Dana McGuffin CPA Blog

Age Matters in Tax Law!

By Dana McGuffin | September 24, 2015 |

Many tax provisions are linked to age, so whenever there’s a birthday in the family, check for changes to take into account as you do your tax planning. Major age milestones include the following: Age    What it means for your taxes Age 13    Beginning at this age, your child no longer qualifies for the child…

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Planning Your Estate to Reflect Your Intentions

By Dana McGuffin | September 22, 2015 |

If you own assets that you’d like to leave to a loved one, you have an estate. But without a plan, your state of residence will choose your heir — not necessarily the result you intended. How can you ensure your intentions will be realized? Start by understanding the basics of estate taxes. How estate…

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Plan Today for Future Long-Term Care Costs

By Dana McGuffin | September 18, 2015 |

According to the U.S. Department of Health and Human Services, nearly 70% of people turning age 65 will require long-term care, such as assistance with basic personal activities during their lifetimes. With costs of this care ranging from $6,000 to $10,000 a month or more, planning to address that risk is a smart move. One…

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cash or accrual

Cash or Accrual : What’s the Difference?

By Dana McGuffin | September 11, 2015 |

When you start a business, you have many decisions to make. One is the method of accounting your business will use for reporting income and expenses on your tax return- cash or accrual. Two methods generally used are “cash” and “accrual.” The cash method is the easiest to implement. Under the cash method, you recognize…

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Refinancing? Understand the Tax Issues!

By Dana McGuffin | August 30, 2015 |

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…

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The Affordable Care Act – Know the Terms

By Dana McGuffin | August 27, 2015 |

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…

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Monitor Your Accounts Receivable

By Dana McGuffin | August 24, 2015 |

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…

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QuickBooks Online’s Sales Tax Tools: The Basics

By Dana McGuffin | August 21, 2015 |

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…

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Lindsay Polyak Volunteer of the Year

Lindsay Polyak Receives Southlake’s Volunteer of the Year Award

By Dana McGuffin | August 14, 2015 |

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…

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Understand Business Financial Ratios

By Dana McGuffin | August 12, 2015 |

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…

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