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Estate Planning for All!
Chris West, CPA, PFS Estate planning is an essential aspect of any personal finance journey, involving the proactive determination of how your assets will be distributed and managed after your passing. It also provides an opportunity to specify the care arrangements for minor children. Whether you know it
Claiming a Medical Expense Tax Deduction
One of your New Year’s resolutions may be to pay more attention to your health. Of course, that may cost you. Can you deduct your out-of-pocket medical costs on your tax return? It depends. Many expenses are tax deductible, but there are several requirements and limitations that make it difficult
Where should you store your estate plan documents?
You’ve likely put a great deal of time, effort and expense into implementing an estate plan that meets your goals. But unless your loved ones know that these documents exist — and how to find and access them — your well-laid plans can be derailed. Following are some tips on
Tips for Job-Costing
Companies that work on customer-specific or long-term projects — such as homebuilders, contractors, custom manufacturers and professional practices — generally track job costs to gauge the profitability of each project. In turn, this helps them bid future projects. Unfortunately, the job-costing process tends to be cumbersome, causing some expenses to
DWC Professional Attains Human Resource Certification
DWC CPAs and Advisors is pleased to announce Human Resources (HR) Generalist Madison H. Donnafield recently attained the Society for Human Resource Management Certified Professional (SHRM-CP) credential. The SHRM-CP accreditation requires knowledge in six topic areas, including organization, people, leadership, business, interpersonal, and workplace. The four-hour exam also tests situational
DWC CPAs and Advisors Announce Firm Promotions
DWC CPAs and Advisors is pleased to announce the following recent promotions: Tyler M. Hugentobler to Tax Senior Tyler joined DWC’s Grand Junction tax team in late 2020. He has gained knowledge in various areas of taxation and particularly enjoys working on business returns for clients in multiple industries. Originally
DWC Intern Recognized at CIVSA Conference
DWC wishes to congratulate audit intern Ana Carbajal Barahona for receiving the STAR Award at the recent Collegiate Information & Visitor Services Association (CIVSA) conference! The conference gathered student ambassadors and staff advisors to network and share ideas, best practices, and ways to help improve their institutions. Ana is an
Corporate Transparency Act – The BOI Reporting Requirement
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA”). The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company. Background on the New BOI
Planning an Exit Strategy for Your Business
Every business owner should have an exit strategy that helps recoup the maximum amount for his or her investment. Understanding the tax implications of a business sale will help you plan for — and, in some cases, reduce — the tax impact. One option is to sell your business to
Potential Exceptions to the IRA Early Withdrawal Penalty Tax
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax