leave?

Posted by Jessica L. Pagan, CPA on Mar 19, 2019

The Tax Cuts and Jobs Act created a new federal tax credit for employers that provide qualified paid family and medical leave to their employees. It’s subject to numerous rules and restrictions and the credit is only available for two tax years — those beginning between January 1, 2018, and December 31, 2019. However, it may be worthwhile for some businesses.

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Posted in Business Tax

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