To ensure year-end charitable donations will be deductible on your 2016 return, you must make them by Dec. 31. A donation generally is “made” at the time of its “unconditional delivery.” The delivery date depends in part on what you donate and how you donate it: for a check, the
You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year company). But this favorable tax treatment isn’t always available. For
Measuring accounting estimates involves some level of uncertainty. As a result, accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — require extra attention from auditors. Here’s a closer look at the current standards for auditing estimates and examples
What do pumpkin patches, ski resorts, ice cream shops and accounting firms have in common? They're all seasonal businesses that experience a surge in revenues during their busy seasons that tapers off in the slow season. Seasonal peaks and troughs present challenges that require creative planning and fiscal prudence. Understand
Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect Trump’s tax reform plan, released earlier this year, includes the following changes that would affect individuals:
The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the top corporate income tax rate from 35% to 15%, Abolishing
Your estate plan likely accommodates your spouse, children and grandchildren. But have you overlooked your parents? How can you best handle their financial affairs in the later stages of life? You may want to incorporate their needs into your own estate plan while tweaking, when necessary, the arrangements they’ve already
Sarah J. Fischer, CPA Grand Junction Office From the moment you take your newborn baby home, to the time you help them out of the nest, there will be numerous costs you will incur in the 20-something years in between. The U.S. Department of Agriculture says it costs the
ColoradoBiz recently announced their Top 250 Private Companies in Colorado with Dalby, Wendland & Co., P.C., making the list for the fourth year. Fewer than 20 companies recognized are on the Western Slope. Companies must be headquartered in Colorado and are ranked each year by gross revenues. The published list
The federal self-employment (SE) tax just keeps going higher and higher. If you've reached the breaking point, there may be a way to tame the SE tax beast by converting your existing unincorporated small business into an S corporation. How to Evaluate the Option If you're a self-employed individual -
