Blog
Bookkeeping Pitfalls for Small Businesses to Avoid
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common pitfalls — and how to avoid them with the right knowledge and tools. 1. Commingled Bank Accounts It’s important to maintain a separate dedicated
DWC Professional Attains ACMA, CGMA Designations
DWC CPAs and Advisors is pleased to announce Senior Bookkeeper Darby Russell, ACMA, CGMA, has attained the Associated Charter Management Accountant (ACMA) and Chartered Global Management Accountant (CGMA) designations, awarded by the American Institute of Certified Public Accountants in association with the Chartered Institute of Management Accountants. Professionals with CGMA
DWC Principal Chris Allen Featured in National Industry Leadership Article
DWC Audit Principal Chris Allen was recently featured in an accounting leadership article in INSIDE Public Accounting Monthly. The article focuses on growth mindset and the connection between leadership, personal growth, and helping others to grow. Read the full article: Cultivating Success, The Role of a Growth Mindset in Accounting
Structuring Business Assets Purchase for Best Tax Results
After experiencing a downturn in 2023, merger and acquisition activity in several sectors is rebounding in 2024. If you’re buying a business, you want the best results possible after taxes. You can potentially structure the purchase in two ways: Buy the assets of the business, or Buy the seller’s entity ownership
DWC Honors Retiring Principal with Accounting Scholarship
DWC CPAs and Advisors is announcing the retirement of Donna M. Hardy, CPA, CVA. With deep admiration for Donna's four decades of dedication to public accounting, the firm is honored to commemorate her legacy in a special way. In recognition of Donna's outstanding contributions and heartfelt appreciation for her own
Turning Your Hobby Into a Business
Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business
Manage Your Inventory More Efficiently
Inventory is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory and finished goods. While you need to have enough inventory on hand to meet your customers’ needs, carrying excessive amounts can be costly. Here are some smart
Maximize the Qualified Business Income (QBI) Deduction Before It’s Gone
The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So if you’re eligible, you want to make the most of the deduction while it’s still on the books because it can potentially be a big tax saver. QBI Deduction Basics
Coordinate Section 179 and Bonus Depreciation for Optimal Tax-Savings
Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their
Happy Graduation to the Class of 2024!
Congratulations to these graduating employees and family members of employees – we wish you and all graduates much success!