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Tax Responsibilities When Closing a Business
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, you will need to take care of various tax responsibilities. To start with, a business must file a
Understanding Medicare Premiums and Taxes
Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B Coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly
Social Security Wage Base Will Increase for 2025
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social
DWC Professionals Earn CPA and EA Designations
DWC CPAs and Advisors is pleased to announce its professionals who recently attained certifications as Certified Public Accountant and Enrolled Agent. Ana Partas Hurlburt, Sydney Trichler, and Paul Vejraska recently attained the Certified Public Accountant (CPA) designation and Colorado licensing after passing the Uniform Certified Public Accountant Examination. Set by
Include Digital Assets in Your Estate Plan
When it comes to digital assets, it’s important to know that, unlike many assets, they leave little to no “paper trail.” Thus, unless your estate plan specifically provides for them, it may be difficult for your family to access these assets — or even know that they exist. Let’s take
Accounting “Cutoff” Rules Matter
Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for when companies recognize revenue and expenses. However, some companies may be tempted to play timing games, especially at year end, to boost financial results or lower taxes. Observing the End-of-Period
Should You File a Joint or Separate Tax Return Upon Death of Spouse?
Surviving spouses are faced with many financial and tax-related decisions. One critical issue to consider is whether to file a joint or separate tax return for the year of the spouse’s death. Timing of the Final Tax Return When a person dies, his or her personal representative (called an executor
Time for Year-End Tax Planning for Businesses
If you haven't talked with your tax advisor yet, it's time to take proactive steps that may help lower your small business’s taxes for this year and next. The strategy of deferring income and accelerating deductions to minimize taxes can be effective for most businesses, as is the approach of
DWC CPAs and Advisors Makes Top 200 Private Colorado Companies List
Christopher L. West, CPA, PFS DWC CPAs and Advisors has once again earned a place among Colorado’s Top 200 Private Companies, as recognized by ColoradoBiz. This year’s honor marks the eleventh consecutive year DWC has appeared on the list, which ranks companies headquartered in Colorado by annual revenue.
Options for Funding Long-Term Care Expenses
Few things can derail your estate plan as quickly as unanticipated long-term care (LTC) expenses. Most people will need some form of LTC — such as a nursing home or an assisted living facility stay — at some point in their lives. And the cost of this care is steep.