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Dana McGuffin CPA Blog

Tips to Protect Yourself From Tax Scams

By Dana McGuffin | April 11, 2019 | Comments Off on Tips to Protect Yourself From Tax Scams

Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: 1. Be naturally suspicious. Understand that there are people out there trying to get…

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IRS Announces 2019 Mileage Rates

By Dana McGuffin | April 4, 2019 | Comments Off on IRS Announces 2019 Mileage Rates

Mileage rates for travel are now set for 2019. The standard business mileage rate increases by 3.5 cents to 58 cents per mile. The medical and moving mileage rates also increase by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile. 2019 Standard Mileage Rates Standard Mileage…

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Taking a Home Office Deduction: A Great Tax Reduction Idea, If Done Right!

By Dana McGuffin | March 28, 2019 | Comments Off on Taking a Home Office Deduction: A Great Tax Reduction Idea, If Done Right!

Cloud-based applications, extensive communication channels, and other new technologies make it easier to run your business out of your home. If you qualify, many home business expenses are deductible. Think you might qualify? You must first pass these tests. Trade or business use test. To qualify for business use of your home you must use…

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Oh No! Your Tax Refund is Now a Bill

By Dana McGuffin | March 21, 2019 | Comments Off on Oh No! Your Tax Refund is Now a Bill

If you are anticipating a nice refund this year, it may be a good idea to prepare yourself for a possible letdown. Many taxpayers will receive a smaller-than-expected refund and might even owe taxes to be paid by April 15. If this happens to you, here are some of the likely reasons: Higher take-home pay.…

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7 Common Missing Tax Return Items

By Dana McGuffin | March 14, 2019 | Comments Off on 7 Common Missing Tax Return Items

Want your tax return filed quickly and without error? Then double-check this list of items that are often overlooked. These missing items often cause delays in getting your tax return filed: Forms W-2 and 1099. Using last year’s tax return as a checklist, make sure all your W-2s and 1099s are received and applied to…

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Businesses: File on Time or Pay the Price!

By Dana McGuffin | March 8, 2019 | Comments Off on Businesses: File on Time or Pay the Price!

March 15 is the tax-filing due date for calendar year S-corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty. The penalty The penalty is calculated based on each partial month the tax return is late multiplied by each shareholder or…

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Every Business Needs Cash: 5 Keys To Better Cash Management

By Dana McGuffin | March 7, 2019 | Comments Off on Every Business Needs Cash: 5 Keys To Better Cash Management

Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a cash flow statement is to help you budget…

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Tips for a Faster Refund

By Dana McGuffin | February 28, 2019 | Comments Off on Tips for a Faster Refund

As the tax filing season approaches, there are steps you can take now to speed up the filing process. The faster your return is filed, the faster you get your refund. Even if you end up owing money to the IRS, knowing the amount due sooner gives you more time to come up with the…

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The New Business Deduction

By Dana McGuffin | February 21, 2019 | Comments Off on The New Business Deduction

Stop worrying and start preparing A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to providing the proper information. Here is some knowledge to…

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5 Tips to Keep Your Customers Coming Back

By Dana McGuffin | February 14, 2019 | Comments Off on 5 Tips to Keep Your Customers Coming Back

Happy, satisfied customers are essential to the health of every business. Increasing competition, online review opportunities, and unlimited access to information up the ante on the importance of quality customer service. Here are some tips to help your business thrive by meeting and exceeding your customers’ expectations: Truly understand your customer and their needs. As…

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