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A job loss is bad but the tax implications could make it worse
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your...
Construction companies can manage their workers’ comp costs
For construction businesses, workers’ compensation insurance is a must-have. Unfortunately, because of factors such as inflation and labor shortages, the cost per claim has generally increased industrywide in recent years. It may seem like there’s little you and your...
Employers now have guidance on emergency savings accounts
Although employers have long helped employees save for retirement and have insurance in place for health care, another urgent need has persisted over the years: funds for financial emergencies. To address this problem, SECURE 2.0, a law enacted in 2022, contains a...
New option for unused funds in a 529 college savings plan
With the high cost of college, many parents begin saving with 529 plans when their children are babies. Contributions to these plans aren’t tax deductible, but they grow tax deferred. Earnings used to pay qualified education expenses can be withdrawn tax-free....
Best practices in construction: Subcontractor prequalification
The construction business is risky business - with inflation, supply-chain complexities and the skilled labor shortage all combining to make life interesting to say the least. If you’re a general contractor, among the biggest risks you face is subcontractor default....
If you didn’t contribute to an IRA last year, there’s still time
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up...
An overview of the percentage of completion accounting method for construction businesses
In the complex and sometimes chaotic world of long-term construction projects, many contractors find themselves struggling to accurately align the revenue coming in with the expenses being paid out. This is where the percentage of completion method of accounting often...
Filing jointly or separately as a married couple: What’s the difference?
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing...
If you gave to charity in 2023, check to see that you have substantiation
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What...
IRAs: Build a tax-favored retirement nest egg
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many taxpayers. What hasn’t...
Answers to your tax season questions
The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year. 1.What are this...
Change order management: Best practices for construction businesses
As you know, change orders are an inherent part of the construction industry. Alterations to the original design, specifications, execution methods or scope of a job can impact the budget and timeline. And when not discussed and documented properly, they can lead to...
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DMA Accountancy Corporation
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Fullerton, CA 92835