Dana McGuffin CPA Blog

What The Tax Reform Act Means For Your Business

By Dana McGuffin | February 8, 2018 | 0 Comments

Congress has passed a tax reform act that will take effect in 2018, ushering in some of the most significant tax changes in three decades. There are a lot of changes in the new act, which was signed into law on Dec. 22, 2017. This letter serves as an overview of the significant changes that…

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Where Did My Retirement Go?

By Dana McGuffin | February 1, 2018 | 0 Comments

  Retirement, for one reason or another, you may find yourself in a situation where you’ve lost track of an account like a 401(k) or pension. There are several ways this can happen: Job change. People change jobs in today’s economy much faster than they did in the past, and that means that retirement accounts…

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Does Your Business Need Cyber Insurance?

By Dana McGuffin | January 25, 2018 | 0 Comments

Is cyber insurance for you?  It’s a nightmare scenario few small businesses consider: hackers breach your computer system, steal your customer lists and threaten to exploit sensitive data. Data breaches by malicious individuals don’t just pose a financial risk. They threaten your reputation and can trigger litigation if your customers blame you for the exposure…

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The Best Way To Avoid An Audit: Preparation

By Dana McGuffin | January 18, 2018 | 0 Comments

Be prepared for an Audit!  Getting audited by the IRS is no fun. Some taxpayers are selected for random audits every year, but the chances of that happening to you are very small. You are much more likely to fall under the IRS’s gaze if you make one of several common mistakes. That means your…

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Looking Ahead: Tax Reform in 2018

By Dana McGuffin | January 11, 2018 | 0 Comments

Congress has passed tax reform that will take effect in 2018, ushering in some of the most significant tax changes in three decades. Here are some major items in the new bill that impact individual taxpayers. Reduces income tax brackets. The bill retains seven brackets, but at reduced rates, with the highest tax bracket dropping to…

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Year-End Tax Moves

Business Year-End Tax Moves – Give Your Business Some Holiday Cheer

By Dana McGuffin | December 15, 2017 | 0 Comments

Even though the end of 2017 is near, it is not too late to get your business into the best possible tax position for the new year. Here are some year-end tax moves to consider: Consider vehicle purchases. There are several tax deductions available if you own a vehicle for business use. General expenses can be…

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Taxes and Donating to Charity

6 Must-Dos When You Donate to Charity

By Dana McGuffin | December 1, 2017 | 0 Comments

Donations are a great way to give to a deserving charity, and they also give back in the form of a tax deduction. Unfortunately, charitable donations are under scrutiny by the IRS, and many donations without adequate documentation are being rejected. Here are six things you need to do to ensure your charitable donation will…

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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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