Dana McGuffin CPA Blog
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?…
Read MoreDo 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…
Read MoreThe 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…
Read MoreTax 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…
Read MoreThough 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…
Read MoreDana 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…
Read MoreWhen 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…
Read MoreRising 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…
Read MoreWhat 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…
Read MoreAs 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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