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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!
Two Inventory Management Systems to Consider
If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working capital in inventory detracts from other strategic investment opportunities. Reducing these costs can help
Reasons to Turn Down an Inheritance
Most people are happy to receive an inheritance. But there may be situations when you might not want one. You can use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause the asset to bypass your estate and go to the next beneficiary in