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Michael Brooks Certified Public Accountant | Cost Segregation: A Tax-Saving Strategy | Dalby Wendland & Co. | CPAs & Business Advisors | Colorado

Cost Segregation: A Tax-Saving Strategy

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 over which the property can be depreciated depends on the category into which it falls […]

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business people discussing business entity type

Pros & Cons of S Corporation Status

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 for federal tax purposes. But […]

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business owner in car

Company Car Tax Implications

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 the cars!) Even better, recent […]

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Old Way or New Way

Report Discontinued Operations

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 are complex for discontinued operations […]

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Cryptocurrency and blockchain. Platform creation of digital currency.

IRS Targets Businesses Using Virtual Currencies

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 a new “educational letter” campaign. […]

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Businessman holding sign clock. Concept business time is money

Time to Hire a Controller or CFO?

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 planning. If this scenario is […]

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