Posts by Dana McGuffin
Multiple Jobs: Be Prepared for Tax Surprises
Working more than one job can help maximize income, but also potentially create a tax surprise. Here are several be aware of: Social Security Surprise: As a full-time employee, the most you’ll have to pay in Social Security taxes in 2023 is $9,932. The problem is each employer you work for will withhold Social Security taxes…
Read MoreBeware of These Popular Scammer Tactics
As long as the world has people with money, there will be scammers who use fraudulent tactics to try and separate you from your hard-earned cash. Here are some of the more recently-used methods that scammers are using to try and lay claim to your money. One-time passcode (OTP) scams. Many legitimate companies use two-factor authentication…
Read MoreBudgeting Basics
During inflationary periods, it is harder to balance your income with the rising cost of housing, food, fuel, health care and insurance. One of the biggest tools to fight raising costs is creating a budget and measuring it throughout the year. Here are some suggestions to help create a budget that actually works. Keep it…
Read MoreMastering Inventory: A way to improve your business all the way around
Mastering inventory levels is a key to many successful and growing businesses. Here are reasons why prioritizing your inventory management is something to consider for your business: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged, stolen, or past the sell date. Shrink represents an opportunity to improve the inventory control…
Read MoreGet More Money for School by Understanding These Scholarship Myths
There’s plenty of money available for you to pursue a post-secondary education for either you or your child! Here are several myths that could be getting in the way of securing money to pay for school. Common misconceptions Scholarships are only for top scholars and athletes. Many news stories are about high-profile students who snag…
Read MoreMake Your Cash Worth More
Banking tips to help you cash in One of the side benefits of inflation is that banks are finally beginning to pay interest on your savings. Here are some ideas to help you make the most of your banked cash: Understand your bank accounts. Not all bank accounts are created equal. Interest rates, monthly fees,…
Read MoreThe Home Gain Exclusion: Make Sure You Qualify!
The home gain exclusion is one of the most generous tax breaks available to taxpayers, providing the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Here is what you need to know. Background As long as you own and live in your home…
Read MoreFive Small Business Insurance Review Tips
Changes in your business equipment, real estate holdings, the amount of inventory, and the number of employees are all good reasons to review your business’s insurance in addition to your annual review. Here are a few tips to keep in mind: Keep in regular contact with your insurance company and your agent. Keep your insurance…
Read MoreEveryone Wants a Piece of Your Income
There is an old wisdom: Put a live frog in hot water and he’ll jump out. Put a live frog in cold water, turn the burner on and you’ll have frog legs for dinner. This wisdom is not lost on some businesses as they know it’s easier to sell you a service once and then…
Read MoreCreating Financial Goals as a Couple
Financial goals make it possible for you and your partner to achieve the things you dream about. Here are several action items you can do to create – and achieve – financial goals as a couple: Start talking sooner rather than later. Finances can be hard to talk about. People sometimes feel guilty about debt or…
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