Dana McGuffin CPA Blog

Independent Contractor or Employee – The Distinction Matters to the IRS

By Dana McGuffin | November 13, 2015 |

If you’re a business owner, you have financial incentive to want to classify workers as independent contractors rather than as employees. For example, you’re required to withhold and pay taxes on employee wages, and you may need to offer employee benefits such as paid time off and pension contributions. None of these are required with…

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Five Year-End Tax Savers for Businesses

By Dana McGuffin | October 28, 2015 |

The year is nearly over, but you can still take action to lower your business income tax during the final months of 2015. Here are five year-end tax savers for businesses to consider. Postpone revenue to 2016. If your business reports on the cash basis, delay billing your customers long enough to ensure that payments…

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Nine Year-End Tax Savers for Individuals

By Dana McGuffin | October 26, 2015 |

Even though the end of the year is fast approaching, you still have time to trim your 2015 federal income tax bill. Nine year-end tax savers for individuals follow: State and local income taxes. If you prepay certain state and local taxes, you can claim the deduction on your 2015 return. Caution: Analyze your exposure to…

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Interest Rates Can Affect Your Taxes

By Dana McGuffin | October 21, 2015 |

Do you keep up with fluctuations in interest rates? The IRS does too, and changes in those rates could affect your tax return. For instance, applicable federal rates, or AFRs, are published by the IRS to set a minimum interest rate for certain transactions, such as loans to family members. How does that affect you?…

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Plan for Social Security Retirement Benefits

By Dana McGuffin | October 3, 2015 |

If you’re approaching retirement age and will qualify for social security, you’ll need to decide when to start collecting. You can begin as early as age 62 or as late as age 70. Within that window, your monthly receipts will increase for each month you delay taking benefits. Here are three items to consider when…

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Portability Can Simplify Estate Planning

By Dana McGuffin | October 1, 2015 |

Final IRS regulations will help married couples pass more estate assets to heirs without creating complicated trusts. The “portability” rules allow surviving spouses to retain the unused portion of a deceased husband or wife’s estate exemption – if the rules are followed. Here’s what you need to know. The estate tax exemption for 2015 is…

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QuickBooks Online

Introducing the New QuickBooks Online for PC App

By Dana McGuffin | September 29, 2015 |

Like QuickBooks Online but miss some of the desktop version’s features? You can have both now. QuickBooks Online has grown tremendously since its introduction more than a decade ago. It’s not quite as mature as the top-of-the-line desktop versions, but it’s not far behind anymore. No matter which version of QuickBooks you first used, there…

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Dana McGuffin CPA Wins Intuit Firm of the Future Award!

By Dana McGuffin | September 24, 2015 |

We are excited to announce that Dana McGuffin CPA has been named in the top 20 Accounting Firms in the US as a Firm of the Future by Intuit! As you know, we are SO different from many accounting firms in that we utilize cloud technologies, embrace a Results-Only Work Environment, engage with people using social platforms, and…

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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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