Dana McGuffin CPA Blog

Hiring Your First Employee? Make It a Success!

By Dana McGuffin | March 30, 2022 | Comments Off on Hiring Your First Employee? Make It a Success!

  Are you ready to hire your first employee? Perhaps you started a new business, and are working solo or with a spouse or business partner. Now the business is growing and there’s just too much to do. You find yourself working long hours and still not keeping up. It may be time to make…

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Debt: Gone But Not Forgotten by the IRS

By Dana McGuffin | March 16, 2022 | Comments Off on Debt: Gone But Not Forgotten by the IRS

With the ups and downs of our economy over the last 2 years, you may have had a loan or credit card balance forgiven or cancelled by a financial institution. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for you and your…

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Business Metrics that Have Impact

By Dana McGuffin | February 17, 2022 | Comments Off on Business Metrics that Have Impact

At the end of the year it is easy to compare revenue, gross margin, and profitability to the prior year and to your business plan. Here are a few ideas of other metrics to consider. Customer acquisition cost. Divide the total amount of money you’ve spent on marketing over a set period by the number of…

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Small Business: Coping with Shortages and Delays

By Dana McGuffin | January 27, 2022 | Comments Off on Small Business: Coping with Shortages and Delays

As we entered the New Year, businesses continue to be hampered by a near-unprecedented lack of supplies and materials. Besides items that have received widespread national attention like toilet paper and computer chips for cars, the slowdown in the supply chain is affecting everything from electronic devices to couches to sneakers—and plenty in between. To…

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Ideas to Improve Your Financial Health in 2022

By Dana McGuffin | January 13, 2022 | Comments Off on Ideas to Improve Your Financial Health in 2022

A new year. New resolutions. Here are five ideas to consider to help improve your financial health in the upcoming year.   Save more for retirement. Plan for the future by feathering your retirement nest egg. For instance, you can contribute up to $20,500 to a 401(k) account in 2022, plus another $6,500 if you’re age…

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Make Payroll Taxes Easy in 2022

By Dana McGuffin | December 30, 2021 | Comments Off on Make Payroll Taxes Easy in 2022

Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a quick recap of the most vital payroll tax forms and what you can do to make your payroll life easier heading into 2022.   Important Payroll Tax Forms Form 941 — Employer’s quarterly federal tax…

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JUST THE FACTS: Borrowed Money Must Be Paid Back

By Dana McGuffin | December 15, 2021 | Comments Off on JUST THE FACTS: Borrowed Money Must Be Paid Back

In the back of every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it is spent. As taxpayers, it makes sense to know this information. Here is the data for the government’s fiscal year ending September 30, 2019, as reported by the IRS in the…

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Tips to Maximize the Value of a Car Donation: A little mistake could cost you plenty

By Dana McGuffin | November 30, 2021 | Comments Off on Tips to Maximize the Value of a Car Donation: A little mistake could cost you plenty

At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you think. The Rule When you donate a…

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The Power of Comparative Financial Statements

By Dana McGuffin | November 17, 2021 | Comments Off on The Power of Comparative Financial Statements

Your business has a story to tell. One of the ways to hear your business’s story is by reading through comparative financial statements. The importance of comparative financial statements An up-to-date balance sheet, income statement and statement of cash flows are essential financial reports you should consistently analyze. But these financial statements by themselves don’t…

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Fake Products (and Money!) Are Big Business

By Dana McGuffin | October 28, 2021 | Comments Off on Fake Products (and Money!) Are Big Business

How to protect yourself from modern-day counterfeiter Counterfeiters are getting better at tricking you. They do this by using fake images, creating realistic websites and promising low prices. According to the Organization for Economic Co-operation and Development (OECD), fraudsters hold an estimated 3.3% of world trade, up from 2.5% in 2016. Here are some commonly…

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