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Dana McGuffin CPA Blog

Business Taxes - Section 179

Business Taxes : Time to Consider Section 179?

By Dana McGuffin | November 5, 2017 | 0 Comments

Section 179 expensing can be a very powerful planning tool for small- and medium-sized business taxes when acquiring capital assets. While it doesn’t change the amount of depreciation you can take over the life of capital purchase, it can change the timing by allowing you to deduct your purchase in the first year you place…

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QuickBooks Online

Customizing QuickBooks Online Forms

By Dana McGuffin | October 30, 2017 | 0 Comments

Make a good impression on your customers by sending them well-designed sales forms. QuickBooks Online helps you create them. Your company’s “brand” can be composed of many things (and has many definitions), but it’s really about what pops into your customers’ minds when they think of you. Key components include your logo, your color scheme,…

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Student Health Access Denied

Health and Medical Access Denial – What Every College Student’s Parents Should Know

By Dana McGuffin | October 27, 2017 | 0 Comments

Medical Access Denied!  Imagine your college-aged daughter has an accident while away at school and ends up in the emergency room. When you call the hospital, you are denied information about her care because you do not have the proper forms signed. HIPAA not so hip Due to the Health Insurance Portability and Accountability Act…

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Is Your Worker a Contractor or an Employee?

By Dana McGuffin | October 6, 2017 | 0 Comments

Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare and other employment-related taxes. Here is what you need to know. As the worker: If you…

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Avoid These Common Tax Mistakes

Avoid These Common Tax Mistakes

By Dana McGuffin | October 3, 2017 | 0 Comments

There are nearly 1,000 different tax forms used by the IRS to report tax obligations. It’s no wonder the IRS faces thousands of tax returns with errors each year. Here are some of the most common tax mistakes: Wrong names and Social Security numbers. Taxpayers regularly make mistakes by entering incorrect information for their spouses and…

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Business Planning: The Hourglass Approach

Business Planning: The Hourglass Approach

By Dana McGuffin | September 29, 2017 | 0 Comments

When it comes to annual planning, businesses often spend too much time on the planning process or too little because they are busy with day-to-day operations. There’s a simple method called the “Hourglass Approach” that can help you efficiently focus on your goals and create a plan to achieve them. Top of the glass In…

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Say Goodbye To The College Tuition Deduction

By Dana McGuffin | September 26, 2017 | 0 Comments

It’s hard enough to watch your child leave for college. Now you also have to say goodbye to the tuition and fees tax deduction. Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. But it isn’t as bad as it sounds. That’s because…

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7 Best Practices for QuickBooks Online

By Dana McGuffin | September 22, 2017 | 0 Comments

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions. “Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they…

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Becoming a Smarter Renter

Becoming a Smarter Renter

By Dana McGuffin | September 20, 2017 | 0 Comments

Becoming the renter of an apartment, condo or house; leasing a piece of equipment; renting business property; leasing a car: all involve the common practice of renting something that is owned by someone else. To make sure you always have a good experience, here are some hints to becoming a smarter renter. Read all agreements.…

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Is Your HSA a Retirement Tool? The Good, the Bad, and the Ugly

Is Your HSA a Retirement Tool? The Good, the Bad, and the Ugly

By Dana McGuffin | September 13, 2017 | 0 Comments

Health Savings Accounts (HSA) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware that HSAs have significant disadvantages when compared to other retirement…

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