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Budgeting Basics for Entrepreneurs
Starting a business can be rewarding, but the financial learning curve is often steep. The U.S. Bureau of Labor Statistics estimates that one in five new businesses will fail within one year of opening, roughly half will close within five years, and less than a third will survive for 10
DWC Named One of the Nation’s Top 300 Accounting Firms by INSIDE Public Accounting
DWC CPAs and Advisors is proud to be recognized once again by INSIDE Public Accounting (IPA) as one of the Top 300 Public Accounting Firms in the nation. Rankings are based on U.S. net revenues and drawn from over 625 firm responses to IPA’s Annual Survey and Analysis of Firms.
DOs and DON’Ts to Help Protect Your Business Expense Deductions
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax
Age-Related Tax Milestones
They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and
DWC Recognizes Staff Advancements and New CPA Certification
DWC CPAs and Advisors is pleased to announce the following promotions and Certified Public Accountant (CPA) certification. Kate A. Bruno to Tax Senior Growing up in Thornton, Kate came to the Western Slope to attend Colorado Mesa University, where she graduated with a Bachelor of Science in Public Accounting. While
6 Strategies to Protect Your Wealth From Lawsuits and Creditors
Asset protection is a strategic approach to safeguarding your wealth from potential lawsuits and creditor claims. Indeed, protecting your assets is critical in today’s litigious environment. Without proper planning, a single lawsuit or debt issue could jeopardize years of financial progress. The last thing you want to happen is to
How to Prepay Expenses Strategically and Report Them Accurately
In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must
Have you made arrangements for your pets in your estate plan?
For many people, pets are more than just animals — they’re cherished members of the family. Yet, when it comes to estate planning, their future care can be overlooked. Including your pets in your estate plan ensures they’ll continue to receive love and care if something happens to you. Unless
A Summary of Some Key OBBBA Tax Provisions for Small Businesses
The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-Year Bonus Depreciation The OBBBA
Do you have to pay taxes on cryptocurrency and other digital assets?
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the