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How Can An FLP Fit Into Your Overall Estate Planning Strategy?
A family limited partnership (FLP) allows you to manage and protect your wealth while gradually transferring it to your children or other heirs. Additional benefits include potential tax savings and protection from creditors. And you don’t have to own a business to have an FLP. FLPs In A Nutshell To
Don’t Miss Your Opportunity To Make a 2025 IRA Contribution — Whether You Can Deduct It or Not
Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever. The deadline for 2025 IRA contributions is April 15, 2026.
Business Deductions For Four-Legged Coworkers
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working Animals vs. Personal pets A working animal must provide a clear and direct business
Your Health Savings Account and Your Estate Plan: What You Need to Know
A Health Savings Account (HSA) can be a valuable asset in your estate. Contributions to an HSA are pretax or tax-deductible, the funds grow on a tax-deferred basis, and withdrawals for qualified medical expenses are tax-free. HSA balances may be carried over from year to year, continuing to grow on
April 15 is The Deadline For More Than Just Your Income Tax Return
You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 Contributions To An IRA It may be
Does Your Estate Plan Include a Living Will?
A comprehensive estate plan does more than simply distribute your assets after your death — it also protects your voice, your values and your loved ones during a difficult moment. One critical yet often overlooked component of an estate plan is a living will. Living Will vs. Last Will and
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use of a vehicle plus depreciation. However, the rules are complicated, and your deduction may be
Leadership Spotlight & CAS Growth at DWC
As businesses face increasing financial complexity, the demand for strategic financial guidance continues to grow. In a recent feature from BDO Alliance USA, partner Kelsa discusses her leadership journey and how our Client Accounting Services (CAS) team helps clients move from reactive to proactive financial management. What was your path
4 Types of Interest Expense You May Be Able To Deduct
Personal interest expense generally can’t be deducted for federal tax purposes. There are, however, exceptions. Here are four, one of which is a new break under the One Big Beautiful Bill Act (OBBBA), which was signed into law in 2025. 1. Mortgage Interest Perhaps the most well-known interest expense deduction,
April 15 Isn’t Only The Income Tax Return Filing Deadline, It’s Also The Gift Tax Return Filing Deadline
If you made large gifts to family members or heirs last year, you may need to file a 2025 gift return by April 15. So, it’s important to understand whether you’re required to file a federal gift tax return — and when it might be beneficial to file one even