Dana McGuffin CPA Blog

Recap of New COVID-19 Legislation

By Dana McGuffin | March 31, 2020 | Comments Off on Recap of New COVID-19 Legislation

  The COVID-19 disease has drastically changed how we do business. With an unprecedented amount of American families and businesses being affected information is pouring in rapidly. Here are just a few highlights of some of the recent legislation that may help you and your business.   IRS People First Initiative April 15th tax deadline automatically…

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Do I Really Need That Form 1095 This Year? Stop holding up your tax filing

By Dana McGuffin | March 10, 2020 | Comments Off on Do I Really Need That Form 1095 This Year? Stop holding up your tax filing

  Tax Form 1095 has been nothing but a headache since its introduction. This federally mandated form adds complexity, creates taxpayer confusion, and cost billions of dollars to produce. The purpose of the form is simple: to relay proof of your health insurance coverage, but too many taxpayers are now delaying filing tax returns while…

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Should I Tap into my Retirement Funds?

By Dana McGuffin | February 18, 2020 | Comments Off on Should I Tap into my Retirement Funds?

  Often if you are in dire need for money the most tempting area to look is your IRA, 401(k), and other qualified retirement accounts. These funds, set aside for your retirement, may seem to be the answer to your financial woes. Should I take an early withdrawal? Is it a good idea to tap…

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Where’s My Tax Return? Common items that are often forgotten

By Dana McGuffin | February 4, 2020 | Comments Off on Where’s My Tax Return? Common items that are often forgotten

  Wondering why your tax return is not finished? Often the delay can come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing Statements. This includes all W-2s and 1099s including any related to gambling winnings, income, interest, and mutual funds.…

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What? This Form 1099 is Wrong! What to do to fix this thorny problem

By Dana McGuffin | January 21, 2020 | Comments Off on What? This Form 1099 is Wrong! What to do to fix this thorny problem

  It is late January and you realize the 1099-MISC you receive is in error. In fact, it overstates your income by $2,000. What should you do? Gather your facts. Put yourself in the shoes of the vendor, bank or investment company representative. Gather evidence they will need to support your claim to correct the tax…

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Tips to Improve Your Credit Score

By Dana McGuffin | November 26, 2019 | Comments Off on Tips to Improve Your Credit Score

  Your credit score is more important than ever. Once viewed as a necessity when applying for a mortgage, it now factors into renting an apartment, paying for utilities, buying a cell phone, and determining the amount you pay for home and auto insurance! Here are tips to help you improve and maintain a good…

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Cash in on 0% Capital Gains Tax Rate

By Dana McGuffin | November 7, 2019 | Comments Off on Cash in on 0% Capital Gains Tax Rate

While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free; zero percent! In fact, this tax break has been around for more than a decade and comes into play more often than you may…

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Understanding Tax Terms: Health Savings Accounts (HSA)

By Dana McGuffin | October 25, 2019 | Comments Off on Understanding Tax Terms: Health Savings Accounts (HSA)

      If Benjamin Franklin were alive today, his famous quote “Nothing is certain, except death and taxes.” might include a third item — paying medical expenses. Medical expenses, in one form or another, are unavoidable. Fortunately a health savings account (HSA) is a great way to cut your spending on medical expenses. A…

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Social Security Planning Starts Now

By Dana McGuffin | October 11, 2019 | Comments Off on Social Security Planning Starts Now

Although you won’t become eligible for Social Security until your 60s, there’s a lot you can do to prepare before then. Here’s a rundown of steps you can take during each decade of your life: In your 20s: If you’re like a lot of people, you’re embarking on a career. At this point, there’s no…

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The Casualty Loss Problem

By Dana McGuffin | August 22, 2019 | Comments Off on The Casualty Loss Problem

Tax laws severely limit who can deduct losses on their tax return caused by a catastrophic event. Now unless a loss is in a presidentially declared disaster area, victims are on their own to pick up the pieces. This is creating problems for those on the fringe of a major disaster and those who have…

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