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Prior Articles
Year End Tax Planning Letter for Individual Clients
December 4, 2023 As we wrap up 2023, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With the current political climate, there has been minimal tax legislation. Looking to the...
4 ideas that may help reduce your 2023 tax bill
If you’re concerned about your 2023 tax bill, there may still be time to reduce it. Here are four quick strategies that may help you trim your taxes before year end. Accelerate deductions and/or defer income. Certain tax deductions are claimed for the year of payment,...
6 ways construction companies can strengthen cybersecurity
Some contractors might assume hackers won’t bother with smaller construction businesses. Sadly, they’d be wrong. Construction companies tend to have high turnover rates, which means they store lots of personal data on past and present employees. And they usually have...
Key 2024 inflation-adjusted tax amounts for individuals
The IRS recently announced various 2024 inflation-adjusted federal tax amounts that affect individual taxpayers. Most of the federal income tax rate bracket thresholds are about 5.4% higher than for 2023. That means that you can generally have about 5.4% more income...
Construction companies: Lean into tech to optimize accounting and financial management
The construction industry is renowned for its quality craftsmanship. However, it’s also sometimes known for a historical reluctance to adopt new technology. When it comes to your construction company’s accounting and financial management, there’s never been a better...
11 Exceptions to the 10% penalty tax on early IRA withdrawals
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA...
What you need to know about restricted stock awards and taxes
Restricted stock awards are a popular way for companies to offer equity-oriented executive compensation. Some businesses offer them instead of stock option awards. The reason: Options can lose most or all of their value if the price of the underlying stock takes a...
Contributing to your employer’s 401(k) plan: How it works
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a...
8 ways construction businesses can proactively manage their supply chains
Both global and national supply chains received much attention during the pandemic. Slowdowns and choke points have become relatively less common since, but that hasn’t stopped “supply chain issues” from being a commonly heard refrain in the construction industry. As...
Facing a future emergency? Two new tax provisions may soon provide relief
Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are...
What contractors need to know about bonding capacity
Construction companies are required to obtain surety bonds on many types of projects — particularly those that are publicly funded. The bonds essentially guarantee that the work will be completed one way or another. Contractors are urged to manage their operations and...
Are scholarships tax-free or taxable?
With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free...
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DMA Accountancy Corporation
1400 N. Harbor Blvd., Ste #605
Fullerton, CA 92835