Dana McGuffin CPA Blog

emergency records

Have You Created An Emergency Records Binder?

By Dana McGuffin | February 7, 2017 | Comments Off on Have You Created An Emergency Records Binder?

With weather-related disasters making the news these days, emergency preparedness may be front of mind. You probably have tools to cope with a flat tire, or a hurricane lantern or candles for times when the electricity to your home is interrupted. But have you considered what records you might need if your wallet was stolen?…

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Business Insurance Coverage

Start 2017 With A Review Of Your Insurance Coverage

By Dana McGuffin | January 31, 2017 | Comments Off on Start 2017 With A Review Of Your Insurance Coverage

Do you have the right insurance for your business? Here’s a list of policies to consider. Liability insurance covers damages and defense for bodily injury, personal injury such as slander, and property damage to a third-party that is caused by you, your products, or your employees. Property insurance covers your building and personal property such…

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2016 Tax Return

Will You Have to File a 2016 Tax Return?

By Dana McGuffin | January 24, 2017 | Comments Off on Will You Have to File a 2016 Tax Return?

The filing requirement rules for individual 2016 Tax Return are fairly straightforward. In general, you’re required to file a return based on your filing status, your gross income, and your age. Here’s an overview of the rules for 2016. 2016 Tax Return  Single taxpayers (including those who are divorced or legally separated). If you’re under 65…

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Due Dates

Stay On Top Of New Due Dates This Year

By Dana McGuffin | January 17, 2017 | Comments Off on Stay On Top Of New Due Dates This Year

Tax filing season officially begins this month. Did you know due dates for certain returns have been changed? Why are the dates changing? One reason is to bring due dates into a more logical order. For example, in prior years, if you were a partner in a partnership, you may have had to extend your…

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Safe-deposit box

Do You Need A Safe Deposit Box?

By Dana McGuffin | January 6, 2017 | Comments Off on Do You Need A Safe Deposit Box?

Though you may have thought bank safe deposit boxes no longer existed, these secure containers are still around, and can be useful for storing difficult to replace items, such as deeds, contracts, and your home inventory. Should you have one? Here’s what to consider. Peace of mind. Knowing that key original documents are in a…

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retire

Planning To Retire? Consider Transferring Your Business To Your Employees

By Dana McGuffin | December 30, 2016 | Comments Off on Planning To Retire? Consider Transferring Your Business To Your Employees

Dana McGuffin CPA is dedicated to helping increase organization sustainability in the businesses, ministries, and churches we serve. Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn’t feasible, and many times it is not,  an alternative is to consider…

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business-loss

A Business Loss Can Mean A Federal Tax Deduction

By Dana McGuffin | December 23, 2016 | Comments Off on A Business Loss Can Mean A Federal Tax Deduction

When your business makes money, you pay income tax on the profit. What happens when your business deductions are greater than the income in a particular year resulting in a business loss? In that case, the result is what’s called a net operating loss, or NOL, and you may be able to benefit from federal…

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receivables

Rising Receivables Call For A Year-End Review

By Dana McGuffin | December 16, 2016 | Comments Off on Rising Receivables Call For A Year-End Review

Rising business receivables can be a sign of a growing, prosperous company – or of troubles ahead. How can you know if your receivables are right-sized for your business? Start by breaking down the numbers. A report of your receivables listed by age will give you the information you need. Track the percentage of invoices…

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Who Should Receive a 1099?

What is a 1099 and Who Should Receive a 1099?

By Dana McGuffin | December 14, 2016 | Comments Off on What is a 1099 and Who Should Receive a 1099?

What is a Form 1099-MISC? And who should receive a 1099? IRS Form 1099-MISC summarizes income from all non-employee compensation. It’s what independent contractors use to calculate and file taxes. You must send out a Form 1099-MISC to all contractors you’ve hired and paid more than $600 during the year; this includes any partnerships or…

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wash-sales

“Wash Sales” Rule And Your Tax Planning

By Dana McGuffin | December 9, 2016 | Comments Off on “Wash Sales” Rule And Your Tax Planning

As the end of another year approaches, you’re looking for ways to reduce your tax bill. You have a handful of stocks in loss positions. You like the stocks and expect the prices to rebound.  Should you sell now at a loss to offset other capital gains, then buy the shares right back again?  Not…

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