by dmaadmin | Dec 9, 2024 | company culture
As the year comes to a close, we’re taking a moment to reflect on the milestones we’ve achieved with our clients. Your trust and partnership drive everything we do, and we’re grateful to play a role in your success. This year, we’ve embraced exciting updates and opportunities to grow as a team and in the ways we serve you. Here’s a look at how we’re building culture at DMA and the ways in which we continue to serve you: Office Updates: A Fresh Space for a Warm Welcome If you’ve visited us recently, you may have noticed some changes! Our front desk got a fresh makeover, creating a more welcoming and efficient space to greet you. This new space reflects our commitment to making your experience with DMA as comfortable and inviting as possible. Team Growth: Fresh Perspectives for Better Service Growth often requires stepping outside the day-to-day and looking at things from a new angle, which is why our team embarked on an off-site retreat this year. We participated in team-building exercises, revisited our company values, and explored new ways to improve our workflows—all with you in mind. Investing in our team’s well-being and development isn’t just about creating a thriving workplace; it’s about ensuring we continue to provide the excellent service you expect. When our team thrives, so do our clients. Why a Thriving Company Culture Matters to Your Bottom Line You might wonder, “Why is DMA so focused on company culture?” Here’s why: A positive workplace culture doesn’t just make employees happier, it also has tangible benefits for businesses like yours. Did you know? Companies with...
by dmaadmin | Nov 21, 2024 | General Tax and Accounting Information, Tax Planning
What Happens If the TCJA Expires in 2025? With the recent US election and administration change on the way, many people are asking, “how might this impact our taxes?” Specifically, what might happen when the TCJA expires in 2025. What is the TCJA? The Tax Cuts and Jobs Act (TCJA) is a comprehensive tax reform law passed by the U.S. Congress in December 2017 and signed into law by President Donald Trump. The TCJA introduced sweeping changes to the U.S. tax system that affected individuals, businesses, and corporations starting in 2018. The TCJA is currently in effect through the 2025 tax year for most individual provisions. These provisions, including the lowered tax brackets, the increased standard deduction, and changes to itemized deductions, are set to expire after 2025 unless Congress takes action to extend them. Starting in 2026, the tax laws are scheduled to revert to their pre-2018 levels, which has many taxpayers understandably concerned about how this could impact their finances. Here’s what you need to know about potential updates and how they might affect you: A Look at Key Provisions Likely to Change Individual Income Tax Rates: The TCJA temporarily lowered tax rates for individuals, reducing the percentage of income taxed across all income levels. Without action, these rates are set to return to higher, pre-2018 levels in 2026. Incoming President Trump and House/Senate Republicans are expected to advocate for making these lower rates permanent, but the final decision will depend on Congressional negotiations. More updates are likely in 2025. The Standard Deduction and Itemized Deductions One of the most impactful changes introduced by the TCJA was...
by dmaadmin | Oct 22, 2024 | Accounting, General Tax and Accounting Information, IRS, Tax Planning
The last quarter of the year is exciting and can also be a bit daunting. The weather is cooling, leaves are falling, the holidays are approaching. And then there are all the loose ends to tie up in our businesses that can feel a bit stressful or overwhelming. But what if we told you it doesn’t have to be that way? By doing a little each day, you can set yourself up for success so that you can relax and enjoy one of our favorite times of the year. As we near the end of 2024, there are several tax updates to be aware of and prepare for. And don’t worry, it’s nothing that your tax professional can’t handle but do we kind and give them plenty of time to support. 😉 1. New BOI Filing Requirement (Beneficial Ownership Information): What’s changing: Starting in 2024, certain small businesses will need to file Beneficial Ownership Information with the Financial Crimes Enforcement Network (FinCEN). This regulation aims to prevent money laundering by requiring companies to disclose the personal information of their beneficial owners. Who it affects: Small businesses, especially LLCs, corporations, and partnerships created in the U.S. or registered to do business in the U.S., are impacted. Some businesses, like publicly traded companies and sole proprietors, are exempt—but check with your tax professional to be sure it is required for you or not. Action: Small businesses should ensure they’re in compliance by gathering the necessary owner information before filing deadlines to avoid penalties. Want more detailed information about BOI filing requirements? Check out this recent blog post full of resources...
by dmaadmin | Aug 26, 2024 | Client Features
“Quality work ensures that every car goes back to its owner better than when it came to us.” – Mark Quelle, Owner In a world full of franchises and corporate entities, it can be tough for a ‘Mom and Pop’ small business to keep up. Yet, that is not the case for our featured client, Sparkle Auto Body. We recently had the pleasure of interviewing the owner and founder, Mark Quelle, who tells us more of their story and what he loves most about leading his team at Sparkle Auto Body. A Brief History of Sparkle Auto Body Mark Quelle first acquired Sparkle Auto Body in 2002 with the assistance of a Small Business Association (SBA) loan. And thanks to growing demand, they were able to expand to a second location in 2020. Opening a second location and during the start of the pandemic may have been seen as a risky move, yet for Sparkle Auto Body, it was an opportune time. Quality Over Quantity While many shops seek to gain numbers (the more cars to service quickly, the better), Sparkle Auto Body seeks to maintain its high level of quality – quality collision and body repairs, quality customer service, quality products. As owner Mark Quelle puts it, “We do great repairs and often find that customers come to us for a second opinion or to ‘fix’ a repair from another body shop. Quality work ensures that every car goes back to its owner better than when it came to us.” And that quality expands to employees as well. While they have expanded to a second location, they are...
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