Posts by Dana McGuffin
Tax Credit or Tax Deduction: Understand the Difference
Tax credits are some of the most valuable tools around to help cut your tax bill. But figuring out how to use these credits on your tax return can get complicated very quickly. Here’s what you need to know. Understanding the difference To help illustrate the difference between a credit and a deduction, here’s an…
Read MoreThe Busy Business Owner: Get Back 15 Minutes a Day
Meetings, phone calls, emails, text messages, and water cooler conversations with your employees constantly bombard you as a business owner. Freeing up 15 minutes a day could dramatically improve both your workflow and peace of mind. Here are some ideas for getting back 15 minutes every day: Use your phone. Whenever possible, use your phone…
Read MoreExpand Your Professional Vocabulary
In our fast-moving world, using concise yet descriptive words and phrases can be very powerful when communicating important thoughts and ideas. While the term can incite eye-rolls if overused, certain words and associated phrases can be helpful as a communication tool when you don’t have the time for an in-depth conversation. Here are some of…
Read MoreSix Simple Ideas to Help Your Small Business
Here are six ideas to help jump start improvements in your small business. As always, please reach out if you wish to discuss any of them. Understand your cash flow. At the end of the day, you need enough cash to pay your vendors and your employees. If you run a seasonal business, you already…
Read MoreSummertime Financial Lessons for Your Child
Children on summer break have plenty of free time on their hands, which is usually spent playing outdoors, working on summer projects and participating in various sports and clubs. As parents, you can also weave in financial lessons to these summertime activities to reinforce great money habits. Here are some ideas: Earning money. Teach entrepreneurship with…
Read MoreWatch Out For These Sneaky Vacation Costs
Going on vacation is a time to get away, relax and enjoy new experiences. But if you don’t pay close attention, extra costs can sneak up on you like tiny money-stealing gremlins. Here are several sneaky vacation costs to watch out for: Covert airfare increases. Airline pricing algorithms are programmed to store your browsing history to…
Read MoreSurviving Wedding Season Without Breaking the Bank
According to this survey by TheKnot.com, the average wedding in 2023 had a price tag of $35,000. And it’s not just the lucky couple doling out serious money. Wedding guests can also face steep costs between gifts and traveling to and from the big event. If you’re planning on attending a wedding or two (or three…
Read MoreKids Can Be Expensive! Here Are Some Tax Breaks to Help
Kids can pose challenges from every direction for their parents – feeding times, car seats, sleep schedules, strollers, child care, and of course…taxes! What most parents don’t consider is that these bundles of joy complicate their tax situation. Here are some tax tips that may help: Start a 529 education savings plan. 529 education savings plans…
Read MoreThe Benefits of Being a Sole Proprietor
Many start-up businesses move from hobby status to a business when they start to make a profit. The tax entity typically used is a sole proprietorship. Taxes on this business activity type flow through your personal tax return on a Schedule C. Here are some benefits to consider if you’re trying to decide if being…
Read MoreDigital Skills for Today’s Kids
The digital revolution is changing the way we think about necessary skills. Being so interconnected digitally, navigating technology, and understanding the basics about how it’s built and how it’s intended to be used is more important than ever for the next generation. Here are several of the top tech skills for kids to consider learning…
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