Dana McGuffin CPA Blog

Hiring Family Members – What You Need to Know!

By Dana McGuffin | August 30, 2023 | Comments Off on Hiring Family Members – What You Need to Know!

Many business owners hire their children, their spouse, or other family members to work in their business. Sometimes this works out well. Other times it causes problems. Here are some the key pros and cons of putting family members on your payroll. Hiring your children Hiring your kids for a part-time job usually has more…

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Multiple Jobs: Be Prepared for Tax Surprises

By Dana McGuffin | August 15, 2023 | Comments Off on Multiple Jobs: Be Prepared for Tax Surprises

Working more than one job can help maximize income, but also potentially create a tax surprise. Here are several be aware of: Social Security Surprise: As a full-time employee, the most you’ll have to pay in Social Security taxes in 2023 is $9,932. The problem is each employer you work for will withhold Social Security taxes…

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Beware of These Popular Scammer Tactics

By Dana McGuffin | July 25, 2023 | Comments Off on Beware of These Popular Scammer Tactics

As long as the world has people with money, there will be scammers who use fraudulent tactics to try and separate you from your hard-earned cash. Here are some of the more recently-used methods that scammers are using to try and lay claim to your money. One-time passcode (OTP) scams. Many legitimate companies use two-factor authentication…

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Mastering Inventory: A way to improve your business all the way around

By Dana McGuffin | June 27, 2023 | Comments Off on Mastering Inventory: A way to improve your business all the way around

  Mastering inventory levels is a key to many successful and growing businesses. Here are reasons why prioritizing your inventory management is something to consider for your business: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged, stolen, or past the sell date. Shrink represents an opportunity to improve the inventory control…

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Get More Money for School by Understanding These Scholarship Myths

By Dana McGuffin | June 15, 2023 | Comments Off on Get More Money for School by Understanding These Scholarship Myths

  There’s plenty of money available for you to pursue a post-secondary education for either you or your child! Here are several myths that could be getting in the way of securing money to pay for school. Common misconceptions Scholarships are only for top scholars and athletes. Many news stories are about high-profile students who snag…

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The Home Gain Exclusion: Make Sure You Qualify!

By Dana McGuffin | May 17, 2023 | Comments Off on The Home Gain Exclusion: Make Sure You Qualify!

    The home gain exclusion is one of the most generous tax breaks available to taxpayers, providing the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Here is what you need to know. Background As long as you own and live in your home…

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Five Small Business Insurance Review Tips

By Dana McGuffin | April 24, 2023 | Comments Off on Five Small Business Insurance Review Tips

Changes in your business equipment, real estate holdings, the amount of inventory, and the number of employees are all good reasons to review your business’s insurance in addition to your annual review. Here are a few tips to keep in mind: Keep in regular contact with your insurance company and your agent. Keep your insurance…

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Everyone Wants a Piece of Your Income

By Dana McGuffin | April 13, 2023 | Comments Off on Everyone Wants a Piece of Your Income

There is an old wisdom: Put a live frog in hot water and he’ll jump out. Put a live frog in cold water, turn the burner on and you’ll have frog legs for dinner. This wisdom is not lost on some businesses as they know it’s easier to sell you a service once and then…

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