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How construction businesses can better manage their money
For construction businesses, financial management is notoriously complex. Contractors have to deal with the ebbs and flows of their respective markets, project-based pricing and collections, rising operating costs, and various other factors — not the least of which is...
The tax deadline is almost here: File for an extension if you’re not ready
The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will...
How renting out a vacation property will affect your taxes
Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The...
What employers can do about missing 401(k) plan participants
When employees leave their jobs, financial advisors typically encourage them to roll over their 401(k) plans into a new employer’s plan or perhaps an IRA. Many people follow this advice, but not everyone. As you may be able to attest, many employers that sponsor...
Structuring your manufacturing company as an S corporation or LLC can result in different outcomes
When it comes to business structure, manufacturing company owners have a few choices. Among them are an S corporation and a limited liability company (LLC). They’re popular with manufacturers because of their combination of liability protection and tax benefits. Both...
Update on retirement account required minimum distributions
If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax required minimum distribution (RMD) rules after reaching a certain age. If you inherit a tax-favored retirement account, including a traditional...
Beware of a stealth tax on Social Security benefits
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax....
HIPAA and remote work: A refresher for employers
Many employers now allow employees to work remotely, either all or part of the time. If your organization does and sponsors a health care plan, here’s a brief refresher on some of the rules regarding protected health information (PHI) and the Health Insurance...
Can your manufacturing company benefit from the Work Opportunity Tax Credit?
The quest for skilled laborers in the manufacturing sector continues. Indeed, more than 600,000 manufacturing-related jobs remained open in December 2023, according to the U.S. Bureau of Labor Statistics. The Manufacturing Institute, an independent industry advocate,...
How employers can avoid common errors with cafeteria plans
For a long time now, cafeteria plans — also known as flexible benefits plans or Section 125 plans — have allowed employers to offer employees a varied menu of customized, tax-friendly fringe benefits. One of the great things about these plans is that, once designed...
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...
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DMA Accountancy Corporation
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Fullerton, CA 92835