retire

Dana McGuffin CPA is dedicated to helping increase organization sustainability in the businesses, ministries, and churches we serve. Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn’t feasible, and many times it is not,  an alternative is to consider…

Read More
business-loss

When your business makes money, you pay income tax on the profit. What happens when your business deductions are greater than the income in a particular year resulting in a business loss? In that case, the result is what’s called a net operating loss, or NOL, and you may be able to benefit from federal…

Read More
receivables

Rising business receivables can be a sign of a growing, prosperous company – or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices…

Read More
Who Should Receive a 1099?

What is a Form 1099-MISC? And who should receive a 1099? IRS Form 1099-MISC summarizes income from all non-employee compensation. It’s what independent contractors use to calculate and file taxes. You must send out a Form 1099-MISC to all contractors you’ve hired and paid more than $600 during the year; this includes any partnerships or…

Read More
wash-sales

As the end of another year approaches, you’re looking for ways to reduce your tax bill. You have a handful of stocks in loss positions. You like the stocks and expect the prices to rebound.  Should you sell now at a loss to offset other capital gains, then buy the shares right back again?  Not…

Read More
Data Security

Security breaches of confidential data capture the global news headlines on a daily basis. Identity theft has become so commonplace that credit card companies and banks market their protection efforts as free services to their customers. The IRS is at risk too, with impersonators using the fear and authority of the government to prey on…

Read More