The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected Taxpayers The
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ. Fluctuations in Working Capital Profits (or pretax earnings) are closely
DWC CPAs and Advisors is pleased to announce the following promotions: Sarah J. Fischer, CPA, to Principal Sarah became a valued member of the DWC tax team in 2001. Her areas of expertise revolve around family-owned businesses, business tax planning, ACA rules, compensation/fringe benefit planning, and offering financial planning and
DWC CPAs and Advisors is pleased to announce we are again recognized by INSIDE Public Accounting (IPA) as a Top 300 Firm in the nation. IPA ranks public accounting firms nationally by U.S. net revenues, and they are compiled by analyzing nearly 600 responses for IPA’s Survey and Analysis of
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. 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
For many people, the disposition of a family home is an emotionally charged estate planning issue. And emotions may run even higher with vacation homes, which often evoke even fonder memories. So, it’s important to address your vacation home carefully in your estate plan. Keeping the Peace Before you do
Recently, the critically acclaimed television show “Succession” aired its final episode. If the series accomplished anything, it was depicting the chaos and uncertainty that can take place if a long-time business owner fails to establish a clearly written and communicated succession plan. While there are many aspects to succession planning, one
If you’re the owner of an incorporated business, you know there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Therefore, if funds are
If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic Rules and IRS Clarifications You can claim an itemized deduction for
