Dana McGuffin CPA Blog
When setting your family budget, often the first thing that gets slashed is the summer vacation. However, if you plan ahead, you can find simple ways to save and keep your vacation on the calendar. Here are a few ideas. Flexible location. Sometimes you just want to get away to recharge and the location isn’t…
Read More
For handwritten taxpayers, preparing their tax return isn’t the problem. It’s the fear of an audit. Audits are fairly uncommon, but the IRS may notice your tax return if certain red flags are present. Here are some of the common audit red flags to help you prepare for the possibility of your return being reviewed.…
Read More
Four tips for working beyond retirement age Many people choose to work into their retirement years. If this is something you’re considering, here are some tips to make sure you get the greatest benefit from your efforts. 1) Consider delaying Social Security. You can start receiving Social Security retirement benefits as early as age 62,…
Read More
This year’s April 18 tax deadline has come and gone, but not everyone has filed a 2016 tax return. Some have missed the boat! Many taxpayers who should file simply do not. Common culprits are older, retired parents, and young adults who are new to tax filing requirements. Here are just a few reasons these…
Read More
Many people choose to work into their retirement years. If this is something you’re considering, here are some tips to make sure you get the greatest benefit from your efforts. 1) Consider delaying Social Security. You can start receiving Social Security retirement benefits as early as age 62, but if you continue to work, it…
Read More
You’ve spent years saving for retirement, but now it’s time to plan the best way to manage your retirement savings withdrawals. Here is a potential method to help maximize your funds using a tax-advantaged strategy. First, look at Social Security and pensions. You can use these funds for daily living much the same as you…
Read More
A couple of years ago, the U.S. Treasury released a report highlighting a disturbing level of non-compliance in alimony reporting on tax returns. Since the report was released, the IRS has increased the scrutiny they place on tax returns with these claims. If you file a tax return involving alimony, make sure you know the facts…
Read More
This past month at least 55 companies reported they had fallen victim to a new type of specialized phishing scheme. This small business scam involves a criminal masquerading as a real employee, often a key executive, and then duping unwitting employees to provide payment or secure files. The scam takes many forms. Here are a couple…
Read More
There are many things that come in pairs because they make sense – peanut butter and jelly, salt and pepper, shoes – the list goes on and on. Travel insurance for business travel is no different. There are inevitable changes to business travel or circumstances that arise while away from home. One way to…
Read More
KNOWING “THE LINE” CREATES OPPORTUNITY A simple way to think about your 1040 tax return is focusing on a single line, your Adjusted Gross Income (AGI). Anything “above the line” creates an AGI that can yield tax opportunities or tax consequences for anything “below the line.” Being aware of “the line” and the impact it…
Read More