Dana McGuffin CPA Blog

Refinancing? Understand the Tax Issues!

By Dana McGuffin | August 30, 2015 | 0 Comments

Are you thinking of refinancing your home mortgage? Keep the tax rules in mind. Track “points.” A point is a fee equal to one percent of the loan amount. While you can fully deduct the points you pay when you buy your home, points paid on a refinancing are generally amortized over the term of…

Read More

The Affordable Care Act – Know the Terms

By Dana McGuffin | August 27, 2015 | 0 Comments

Are you still unclear about your responsibilities as an employer under the Affordable Care Act (ACA)? Do you find the definition of ACA terms confusing? Here’s a plain English guide to selected terms employers are likely to hear. Applicable large employer. A large employer is defined as an employer with at least 50 full-time employees…

Read More

Monitor Your Accounts Receivable

By Dana McGuffin | August 24, 2015 | 0 Comments

Monitoring your accounts receivable may seem like one more chore in an already busy workday. But this simple activity is important. Here’s an illustration. Say you’re operating with a gross profit margin of 20% and your uncollectible receivables are $10,000. Your business must generate an additional $50,000 in new sales to make up for the…

Read More

QuickBooks Online’s Sales Tax Tools: The Basics

By Dana McGuffin | August 21, 2015 | 0 Comments

Are you paying the correct amount of sales tax to the proper agencies? QuickBooks Online can help. It’s hard to imagine that small businesses used to have to manage sales tax manually. It was quite a time-intensive process, and it was so easy to make mistakes. QuickBooks Online can handle the mechanics for you. Its…

Read More
Lindsay Polyak Volunteer of the Year

Lindsay Polyak Receives Southlake’s Volunteer of the Year Award

By Dana McGuffin | August 14, 2015 | 0 Comments

We are pleased to announce that Lindsay Polyak received Southlake’s Volunteer of the Year Award. The highlight of this year’s Southlake Chamber “A Night at the Improv” Awards banquet was the awards and the winners! This banquet is to honor the individuals and organizations who have demonstrated a commitment to serving not only the Chamber, but…

Read More

Understand Business Financial Ratios

By Dana McGuffin | August 12, 2015 | 0 Comments

Financial ratios provide a useful way to pinpoint strengths and weaknesses in the performance and solvency of your business. Here are four types of ratios that you can monitor using the figures from your balance sheet. Liquidity ratios, such as the current ratio, measure the ability to pay bills over the next 12 months. You…

Read More

Review Your Beneficiary Choices

By Dana McGuffin | August 5, 2015 | 0 Comments

Are you storing the documents that designate the beneficiaries of your retirement plans, IRAs, and insurance policies in a safe deposit box? If so, it’s time to dust off these important papers and review them. Why? You probably made decisions about who will receive retirement assets or life insurance proceeds upon your death when you…

Read More

Managing Users in QuickBooks Online

By Dana McGuffin | July 31, 2015 | 0 Comments

A multi-user accounting application needs good tools for assigning access permissions. QuickBooks Online has it covered. You trust your employees, or you wouldn’t have hired them. But you also have a grave responsibility to your customers and vendors: to keep their data safe, and to ensure that records and transactions remain accurate and unchanged throughout…

Read More

Texas Franchise Tax Relief

By Dana McGuffin | July 24, 2015 | 0 Comments

On June 15, 2015 Texas Governor Greg Abbott signed into law a permanent reduction in the Texas Franchise Tax.  There was a 25% reduction in both the retail rate which dropped from 0.5% to 0.375% and the non-retail rate which was reduced from 1.0% to 0.75%.  In addition, the maximum revenue for filing the EZ…

Read More

Midyear Tax Update

By Dana McGuffin | July 17, 2015 | 0 Comments

The following is a midyear tax update of important developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health…

Read More
Join the 1,000+ businesses and ministries who receive our newsletter with up-to-date information on IRS updates, making traction through financial focus, and making QuickBooks work for your organization!
  • Thank you for trusting us to send you timely and valuable information.
  • If you ever have an interest on a specific topic, please let us know.
  • When you receive our newsletter each week, take a moment and let us know what you think.
  We hate spam and never share your details.