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Dana McGuffin CPA Blog

Dana McGuffin CPA Voted Best CPA for 2014 & 2015 by LIVING Magazine

By Dana McGuffin | July 1, 2015 | 0 Comments

We are excited to announce that Dana McGuffin CPA won the BEST OF READER’S CHOICE AWARD for BEST CPA in LIVING magazine for the second year in a row! Thank you, to our friends of the firm, clients, and LIVING magazine readers for voting Dana McGuffin CPA Best CPA in Northeast Tarrant county! Voting for…

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Get a Tax Credit for Dependent Expenses

By Dana McGuffin | June 26, 2015 | 0 Comments

Did you know that federal tax law allows you to claim a credit when you pay someone to care for your kids while you’re at work? The child and dependent care credit is valuable because it reduces the amount of tax you owe dollar for dollar. Here’s an overview of the rules. The child care…

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Supreme Court Issues Ruling on ACA Subsidies

By Dana McGuffin | June 26, 2015 | 0 Comments

In June, the U.S. Supreme Court decided the fate of the premium tax credit under the Affordable Care Act (ACA). The main issue before the court was whether federal subsidies could be offered to people who purchased health insurance through the federal health insurance marketplace rather than through a state-run exchange. Under a literal reading…

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Know the Tax Rules for Summer Travel

By Dana McGuffin | June 18, 2015 | 0 Comments

Are you traveling for business this summer? If you’re planning to take a tax deduction for your expenses, the rules may be more complicated than you think. Here’s a refresher. The general rule. “Travel” expenses are ordinary and necessary costs incurred while away from your normal working area. “Away” means you’re away from your tax…

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Creating QuickBooks Online Reports

By Dana McGuffin | June 10, 2015 | 0 Comments

Reports are the payoff for all of your hard work entering records and transactions. They can give you the critical data you need to help you make better business decisions. Now that you’ve been using QuickBooks Online for your company’s accounting, it’s probably unimaginable to think about going back to manual bookkeeping. Those file folders…

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Life Insurance? Get the Tax Facts!

By Dana McGuffin | May 8, 2015 | 0 Comments

You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are four rules to know. Death benefits. Normally, death benefits paid under a life insurance policy aren’t subject to income tax. But this isn’t a…

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How Profit First Can Separate the Ingredients of Financial Gumbo

By Dana McGuffin | May 5, 2015 | 0 Comments

Recently, I told you how my young business lacked a plan and was held together by Band-Aids and Duct Tape. But then, this marvelous book Profit First came into my periphery. This week, I want to share more about Profit First. To recap, the standard GAAP (Generally Accepted Accounting Principles) equation for finances is: Income –…

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Held Together By Band-Aids and Duct Tape Before Profit First

By Dana McGuffin | April 18, 2015 | 0 Comments

I recently told you my BIG WHY that propelled me into business and also what keeps me motivated to push forward. Where I left off was after I started the company. You see, when I started Dana McGuffin CPA, I didn’t really have a “business plan”. My plan was to secure an office, hire the right marketing…

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Dana McGuffin CPA Best CPA 5 Years in a Row!

By Dana McGuffin | April 12, 2015 | 0 Comments

We are proud to announce that clients, friends of the firm, and Southlake Journal readers have voted Dana McGuffin CPA, PLLC the Best of the Best CPA in Southlake, Texas for the 5th year in a row! From the Southlake Journal March 25, 2015 Edition: When the Dana McGuffin CPA, PLLC accounting firm wanted to…

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My Big Why

By Dana McGuffin | April 2, 2015 | 0 Comments

My Big Why FREEDOM. Really, that’s what it all comes down to. It’s my BIG WHY. Freedom is why I got into business in the first place. I wanted freedom to run a business the way I saw fit. I wanted freedom from the “old” standard practices of accounting firms. I wanted freedom from being…

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