Newell & Newell, PC

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Newell & Newell, PC is a full-service accounting firm serving clients throughout the Columbus, GA area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obli...
08/18/2026

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obligations.

The fair market value of goods or services you receive generally must be reported as taxable income. Business expenses related to the exchange may also be deductible. Special rules apply if you use a barter exchange, including when trade credits are taxable and whether Form 1099-B reporting applies.

Good records are essential, including documentation of the fair market value, invoices, barter agreements and statements from barter exchanges. Whether you already barter or are considering it, contact us to discuss the tax and reporting implications.

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and pla...
08/18/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economic...
08/18/2026

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economically distressed communities by offering federal income tax credits to qualifying investors.

If your business invests in a certified community development entity (CDE), you may be eligible for a credit equal to 39% of your investment over seven years. Alternatively, your business may benefit indirectly by receiving CDE financing for renovations, equipment, expansion or other eligible projects in qualifying low-income communities.

Contact us to learn more. We can help you estimate the potential tax or financing benefits and comply with the applicable requirements.

Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold f...
08/18/2026

Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement or IRS lock-in letter may require special handling.

Employers generally aren’t responsible for verifying the information employees provide on W-4 forms. However, you must reject invalid forms, apply proper withholding rules when no valid form is on file and follow IRS withholding instructions. Reviewing your payroll procedures now can help prevent costly errors. Contact us for guidance on W-4 compliance and other payroll withholding issues.

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you...
08/18/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact.

Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld.

Mutual funds offer an easy way to invest in a diversified portfolio. But the tax treatment isn’t so simple.One challenge...
08/18/2026

Mutual funds offer an easy way to invest in a diversified portfolio. But the tax treatment isn’t so simple.

One challenge is that certain mutual fund transactions are treated as sales even though they might not seem like it. Another is that determining your tax basis for shares sold can be complicated, especially if you dispose of only part of your interest in the fund and the shares were acquired at different times for different prices. Also, mutual fund capital gains distributions are generally taxable, even when reinvested in the fund.

If you have questions about the tax treatment of mutual funds, contact us. We can help you be a tax-smart mutual fund investor.

Could your traditional 401(k) or IRA balance be too large? Maybe! Contributing as much as you can to tax-deferred retire...
08/18/2026

Could your traditional 401(k) or IRA balance be too large? Maybe!

Contributing as much as you can to tax-deferred retirement accounts can be a good idea. Contributions are pretax or deductible, and tax-deferred compounding can turbocharge growth.

But sometimes maximizing tax deferral is counterproductive. This may be true if tax rates increase by the time you pay tax on distributions. Also, retirement plan distributions are taxed at your ordinary-income rate, not your long-term capital gains rate. So you may pay a higher tax rate on dividends and growth than you would if you held the investments in a taxable account.

Fortunately, there are strategies that can help. Contact us to learn more.

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s inc...
08/18/2026

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings. But in some cases, income taxes can take a bite out of disability benefits.

Taxability usually hinges on who paid the premiums. If your employer paid them, the payouts from the policy generally will be taxed to you just as if the income were paid directly to you by your employer. If you paid the premiums, the payments you receive generally won’t be taxable. State tax treatment of disability benefits varies.

We can help you assess how much disability coverage you need depending on the tax consequences and other factors.

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the A...
08/18/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households).

If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC.

Contact us to discuss these and other tax tips for your situation.

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death...
08/18/2026

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due on April 15 of the following calendar year unless the executor requests an extension. A surviving spouse generally can file a joint return with the deceased spouse for that year. Often, filing jointly provides tax savings, including a lower tax rate and larger deductions and credits. But filing separately sometimes may produce a better result because of the couple’s particular mix of income, deductions and other tax attributes. Contact us for more information.

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400 Brookstone Centre Parkway Suite 450
Columbus, GA
31904

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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