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Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem. Qualified Improvement Property For qualifying assets placed in service in tax years beginning in 2023,
Survive an IRS Audit by Preparing
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be little consolation if yours is one of them.
Ways to Shield Your Wealth From Lawsuits and Creditors
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims. If your business, professional or personal activities expose your assets to attack by litigants or creditors,
2024 Health Savings Account Contribution Limits
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an
Ways You May Reduce the 3.8% Net Investment Income Tax
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to reduce its impact. Affected Taxpayers The
Why can’t my business pay its bills?
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers might differ. Fluctuations in Working Capital Profits (or pretax earnings) are closely
DWC CPAs and Advisors Announce Firm Promotions
DWC CPAs and Advisors is pleased to announce the following promotions: Sarah J. Fischer, CPA, to Principal Sarah became a valued member of the DWC tax team in 2001. Her areas of expertise revolve around family-owned businesses, business tax planning, ACA rules, compensation/fringe benefit planning, and offering financial planning and
DWC CPAs and Advisors Named a Top 300 Public Accounting Firm
DWC CPAs and Advisors is pleased to announce we are again recognized by INSIDE Public Accounting (IPA) as a Top 300 Firm in the nation. IPA ranks public accounting firms nationally by U.S. net revenues, and they are compiled by analyzing nearly 600 responses for IPA’s Survey and Analysis of
Q3 2023 Tax-Related Deadlines for Businesses and Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more
Take Care to Address Your Family Vacation Home in Your Estate Plan
For many people, the disposition of a family home is an emotionally charged estate planning issue. And emotions may run even higher with vacation homes, which often evoke even fonder memories. So, it’s important to address your vacation home carefully in your estate plan. Keeping the Peace Before you do