Blog
DWC Makes Top 250 Private Colorado Companies List
ColoradoBiz recently announced their Top 250 Private Companies in Colorado with Dalby, Wendland & Co., P.C., making the list for the fourth year. Fewer than 20 companies recognized are on the Western Slope. Companies must be headquartered in Colorado and are ranked each year by gross revenues. The published list
Converting an Unincorporated Business Into an S Corp
The federal self-employment (SE) tax just keeps going higher and higher. If you've reached the breaking point, there may be a way to tame the SE tax beast by converting your existing unincorporated small business into an S corporation. How to Evaluate the Option If you're a self-employed individual -
The Wrong Life Insurance Beneficiary Can Wreak Havoc With Your Estate Plan
Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life
Depreciation-Related Breaks Offer 2016 Tax savings on Business Real Estate
Looking for business real estate tax breaks? Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period (land isn’t depreciable). But enhanced tax breaks that allow deductions to be taken more quickly are
Wrapping Up Your Nonprofit’s Gift Acceptance Policy
As the end of the year approaches, not-for-profits are eagerly soliciting — and accepting — donor gifts. While your first instinct may be to accept all gifts, it may be prudent to turn some of them down due to such factors as space restrictions and unsuitability to your mission. Here’s
Giving Real Estate to Charity is Rewarding, But Beware of Tax Traps
Did you know that the estate of director John Hughes donated the family’s Illinois mansion to a nonprofit hospital? After allowing another charity to use the home for a fundraising event, the hospital sold the home and used the proceeds to expand its campus. In this instance, two organizations were
How to View Your Not-For-Profit’s Operating Reserve
What is an operating reserve? And how much is too little — or too much? Let’s take a look. What it is An operating reserve is a portion of an organization’s net assets that’s unrestricted and relatively liquid. But it shouldn’t be defined so narrowly that it only includes cash
DWC Announces 2016 Spirit of Western Colorado Recipients
Dalby, Wendland & Co., P.C., is pleased to congratulate Home Loan Investment Company and Talbott Farms as this year's 2016 “Spirit of Western Colorado®” recognition recipients. Each received a beautiful bronze eagle statue during the luncheon ceremony on November 4th. Since 2004, DWC has proudly and publicly recognized individuals and
Tax-Smart Options for Your Old Retirement Plan When You Change Jobs
There’s a lot to think about when you change jobs, and it’s easy for a 401(k) or other employer-sponsored retirement plan to get lost in the shuffle. But to keep building tax-deferred savings, it’s important to make an informed decision about your old plan. First and foremost, don’t take a
What the Self-Employed Need to Know About Employment Taxes
In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016. All earned income is subject to the 2.9% Medicare tax.