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Dana McGuffin CPA Blog

Protect Yourself From Port-Out Scams

By Dana McGuffin | May 31, 2018 | 0 Comments

Mobile phones not only contain our personal details and information about everyone we know; they are used to verify our identities and unlock access to our financial accounts. Now scammers are using a process called a “port-out” to hack into our phones to change our passwords, steal our personal data and even empty our bank…

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Get Your Small Business Off The Rocks

By Dana McGuffin | May 24, 2018 | 0 Comments

Every small business eventually hits a rough patch. It’s easy to get discouraged when it happens. But look at the upside: you have infrastructure in place, you have existing customers and most importantly, you have the hard-won experience of knowing what works and what doesn’t. With that in mind, here are some ideas to get…

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How To Handle A Gap In Health Care Coverage

By Dana McGuffin | May 17, 2018 | 0 Comments

Health care coverage gaps happen. Whether because of job loss or an extended sabbatical between gigs, you may find yourself without health care for a period. Here are some tax consequences you should know about, as well as tips to fix a coverage gap. Coverage gap tax issues You will have to pay a penalty…

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Update on the Tax Cuts and Jobs Act (TCJA)

By Dana McGuffin | May 10, 2018 | 0 Comments

The Tax Cuts and Jobs Act (TCJA) was passed by Congress in a hurry late last year, and the IRS and tax preparers have been working to digest some of the more thorny issues created by the tax overhaul. Here are the latest answers to some of the most common questions:   Is home equity…

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Stay Prepared To Sell Your Business

By Dana McGuffin | May 3, 2018 | 0 Comments

If you enjoy running your own business, selling it may be the furthest thing from your mind. But the reality is that eventually an opportunity to sell will come, whether due to your own life changes or a perfect buyer walking in the door. Planning, often years in advance of the sale date, is necessary…

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Great Uses For Your Tax Refund

By Dana McGuffin | April 26, 2018 | 0 Comments

Most Americans get a refund every year, with the average check weighing in at $2,895 last year. Even though it’s really money that they earned, many people are tempted to treat it like a windfall and splurge. If you can resist that temptation, here are some of the best ways to put your refund to…

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Know The IRS’s “Dirty Dozen” Tax Scams

By Dana McGuffin | April 19, 2018 | 0 Comments

Every year the IRS releases its “Dirty Dozen” list of the year’s most prevalent tax scams. They include ploys to steal personal information, talk people out of money, or engage in questionable tax activity. Here are some of the top scams: Phishing. Fake emails or websites claiming to represent the IRS, for the purpose of…

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When An Extension Makes Sense

By Dana McGuffin | April 12, 2018 | 0 Comments

While most people should file a tax return by April 17th, you have the option of delaying your filing date until Oct. 15 with a tax extension. When to file an extension Missing or incorrect information. If one of the forms you need to file your return has an error on it, it is often…

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Staying Organized At tax Time

By Dana McGuffin | April 5, 2018 | 0 Comments

Organizing your tax records not only makes filing your tax return easier, it also helps you find the financial documents you need throughout the year. Whether you’ve already filed your tax return or are about to, here are some tips to get organized. Go with the flow (of your tax return) Try organizing your records…

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Tax Checklist For Business Startups

By Dana McGuffin | March 29, 2018 | 0 Comments

Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements definitely falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider. Are you a hobby or a business?…

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