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Cash vs. Accrual Method of Accounting

Cash vs. Accrual Method of Accounting Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for businesses […]

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Estate Planning and Unmarried Couples

Estate Planning and Unmarried Couples When married couples neglect to prepare an estate plan, state intestacy laws step in to help provide financial security for the surviving spouse. It may not be the plan they would have designed, but at least it offers some measure of financial security. Unmarried couples, however, have no such backup […]

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men and women sitting holding resumes to apply for a job | Independent Contractor vs. Employee | Dalby, Wendland & Co., P.C. | CPAs | Business Advisors

Independent Contractor vs. Employee

Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Improper classification of workers comes at a high cost, and both federal and state authorities have been cracking down on the practice […]

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multi-generational-family-walking-together | dynasty trusts | Dalby, Wendland & Co., P.C. | CPAs | Business Advisors | Trust Estate & Gift Tax Planning | Grand Junction CO | Glenwood Springs CO | Montrose CO

Dynasty Trusts More Valuable Than Ever

The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes Let’s start with the TCJA. It doesn’t repeal the estate tax, as had been discussed before […]

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Cost Segregation Study – Accelerate Depreciation Deductions

Cost Segregation Study – Accelerate Depreciation Deductions Businesses that acquire, construct or substantially improve a building — or did so in previous years — should consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. This may […]

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