Michael D. Brooks, CPA | Grand Junction, Colorado Depreciation is a reduction in the value of an asset over time resulting from wear and tear, deterioration or obsolescence. The tax law acknowledges depreciation by allowing taxpayers to take deductions over a period of years. The number of years
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA.
Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses as S corps
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving
If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and secondary school expenses as well. And while these plans are best
Financial reporting generally focuses on the results of continuing operations. However a business may want to sell or retire a product line, asset group, or other component. Depending on the situation, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). The rules
Virtual currencies, like Bitcoin, are gaining popularity. However, many individuals, investors, and businesses are unclear about how they actually work and if there is reporting they must do on their federal tax returns. To clear up any misinterpretation, the IRS recently announced that it is targeting virtual currency users in
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. This is most likely a good thing, meaning the company is seeing growth and may be at a point where simple bookkeeping and basic financial reporting isn’t enough to manage future opportunities, risk, and
Dalby, Wendland & Co., P.C., is honored to be recognized by INSIDE Public Accounting (IPA) as a Top 300 Firm. IPA 300 firms are ranked by U.S. net revenues and are compiled by analyzing more than 550 responses to IPA’s Survey and Analysis of Firms. This is Dalby, Wendland &
