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Dana McGuffin CPA Blog

Is a Tax Surprise Waiting for You?

By Dana McGuffin | October 4, 2018 | 0 Comments

Often lost in the excitement of large-scale tax change is how they can negatively impact some individual situations. Check out the questions below to see if you might be in for a tax surprise this year. Will you pay more than $10,000 in state and local taxes? Previously, you could take a full deduction for…

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Manage Capital Gains Tax Tips

By Dana McGuffin | September 27, 2018 | 0 Comments

If not tracked and managed properly, capital gains tax can come as a large surprise at tax-filing time. In fact, many taxpayers don’t realize they have a capital gain until they get their 1099 form in January and see a capital gain distribution. Here’s what you need to know. Understand capital gains and their taxability…

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Setting Up Your Business Accounting System

By Dana McGuffin | September 20, 2018 | 0 Comments

You’ve done the hard work. You have a new business idea or you’ve found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly setting up your business’ accounting system. Here’s how: Consider business entity. Choosing the right legal and tax entity for your business is important. Consult experts…

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Are You Sharing Too Much Information Online?

By Dana McGuffin | September 13, 2018 | 0 Comments

In today’s digital age, it is impossible to avoid the internet. Even if you don’t have a computer and actively avoid social media, there is information about you in some corner of the web. Here are some tips to help you manage your digital footprint: Actively manage your security settings. Every app, social media site…

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Dramatic Sales Tax Change

By Dana McGuffin | September 6, 2018 | 0 Comments

The U.S. Supreme Court issued a ruling in the South Dakota vs Wayfair case that opens the door for states to impose sales tax on sellers outside their borders. The case highlights a new standard of business presence called “economic nexus” that may have major implications for businesses and consumers alike. Economic nexus explained The…

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Ideas to Improve Your Financial Health

By Dana McGuffin | August 30, 2018 | 0 Comments

No-one likes to be blindsided by financial hardship. Listed here are 10 ideas to help ensure your financial situation stays healthy. Create a safety net. Plan to have a minimum savings balance to cover at least three months’ of expenses (ideally, this should be six to 12 months). If your reserves are light, start saving…

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Student Loan Forgiveness Creates New Tax Trap

By Dana McGuffin | August 23, 2018 | 0 Comments

There’s a new student loan repayment program that forgives some student loan debt if other payments are made. This new debt forgiveness is creating a tax surprise for the unsuspecting student. Here is what you need to know. The debt forgiveness program dilemma To combat the hardship of high student loan debt, a popular new…

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Useful Online Productivity and Security Tools

By Dana McGuffin | August 16, 2018 | 0 Comments

Here are several popular free or inexpensive online tools that can help manage and protect your online activities. They range from password management tools to security protection services. Password Managers A decade-old study by Microsoft estimates that the average person memorizes about six passwords and reuses them over and over. Today most people use dozens…

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Elements of a Good Business Partnership

By Dana McGuffin | August 9, 2018 | 0 Comments

Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of surviving their first five years than sole proprietorships, according to U.S. Small Business Administration data. Yet sole proprietorships are more…

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Is It Worth It to Amend Your Return?

By Dana McGuffin | August 2, 2018 | 0 Comments

Whether it makes sense to amend your tax return depends on which of these situations you’re in: If you owe the IRS If you discover an omission on your tax return that results in you owing additional tax, you need to correct it with an amendment and provide the tax due. Don’t delay if this…

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