Dana McGuffin CPA Blog

Deducting Summer Activity Expenses: Don’t forget to save receipts

By Dana McGuffin | June 30, 2020 | Comments Off on Deducting Summer Activity Expenses: Don’t forget to save receipts

  The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses through the use of the Child and Dependent Care Credit. Collecting those receipts now can save plenty during tax time. What is deductible? 20 to 35%…

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Estate Taxes: What EVERYONE Should Know

By Dana McGuffin | June 16, 2020 | Comments Off on Estate Taxes: What EVERYONE Should Know

    Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the…

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The New Face of Banking: It suddenly just got a whole lot more difficult to buy a home

By Dana McGuffin | May 28, 2020 | Comments Off on The New Face of Banking: It suddenly just got a whole lot more difficult to buy a home

The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a…

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Review IRA Beneficiaries Now: Lost in the pandemic is a tax law change that may require your attention

By Dana McGuffin | May 12, 2020 | Comments Off on Review IRA Beneficiaries Now: Lost in the pandemic is a tax law change that may require your attention

  Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it…

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Tax Savvy Moves to Consider During the Pandemic

By Dana McGuffin | April 28, 2020 | Comments Off on Tax Savvy Moves to Consider During the Pandemic

    Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomena underscores the concept that within every problem there is opportunity. Here are some tax strategies to think about during the coronavirus pandemic. Look into Roth rollovers If you have high balances in tax-deferred retirement…

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Key Coronavirus Tax Changes :What Every Taxpayer Should Know

By Dana McGuffin | April 14, 2020 | Comments Off on Key Coronavirus Tax Changes :What Every Taxpayer Should Know

  In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is…

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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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