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Dana McGuffin CPA Blog

Is Your Worker a Contractor or an Employee?

By Dana McGuffin | October 6, 2017 | 0 Comments

Is a worker an independent contractor or an employee? This seemingly simple question is often the contentious subject of numerous IRS audits. As an employer, getting this wrong could cost you plenty in the way of Social Security, Medicare and other employment-related taxes. Here is what you need to know. As the worker: If you…

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Avoid These Common Tax Mistakes

Avoid These Common Tax Mistakes

By Dana McGuffin | October 3, 2017 | 0 Comments

There are nearly 1,000 different tax forms used by the IRS to report tax obligations. It’s no wonder the IRS faces thousands of tax returns with errors each year. Here are some of the most common tax mistakes: Wrong names and Social Security numbers. Taxpayers regularly make mistakes by entering incorrect information for their spouses and…

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Business Planning: The Hourglass Approach

Business Planning: The Hourglass Approach

By Dana McGuffin | September 29, 2017 | 0 Comments

When it comes to annual planning, businesses often spend too much time on the planning process or too little because they are busy with day-to-day operations. There’s a simple method called the “Hourglass Approach” that can help you efficiently focus on your goals and create a plan to achieve them. Top of the glass In…

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Say Goodbye To The College Tuition Deduction

By Dana McGuffin | September 26, 2017 | 0 Comments

It’s hard enough to watch your child leave for college. Now you also have to say goodbye to the tuition and fees tax deduction. Congress decided not to extend this $4,000 deduction for 2017, leaving many parents worried that college will now be more expensive. But it isn’t as bad as it sounds. That’s because…

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7 Best Practices for QuickBooks Online

By Dana McGuffin | September 22, 2017 | 0 Comments

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions. “Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they…

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Becoming a Smarter Renter

Becoming a Smarter Renter

By Dana McGuffin | September 20, 2017 | 0 Comments

Becoming the renter of an apartment, condo or house; leasing a piece of equipment; renting business property; leasing a car: all involve the common practice of renting something that is owned by someone else. To make sure you always have a good experience, here are some hints to becoming a smarter renter. Read all agreements.…

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Is Your HSA a Retirement Tool? The Good, the Bad, and the Ugly

Is Your HSA a Retirement Tool? The Good, the Bad, and the Ugly

By Dana McGuffin | September 13, 2017 | 0 Comments

Health Savings Accounts (HSA) are a great way to pay for medical expenses, and since unused funds roll over from year to year, the account can also provide a source of retirement funds in addition to other plans like 401(k)s or IRAs. But be aware that HSAs have significant disadvantages when compared to other retirement…

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Reap The Benefits of Hiring Your Child For The Summer

Reap The Benefits of Hiring Your Child For The Summer

By Dana McGuffin | September 1, 2017 | 0 Comments

Hiring your children to work in your business can be a win-win situation for everyone. Your kids will earn money, gain real-life experience in the workplace, and learn what you do every day. And, you will reap a few tax benefits in the process. Before you decide if hiring your child is the right thing…

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A Marriage Penalty Lingers in the Tax Code

A Marriage Penalty Lingers in the Tax Code

By Dana McGuffin | August 25, 2017 | 0 Comments

A marriage is worth celebrating, but bringing up the marriage penalty may bring down the celebration. The marriage penalty occurs in the tax code when you pay more tax as a married couple than you would as two single filers making the same amount of money. This occurs throughout the federal tax code. The following…

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Zombie Payer - Automatic Payments

Zombie Payer – Keep Your Automatic Payments In Control

By Dana McGuffin | August 18, 2017 | 0 Comments

  When it comes to paying bills, many people can’t imagine returning to paying and sending bills via the U.S. Postal Service. But, the “turn it on and forget it” nature of automatic payments can create zombie payers who no longer challenge or review the details and amounts of bills. Here are some ideas to…

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