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Dana McGuffin CPA Blog

How to Survive 3 Unavoidable Banking Trends

By Dana McGuffin | January 17, 2019 | Comments Off on How to Survive 3 Unavoidable Banking Trends

Smartphones and other technological advances enable banks to create products and services that dramatically change the way you bank. Here is a primer on three of the biggest banking trends and tips to protect your money: The traditional bank branch is going away. A recent report from consultants McKinsey & Company claims an average of…

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Retirees Should Check Withholdings…or Else…

By Dana McGuffin | January 10, 2019 | Comments Off on Retirees Should Check Withholdings…or Else…

According to a recent announcement by the IRS, retirees might not be withholding enough for taxes this year. This is due to vast tax changes in 2018, making old withholding levels obsolete. The IRS is urging retirees to check their withholdings now and make adjustments if needed to avoid penalties. Could it be you? How…

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Don’t Let a Disaster Derail Your Business

By Dana McGuffin | January 3, 2019 | Comments Off on Don’t Let a Disaster Derail Your Business

With the recent frequency of hurricanes, earthquakes, tornadoes, floods and wildfires, it’s worth reviewing ideas to ensure your business can survive if it faces its own disaster. Here are some steps you can take to create a disaster plan for your business: Identify your exposure. The first step is to conduct an evaluation of your…

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5 Annual Tax Essentials

By Dana McGuffin | December 27, 2018 | Comments Off on 5 Annual Tax Essentials

The more things change the more they stay the same. This is especially true when it comes to reviewing your tax situation. Mark your calendar to review these essential items each year to ensure you are not missing something that could cause tax trouble when you file your tax return: Required minimum distributions If you…

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Hustling for Extra Income

By Dana McGuffin | December 20, 2018 | Comments Off on Hustling for Extra Income

Don’t Forget the Taxman! Conduct an online search of the phrase “side hustle” and you will find websites with countless ideas on how you can make some money on the side. The ideas range from carpet cleaning to podcasting. What a lot of these sites fail to inform you, is the tax implications that come…

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Find Your Sleep Sweet Spot

By Dana McGuffin | December 13, 2018 | Comments Off on Find Your Sleep Sweet Spot

We’ve all heard it before – sleep is important, and you probably aren’t getting enough of it. But did you know that too much sleep can be just as harmful? The Mayo Clinic recommends the ideal sleep range at 7-9 hours per night for adults. According to the National Sleep Foundation, here are some tips…

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Six Ideas to Help Your Small Business Survive AND Thrive

By Dana McGuffin | December 6, 2018 | Comments Off on Six Ideas to Help Your Small Business Survive AND Thrive

If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive. Understand your cash flow. One of the biggest causes of business failure is lack of positive cash flow. At the end…

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6 Last-Second Money-Saving Tax Moves

By Dana McGuffin | December 3, 2018 | Comments Off on 6 Last-Second Money-Saving Tax Moves

As 2018 winds down, there is still time to reduce your potential tax obligation. Here are some ideas to make your 2018 tax return less of a burden on your wallet: Accelerate expenses. Individual taxpayers are on the cash basis for income tax purposes. This means your income is taxable when you receive it and…

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Fraud? Negligence? Know the Difference!

By Dana McGuffin | November 29, 2018 | Comments Off on Fraud? Negligence? Know the Difference!

Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen. Here is what you need…

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Keys to Creating a Satisfying Retirement

By Dana McGuffin | November 22, 2018 | Comments Off on Keys to Creating a Satisfying Retirement

You’ve done your retirement homework. Your assets are reviewed, you know your financial needs, and your retirement tax plan is in place. Are you ready to enjoy retirement? Probably, but not without a plan to address what happens to many after they retire – boredom. Here are some ideas. Go to school. Many colleges and…

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