Dana McGuffin CPA Blog

Understanding Tax Terms: Wash Sales Surprise! Your stock loss is not deductible.

By Dana McGuffin | July 30, 2020 | Comments Off on Understanding Tax Terms: Wash Sales Surprise! Your stock loss is not deductible.

  You may be considering booking stock losses due to recent market drops in order to save on your bill from Uncle Sam. Selling losers can be a great strategy when these losses can offset stock gains and up to $3,000 in excess stock losses can offset your ordinary income. However, there is a little…

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Tax Surprises for the Newly Retired

By Dana McGuffin | July 21, 2020 | Comments Off on Tax Surprises for the Newly Retired

    You’ve got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime. 1. Health emergencies and long-term care. When a simple…

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Deducting Summer Activity Expenses: Don’t forget to save receipts

By Dana McGuffin | June 30, 2020 | Comments Off on Deducting Summer Activity Expenses: Don’t forget to save receipts

  The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses through the use of the Child and Dependent Care Credit. Collecting those receipts now can save plenty during tax time. What is deductible? 20 to 35%…

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Estate Taxes: What EVERYONE Should Know

By Dana McGuffin | June 16, 2020 | Comments Off on Estate Taxes: What EVERYONE Should Know

    Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The best approach for all taxpayers is to understand the basics of the…

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The New Face of Banking: It suddenly just got a whole lot more difficult to buy a home

By Dana McGuffin | May 28, 2020 | Comments Off on The New Face of Banking: It suddenly just got a whole lot more difficult to buy a home

The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a…

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Review IRA Beneficiaries Now: Lost in the pandemic is a tax law change that may require your attention

By Dana McGuffin | May 12, 2020 | Comments Off on Review IRA Beneficiaries Now: Lost in the pandemic is a tax law change that may require your attention

  Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it…

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Tax Savvy Moves to Consider During the Pandemic

By Dana McGuffin | April 28, 2020 | Comments Off on Tax Savvy Moves to Consider During the Pandemic

    Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomena underscores the concept that within every problem there is opportunity. Here are some tax strategies to think about during the coronavirus pandemic. Look into Roth rollovers If you have high balances in tax-deferred retirement…

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Key Coronavirus Tax Changes :What Every Taxpayer Should Know

By Dana McGuffin | April 14, 2020 | Comments Off on Key Coronavirus Tax Changes :What Every Taxpayer Should Know

  In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is…

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Recap of New COVID-19 Legislation

By Dana McGuffin | March 31, 2020 | Comments Off on Recap of New COVID-19 Legislation

  The COVID-19 disease has drastically changed how we do business. With an unprecedented amount of American families and businesses being affected information is pouring in rapidly. Here are just a few highlights of some of the recent legislation that may help you and your business.   IRS People First Initiative April 15th tax deadline automatically…

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Do I Really Need That Form 1095 This Year? Stop holding up your tax filing

By Dana McGuffin | March 10, 2020 | Comments Off on Do I Really Need That Form 1095 This Year? Stop holding up your tax filing

  Tax Form 1095 has been nothing but a headache since its introduction. This federally mandated form adds complexity, creates taxpayer confusion, and cost billions of dollars to produce. The purpose of the form is simple: to relay proof of your health insurance coverage, but too many taxpayers are now delaying filing tax returns while…

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