Dana McGuffin CPA Blog
Part of financial planning is having a good sense of how much it will cost to replace your possessions when they break down or wear out. But many of the big-ticket consumer products may cost more to replace and wear out sooner than you think. An essential part of financial planning is to budget replacing…
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New parents have their work cut out for them. Not only are they dealing with lost sleep, they also face the extra cost of raising a child. At least there are a lot of potential tax breaks available to them. Check out this list and share it with any new parents you know. Child Tax…
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Sadly, it usually takes hard-won experience and costly mistakes to really internalize good financial advice. Here are some of the top five things we all wish we knew and followed earlier in life: Pay yourself first Paying yourself first means taking a percentage of everything you earn and saving it. Consider it as important as…
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There’s a new business tax credit that partially reimburses employers for providing paid family and medical leave for select employees. But small businesses should be informed before they try to use this new Family and Medical Leave Act (FMLA) tax break. Basics of the new credit Employers who provide at least two weeks of paid…
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Revenue, gross margin, net profit — these are the basic metrics every small business owner watches closely. But there are also some often-overlooked metrics that can deepen your insight into your business and inform your decision-making. Here are a few: Customer acquisition cost Divide the total amount of money you’ve spent on marketing over a…
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If you own or are considering owning a home, you can take advantage of many tax benefits. Here are six of the most commonly used homeowner’s tax breaks: Mortgage interest deduction. You can deduct the interest you pay on your monthly mortgage bill when you itemize deductions on your tax return. This can be a huge…
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Now is the ideal time to schedule a tax-planning session. Your tax return outcome is still fresh, and it’s early enough in the year to make corrective action to take advantage of the numerous new tax law changes taking place in 2018. Here’s a brief overview of some of the new tax issues that you…
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Mobile phones not only contain our personal details and information about everyone we know; they are used to verify our identities and unlock access to our financial accounts. Now scammers are using a process called a “port-out” to hack into our phones to change our passwords, steal our personal data and even empty our bank…
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Every small business eventually hits a rough patch. It’s easy to get discouraged when it happens. But look at the upside: you have infrastructure in place, you have existing customers and most importantly, you have the hard-won experience of knowing what works and what doesn’t. With that in mind, here are some ideas to get…
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Health care coverage gaps happen. Whether because of job loss or an extended sabbatical between gigs, you may find yourself without health care for a period. Here are some tax consequences you should know about, as well as tips to fix a coverage gap. Coverage gap tax issues You will have to pay a penalty…
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