Dana McGuffin CPA Blog

Moving the Needle Toward Profitability In Your Business

Moving the Needle Toward Profitability In Your Business

By Dana McGuffin | January 1, 2016 | 0 Comments

On this first day of the year, we want to discuss first of two critical components that can really help you move the needle toward profitability in your business. Products (The Items or or Services You Sell) People (The Staff You Employ and the Clients You Serve) Why are we talking about products and services? Because they…

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Whittling Down Operating Expenses

Whittling Down Your Operating Expenses

By Dana McGuffin | December 28, 2015 | 0 Comments

We recently discussed setting up your Profit First bank accounts. But now, it’s time to dissect that infamous line item- Operating Expenses. We hate them. They keep us up a night. They can become like a runaway train. Before Profit First, you wouldn’t really know whether your expenses were too high for your size business. But most business owners…

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Profit First accounts

How to Set Up Your Profit First Accounts

By Dana McGuffin | December 26, 2015 | 0 Comments

In a recent post I likened typical Bank Balance Accounting to a financial gumbo, where all the key ingredients of a business are swirling around in one pot. Then, I introduced Profit First and explained why it’s SO needed in our businesses. I said: Profit First teaches us that we should take those ingredients out and…

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Tax "Extender" Legislation

Congress Passes Tax “Extender” Legislation

By Dana McGuffin | December 23, 2015 | 0 Comments

Dana McGuffin CPA is excited to share with you that once again, Congress has arrived at a consensus to pass a tax bill – the tax extender legislation called “Protecting Americans from Tax Hikes (PATH) Act of 2015” – at the end of December, 2015! The good news is that the beneficial tax provisions we have…

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Understand This Depreciation Rule When Buying Assets

By Dana McGuffin | December 16, 2015 | 0 Comments

You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why. Some immediate expensing depreciation tax breaks have been reduced for 2015. For…

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Do You Have These Basic Documents?

By Dana McGuffin | December 15, 2015 | 0 Comments

Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…

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Don’t Let the AMT (Alternative Minimum Tax) Sneak Up On You

By Dana McGuffin | December 11, 2015 | 0 Comments

The alternative minimum tax (AMT) is often called a “stealth tax” because it sneaks up on unsuspecting taxpayers. But you can keep from being caught if you take timely year-end action. Begin with understanding how AMT works. The Alternative Minimum Tax requires a separate computation on your tax return. You start with regular taxable income, then…

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IRS Raises the De Minimis Safe Harbor Threshold

By Dana McGuffin | December 8, 2015 | 0 Comments

You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…

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Do You Need to Pay Taxes On Gifts?

By Dana McGuffin | December 1, 2015 | 0 Comments

The act of gifting is generally not a taxable event when you’re the receiver, or “donee.” Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax situation? If the gift is large enough, the…

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How to Navigate the Tax Rules for Business Gifts

By Dana McGuffin | November 30, 2015 | 0 Comments

Business gift giving is a way to say thank you to customers, suppliers, and employees, and to show your appreciation for the business relationship. Do you know how to treat gifts for tax purposes? Here’s an overview. Gifts to non-employees The general rule is you can deduct up to $25 of the total cost of…

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