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DWC Recognized as a 2022 Top Colorado Accounting Firm
Dalby, Wendland & Co., P.C. (DWC) was recently recognized as a Top Colorado Accounting Firm by ColoradoBiz Magazine. Firms are ranked by number of Colorado employees. Dalby Wendland is the only public accounting firm listed that is headquartered in western Colorado. In appreciation of the acknowledgement, DWC CEO Chris West
Making Withdrawals From Your Closely Held Corporation That Aren’t Taxed as Dividends
Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient since it’s taxable to you to the extent of your corporation’s “earnings and profits.” It’s also not deductible
Make Optimal Business Decisions Using Your Financial Statements
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements.
Reporting and Managing Inventory
The first step when reviewing your company’s inventory practices is to identify sources of inefficiencies. From there, you can figure out the best solutions.
Can you deduct the costs of a spouse on a business trip?
If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for deducting a spouse’s travel costs are very restrictive. First of all, to qualify, your spouse must be your employee. This
Are you ready for the new disclosure requirements for government assistance?
Starting in fiscal year 2022, all entities — except nonprofit organizations in the scope of Topic 958, Not-for-Profit Entities, and employee benefit plans — must provide detailed disclosures about government assistance. Here are the details of the new rules. Defining Government Assistance The term “government assistance” may refer to perks and
The Ins and Outs of IRAs
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional
Tax Aspects of Operating as a Sole Proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are eight important issues to consider: 1. You report income and expenses on Schedule C of Form 1040. The net income
Could an FLP Fit Into Your Succession Plan?
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up
Tips to Speed Your Tax Return Processing
Are you ready to file your tax return? Here are some important considerations before filing. Do you have all your documentation? Being organized helps your tax preparer. You should wait to file until you have all your supporting documents, which may include: Forms W-2 from employer(s) Forms 1099 from banks,