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You may be liable for “nanny tax” for all types of domestic workers

You may be liable for “nanny tax” for all types of domestic workers

You’ve probably heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also...

Don’t forget income taxes when planning your estate

Don’t forget income taxes when planning your estate

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates...

Seller-paid points: Can homeowners deduct them?

Seller-paid points: Can homeowners deduct them?

In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early...

9 cash-flow management tips for construction companies

9 cash-flow management tips for construction companies

Construction business owners know that cash is king. However, managing cash flow in an industry known for its ebbs and flows isn’t easy. And when you throw in the steady rise of inflation and ongoing supply chain issues, cash-flow management has become more important...

Year-end tax planning ideas for individuals

Year-end tax planning ideas for individuals

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2022. Many taxpayers...

Manage your construction business … and your wealth

Manage your construction business … and your wealth

Many contractors prioritize business financial management over personal wealth management. It’s an easy trap to fall into given how competitive the construction industry can be. Let’s discuss some ways to manage your wealth while you run your business. Separate the...

Construction industry awaits guidance on new energy tax incentives

Construction industry awaits guidance on new energy tax incentives

Many contractors likely sat up and took notice in August when the Inflation Reduction Act (IRA) was signed into law. The IRA is expected to have a substantial impact on the construction industry, largely because of how it has created or expanded various clean-energy...

Complete your estate plan by adding powers of attorney

Complete your estate plan by adding powers of attorney

As you create your estate plan, your main objectives likely revolve around your family, both current and future generations. Your goals may include reducing estate tax liability so that you can pass as much wealth as possible to your loved ones. But it’s also critical...

Is your income high enough to owe two extra taxes?

Is your income high enough to owe two extra taxes?

High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT This tax applies, in addition to...

Does your trust provide for the removal of a trustee?

Does your trust provide for the removal of a trustee?

To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes. But to avoid protracted court battles in the event that the trustee isn’t doing a good job, consider giving your beneficiaries the right to...

Manufacturers: Take note of key tax provisions of the CHIPS Act

Manufacturers: Take note of key tax provisions of the CHIPS Act

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) recently became law as part of the CHIPS and Science Act of 2022. Among other things, the new law provides more than $52 billion in funding for manufacturers to produce...

The Inflation Reduction Act: what’s in it for you?

The Inflation Reduction Act: what’s in it for you?

You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related tax credits that...

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

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(714) 462-5290

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