The executors are settling an estate — but the decedent owes money. What can the creditors take and what is reserved for the inheritors? There is no easy answer, and a variety of federal and state laws apply. To start with, retirement accounts that qualify under the Employee Retirement Income
Risk can be defined as the potential for market losses or, on a more relative basis, for not keeping up with the Joneses. During a roaring bull period, when indexes and average investments are soaring, falling far behind the Joneses exemplifies another kind of risk. Risk-Return Ratio How many units
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 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
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
The 3.8% net investment income tax (NIIT) is an additional tax that applies to some higher-income taxpayers on top of capital gains tax or ordinary income tax. Fortunately, there are strategies you can use to soften the blow of the NIIT. Are you subject to the NIIT? You’re potentially liable
If you have a parent entering a nursing home, taxes are probably the last thing on your mind. But you should know that several tax breaks may be available to help offset some of the costs. Medical Expense Deductions The costs of qualified long-term care (LTC), such as nursing home
The IRS has issued numbers to help you understand what the 2024 tax situation will be like. Below is a summary. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single taxpayers and married individuals
You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits your business and your employees: You enjoy a tax deduction this
Don't overlook foreign assets when planning your estate. If you own real estate outside the U.S., you should address the assets in your estate plan. But watch out for double taxation. There's that risk if the assets are subject to estate, inheritance or other death taxes in the country where
