Blog
Predicting a Company’s Future Performance
CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future. Prospective reporting options There are three types of reports to choose from when predicting future performance: Forecasts. These prospective statements present an entity’s expected financial position, results of operations and
Tax Benefits of Hiring Your Child
If you’re a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free
Avoid Leaving Specific Assets to Specific Heirs
Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them. Illustrating the problem Let’s say Debbie has three children — Abbie, Mary Kate and
Financial Statements Help Make Informed Business Decisions
There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally important, information about your company’s financial performance. Together, they can be analyzed to help owners, management, lenders and investors make informed business decisions. Profit or Loss (aka Income Statement) The
Taxes on Selling Your Home
Spring and summer are busy seasons for selling a home. Interest rates are currently good and buyers are out looking for a new place. Freddie Mac reports that the average 30-year fixed mortgage rate was 4.14% during the week of May 2, 2019, while the 15-year mortgage rate was 3.6%.
Classifying Workers: Employee or Independent Contractor?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. However, the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations. Why
Buy or Lease Business Equipment
Life presents us with many choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your company’s production facilities. But the buy or lease business equipment quandary also
DWC’s Steve Carver Featured in COCPA Magazine
DWC was honored to hear our very own Steve Carver and his wife April were featured in the May/June 2019, NewsAccount magazine article published by the Colorado Society of Certified Public Accountants (COCPA). The article highlights Steve and April's recent business venture in purchasing and restoring the Redstone Castle in
Deducting Business Start-Up Expenses
Have you recently started a new business or are thinking of starting one? A new venture is exciting and as you know, you generally have to spend a lot of money just to open the doors. Expenses may include training workers, rent, utilities, IT, marketing, and more. Many new business
Tax Savings for Electric Vehicles
While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal income tax credit of up