Blog
Consider Tax-Qualified Long-Term Care Insurance
No matter how diligently you prepare, your estate plan can quickly be derailed if you or a loved one requires long-term home health care or an extended stay at a nursing home or assisted living facility. The annual cost of long-term care (LTC) can reach as high as six figures,
Assessing the S Corp Business Structure
The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible - and, with the new 21% flat income tax rate that now applies to C corporations, S corps may not be
Special Needs Trust for Family Members with Special Needs
If you have a child or other family member with a disabling condition that requires long-term care or prevents (or will prevent) him or her from being able to support him- or herself, consider establishing a special needs trust (SNT). Also known as a supplemental needs trust, an SNT allows
Family Business Succession and FLPs
One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited
Auditing the Use of Estimates and Specialists
Complex accounting estimates — such as allowances for doubtful accounts, impairments of long-lived assets, and valuations of financial and nonfinancial assets — have been blamed for many high-profile accounting scams and financial restatements. Estimates generally involve some level of measurement uncertainty, and some may even require the use of outside
Charitable Gift Annuity for Income Stream and Tax Deduction
If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce the size of your future taxable estate. What is it?
Choosing the Right Accounting Method for Tax Purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent
2017 and 2018 Roth IRA Conversions and the TCJA
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted
Dalby, Wendland & Co., P.C., Announces 2018 Promotions
Dalby, Wendland & Co., P.C., is pleased to announce the following staff promotions. We congratulate these exemplary professionals as they represent our core values of trust, respect, and responsibility in client, employee, and community relationships. Nathan A. Fyock, CPA, ABV, to Principal Originally from Center, Colorado, in the San Luis
Qualifying for the Home Office Deduction
Under the Tax Cuts and Jobs Act, employees can no longer claim the home office deduction. If, however, you run a business from your home or are otherwise self-employed and use part of your home for business purposes, the home office deduction may still be available to you. Home-related expenses