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Dana McGuffin CPA Blog

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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Digital Marketing Mistakes to Avoid

By Dana McGuffin | August 15, 2019 | Comments Off on Digital Marketing Mistakes to Avoid

The keys to successful digital marketing practices are often learned through failure. But this doesn’t have to be you! The wise business owner learns from the travails experienced by others. Here are some digital marketing mistakes to know so you can keep them from unraveling your strategy: Overlooking directory listings. Now more than ever, people…

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4 Key Elements of Great Business Books

By Dana McGuffin | August 8, 2019 | Comments Off on 4 Key Elements of Great Business Books

Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and maintain a healthy bookkeeping system: Select the proper accounting method There are two…

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Watch Out! 7 Vacation Costs That Sneak Up on You

By Dana McGuffin | August 1, 2019 | Comments Off on Watch Out! 7 Vacation Costs That Sneak Up on You

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 ninjas. Here are seven sneaky vacation costs to watch out for: Covert airfare increases. Airline pricing algorithms are programmed to store your browsing history…

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You Know You Need Tax Planning If…

By Dana McGuffin | July 25, 2019 | Comments Off on You Know You Need Tax Planning If…

Effective tax planning helps you make smart decisions now to get the future outcome you desire – but you need to make sure you don’t miss anything. Forget to account for one of these situations and your tax plans will go off the rails in a hurry: Getting married or divorced. One plus one does…

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Al Capone, Aunt Becky, Tax Fraud and You! How you can learn from high-profile tax scandals.

By Dana McGuffin | July 18, 2019 | Comments Off on Al Capone, Aunt Becky, Tax Fraud and You! How you can learn from high-profile tax scandals.

The recent college admission scandal involving Lori Loughlin (who played Aunt Becky in the Full House TV series) and others is shedding light on just one way people allegedly cheat on their taxes. Here are examples of some famous people in tax trouble with the IRS and helpful hints to make sure it doesn’t happen…

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Don’t Leave Your Business Exposed: 5 Insurance Tips to Protect Your Assets and Your Bank Account

By Dana McGuffin | July 11, 2019 | Comments Off on Don’t Leave Your Business Exposed: 5 Insurance Tips to Protect Your Assets and Your Bank Account

Have you conducted a business insurance review lately? Changes in your business equipment, real estate holdings, the amount of inventory, and the number of employees are all good reasons to review your insurance. Here are a few policy review tips to consider: Keep in regular contact with your insurance company. Keep your insurance agent apprised…

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Don’t Let Disaster Befall Your Favorite Non Profit

By Dana McGuffin | July 4, 2019 | Comments Off on Don’t Let Disaster Befall Your Favorite Non Profit

The filing deadline for most non-profit organizations is May 15. Missing this deadline results in penalties that can devastate the organization’s budget, or worse, strip them of their non-profit status and make your donations non-tax deductible! Here’s what you can do to help them: Check the charitable status online. The IRS has a master list…

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Leasing vs. Buying a Car

By Dana McGuffin | June 27, 2019 | Comments Off on Leasing vs. Buying a Car

There are many reasons for you to lease a car versus buy a car, but too often it is the auto dealer’s profit motive that determines which method you use rather than what’s best for your budget and lifestyle. To help you make an informed decision, here are some things to consider: When to lease…

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