Newsletters

Prior Articles

7 midyear tax-reduction strategies for manufacturers

7 midyear tax-reduction strategies for manufacturers

As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven general tax moves that could potentially...

Valuable gifts to charity may require an appraisal

Valuable gifts to charity may require an appraisal

If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of property (or a group...

Caring for an elderly relative? You may be eligible for tax breaks

Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize...

Are you and your spouse considering “splitting” gifts?

Are you and your spouse considering “splitting” gifts?

Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an...

Want to turn a hobby into a business? Watch out for the tax rules

Want to turn a hobby into a business? Watch out for the tax rules

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on...

Thinking about converting your home into a rental property?

Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries...

Understanding the terms of health care directives

Understanding the terms of health care directives

Estate planning experts usually cite the need to include advance health care directives in a comprehensive estate plan. But there may be different legal names given to those directives, depending on one’s jurisdiction. In any event, regardless of what they’re called...

Manufacturers: Is your buy-sell agreement up to date?

Manufacturers: Is your buy-sell agreement up to date?

A buy-sell agreement is a critical tool for owners of closely held manufacturing companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise leaves the company. And it creates a market for departing owners’...

Once you file your tax return, consider these 3 issues

Once you file your tax return, consider these 3 issues

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You...

Careful planning required for beneficiaries to borrow from a trust

Careful planning required for beneficiaries to borrow from a trust

Intrafamily loans allow you to provide financial assistance to loved ones — often at favorable terms — while potentially reducing gift and estate taxes. But what about families that lack the liquid assets to make such loans? Are there other options if they have a...

What estate planning strategies are available for non-U.S. citizens?

What estate planning strategies are available for non-U.S. citizens?

Are you, or is your spouse, a non-U.S. citizen? If so, several traditional estate planning techniques won’t be available to you. However, if you’re a U.S. resident, but not a citizen, the IRS will treat you similarly to a U.S. citizen. If you’re considered a resident,...

Dedicated, Mindful and Accountable.

DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605 
Fullerton, CA 92835

Mon-Thur: 9 a.m.-5:30 p.m. | Fri: 9 a.m. to 4:30 p.m.

(714) 462-5290

Translate Website Text

How can we help you today?