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Dana McGuffin CPA Blog

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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New Tax Legislation Requires Planning

By Dana McGuffin | March 22, 2018 | 0 Comments

Though many taxpayers appreciate the income tax cuts in the Tax Cuts and Jobs Act (TCJA) passed late last year, others are skeptical that it will simplify their tax planning. With every simplification, there are many more tax issues that still require planning to realize extra tax benefits. Here are seven of them: Planning for…

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Answers To Commonly Asked Tax Questions

By Dana McGuffin | March 15, 2018 | 0 Comments

With all of the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year. I’m hearing about a lot of changes to 2018 taxes. What should I do? A. You’re right, there are a lot of changes in…

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Alert: Expired Home and Education Tax Breaks Revived

By Dana McGuffin | March 8, 2018 | 0 Comments

Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to…

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Taxes and Virtual Currencies: What You Need To Know

By Dana McGuffin | March 1, 2018 | 0 Comments

Virtual currencies are all the rage lately. Here are some tax consequences you must know if you decide to dip your toe in that world. The IRS is paying close attention The first thing to know is that the IRS is scrutinizing virtual currency transactions, so if you live in the U.S. you’ll have to…

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