Blog
Estate Planning for Your Stage of Life
Virtually everyone needs an estate plan, but it isn’t a one-size-fits-all proposition. Even though each person’s situation is unique, general guidelines can be drawn depending on your current stage of life. Your early years If you’ve recently embarked on a career, gotten married or both, now is the time to
Some Tax Limits Affecting Businesses Have Increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020
Q&As About 2020 Individual Tax Limits
Understandably, your 2019 tax bill may have you more concerned right now than your 2020 tax situation. However, you should also be thinking about tax changes that will affect your 2020 taxes. For example, the amount of money you can put into a 401(k) plan has increased and you may
Colo COMPS & Equal Pay Act – Updates
Dalby Wendland was pleased to co-host a client seminar on Tuesday, January 28, 2020, with Autopaychecks regarding the upcoming Colorado wage-and-hour-law changes - Colorado Overtime & Minimum Pay Standards Order (COMPS) and the Equal Pay Act. These rules will apply to most employers with some of the proposals going into
Carefully Track Nondeductible IRA Contributions
If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it’s important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully
Benchmarking Financial Performance
You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that
Home Office Expenses Deduction Rules
We regularly get questions regarding the rules for deducting home office expenses. Since technology has made it easier to work from home, lots of people now commute each morning to an office down the hall in their home. However, just because you have a home office space doesn’t mean you
Does Your Employee Benefit Plan Need an Audit?
Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA
Cost Management for Businesses
If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questions
Tax Savings for Adopting a Child
If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted child.