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What Families Need to Know About the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex. Below is an overview of the key changes. Adoption Credit Enhanced Parents who adopt may
A Tax Guide to Choosing the Right Business Entity
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications.
OBBBA Makes QBI Deduction More Accessible and Beneficial
What is the QBI Deduction? The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up
Use a Letter of Instruction to Help Communicate Your Estate Plan Wishes
Including a letter of instruction in your estate plan is a simple yet powerful way to communicate your personal wishes to your family and executor outside of formal legal documents. While not legally binding, the letter can serve as a road map to help those managing your estate carry out
Troubleshooting Guide for QuickBooks
QuickBooks® can be a powerful tool for managing your company’s accounting records, but like any software, it’s only as accurate as the information entered into it. If you’ve ever generated a QuickBooks report that didn’t look quite right, you’re not alone. Inaccurate or incomplete reports are a common issue that,
Spousal IRAs Can Be a Smart Retirement Strategy for Couples
Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one
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