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Archive for October 2016

Teach Your Kids To Use Credit Cards Responsibly

No doubt you have shared the adage “if it sounds too good to be true, it probably is” with your children. That caution is wise, especially when teaching your kids how to use credit cards responsibly, because misuse of credit can have a long-term impact on financial health. The main lesson you want to impart:…

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Business Charitable Deductions Require A Little Tax Wisdom

Aristotle famously lamented that giving away money is easy, but giving it away wisely is another matter. For business owners, smart giving begins with an understanding of a few tax rules. Your business form. The tax implications of giving to charity from your business depend on your form of entity. A regular C corporation can…

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New Phishing Scheme Involving W-2s

W2 Phishing Scheme

Dana McGuffin CPA has recently heard of an instance where this very scheme was perpetrated within a company in the DFW area. Be aware and take precautions by educating your staff. From IR-2016-34, March 1, 2016: The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing…

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Consider The Financial Impact Of A Job Transition

Are you ready to begin a job search or launch a career transition? Here are suggestions to manage your finances wisely before making the change to new employment. Plan your income stream. Check for a gap in pay dates and make plans to have enough savings set aside to tide you over. Include increased commuting…

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Payroll Responsibilities Go Beyond Writing Paychecks

payroll-responsibilites-go-beyond-writing-paychecks

As an employee, you may not have thought much about the procedures behind the issuance of your paycheck. But as a new business owner, you’ll need to understand how federal employment taxes work because you’ll have to withhold these payroll taxes from your employees’ paychecks. Here’s an overview of four types of payroll tax. Social…

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