The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular business year-end tax planning tools. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could
Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue operating as a going concern. The basics To find out what
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 benefits from
ColoradoBiz recently announced their Top 250 Private Companies in Colorado with Dalby, Wendland & Co., P.C., making the list for the sixth year. Companies must be headquartered in Colorado and are ranked each year by gross revenues. The published list also highlights industry type, years in business, and number of
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits 529 plans provide a tax-advantaged
Estate Planning: Real Estate and Tenancy-in-Common If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use
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. Tax-free fringe benefits are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with
Many employers offer retirement plan benefits to their employees such as a defined contribution plan (401k plan) as an additional incentive to work for their company. It is important that the employers know their fiduciary duties and know the implications that can occur if a plan is not properly administered.
Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details. FASB responds to business complaints Over the last three years, businesses have complained to
