Dana McGuffin CPA Blog
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…
Read MoreSecurity breaches of confidential data capture the global news headlines on a daily basis. Identity theft has become so commonplace that credit card companies and banks market their protection efforts as free services to their customers. The IRS is at risk too, with impersonators using the fear and authority of the government to prey on…
Read MoreAre you getting a divorce? Amid all the upheaval, taxes are not likely to be foremost on your mind. Yet overlooking the tax consequences can be costly. Here are some of the basics. Your filing status will change. No matter if you get your final divorce decree or separate maintenance on January 1, December 31,…
Read MoreAre you thinking of taking out a loan to buy new machinery or additional inventory for your business? Before you sign that loan document or credit application, consider the following questions before signing a business loan. What’s the true cost of borrowing? The interest rate on your business loan may be variable, fluctuating over…
Read MoreWe are SO excited to be an official drop-off location for Toys for Tots 2016 and will be gratefully accepting new, unwrapped toys November 28th – December 9th, from 9AM to 5PM. Please join us for cupcakes and coffee at our 4th annual Toys for Tots gift reception Thursday, December 1st from 1-3PM. Our office…
Read MoreIn a previous column, we talked about setting up bills in QuickBooks Online. Now it’s time to pay them. We recently laid out the benefits of using QuickBooks Online for bill entry and payment. It’s faster than manual methods. It leaves an electronic record of your accounts payable. And it helps ensure that bills are…
Read MoreNo doubt you have shared the adage “if it sounds too good to be true, it probably is” with your children. That caution is wise, especially when teaching your kids how to use credit cards responsibly, because misuse of credit can have a long-term impact on financial health. The main lesson you want to impart:…
Read MoreAristotle famously lamented that giving away money is easy, but giving it away wisely is another matter. For business owners, smart giving begins with an understanding of a few tax rules. Your business form. The tax implications of giving to charity from your business depend on your form of entity. A regular C corporation can…
Read MoreDana McGuffin CPA has recently heard of an instance where this very scheme was perpetrated within a company in the DFW area. Be aware and take precautions by educating your staff. From IR-2016-34, March 1, 2016: The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing…
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