Dana McGuffin CPA Blog

Interest Rates Can Affect Your Taxes

By Dana McGuffin | October 21, 2015 | 0 Comments

Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…

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Plan for Social Security Retirement Benefits

By Dana McGuffin | October 3, 2015 | 0 Comments

If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…

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Portability Can Simplify Estate Planning

By Dana McGuffin | October 1, 2015 | 0 Comments

Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate tax exemption for 2015 is…

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QuickBooks Online

Introducing the New QuickBooks Online for PC App

By Dana McGuffin | September 29, 2015 | 0 Comments

Like QuickBooks Online but miss some of the desktop version’s features? You can have both now. QuickBooks Online has grown tremendously since its introduction more than a decade ago. It’s not quite as mature as the top-of-the-line desktop versions, but it’s not far behind anymore. No matter which version of QuickBooks you first used, there…

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Dana McGuffin CPA Wins Intuit Firm of the Future Award!

By Dana McGuffin | September 24, 2015 | 0 Comments

We are excited to announce that Dana McGuffin CPA has been named in the top 20 Accounting Firms in the US as a Firm of the Future by Intuit! As you know, we are SO different from many accounting firms in that we utilize cloud technologies, embrace a Results-Only Work Environment, engage with people using social platforms, and…

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Age Matters in Tax Law!

By Dana McGuffin | September 24, 2015 | 0 Comments

Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age    What it means for your taxes Age 13    Beginning at this age, your child no longer qualifies for the child…

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Planning Your Estate to Reflect Your Intentions

By Dana McGuffin | September 22, 2015 | 0 Comments

If you own assets that you’d like to leave to a loved one, you have an estate. But without a plan, your state of residence will choose your heir — not necessarily the result you intended. How can you ensure your intentions will be realized? Start by understanding the basics of estate taxes. How estate…

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Plan Today for Future Long-Term Care Costs

By Dana McGuffin | September 18, 2015 | 0 Comments

According to the U.S. Department of Health and Human Services, nearly 70% of people turning age 65 will require long-term care, such as assistance with basic personal activities during their lifetimes. With costs of this care ranging from $6,000 to $10,000 a month or more, planning to address that risk is a smart move. One…

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cash or accrual

Cash or Accrual : What’s the Difference?

By Dana McGuffin | September 11, 2015 | 0 Comments

When you start a business, you have many decisions to make. One is the method of accounting your business will use for reporting income and expenses on your tax return- cash or accrual. Two methods generally used are “cash” and “accrual.” The cash method is the easiest to implement. Under the cash method, you recognize…

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Refinancing? Understand the Tax Issues!

By Dana McGuffin | August 30, 2015 | 0 Comments

Are you thinking of refinancing your home mortgage? Keep the tax rules in mind. Track “points.” A point is a fee equal to one percent of the loan amount. While you can fully deduct the points you pay when you buy your home, points paid on a refinancing are generally amortized over the term of…

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