Dana McGuffin CPA Blog

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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Review Your Beneficiary Choices

By Dana McGuffin | August 5, 2015 |

Are you storing the documents that designate the beneficiaries of your retirement plans, IRAs, and insurance policies in a safe deposit box? If so, it’s time to dust off these important papers and review them. Why? You probably made decisions about who will receive retirement assets or life insurance proceeds upon your death when you…

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Managing Users in QuickBooks Online

By Dana McGuffin | July 31, 2015 |

A multi-user accounting application needs good tools for assigning access permissions. QuickBooks Online has it covered. You trust your employees, or you wouldn’t have hired them. But you also have a grave responsibility to your customers and vendors: to keep their data safe, and to ensure that records and transactions remain accurate and unchanged throughout…

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Texas Franchise Tax Relief

By Dana McGuffin | July 24, 2015 |

On June 15, 2015 Texas Governor Greg Abbott signed into law a permanent reduction in the Texas Franchise Tax.  There was a 25% reduction in both the retail rate which dropped from 0.5% to 0.375% and the non-retail rate which was reduced from 1.0% to 0.75%.  In addition, the maximum revenue for filing the EZ…

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Midyear Tax Update

By Dana McGuffin | July 17, 2015 |

The following is a midyear tax update of important developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health…

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Masterminding Our Way: The Power of 5 Minds – Book Release by Wendy Knutson

By Dana McGuffin | July 14, 2015 |

Wendy Knutson, CPA, along with Sarah Gilliland, Lauren Midgley, Nicole Smith, Shannon Thomas released her new book Masterminding Our Way: The Power of 5 Minds. Create the magic for yourself and your business! Masterminding Our Way is now available on Amazon here. You are invited to the BOOK LAUNCH & SIGNING! When: Tuesday, August 4th…

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QuickBooks Online

Check Out the New QuickBooks Online

By Dana McGuffin | July 7, 2015 |

Whether or not you’ve ever used accounting software, we think you’ll like using QuickBooks Online. It was designed for small businesses who have little or no accounting experience, and its user interface and navigation should be familiar to anyone who’s been around websites. We do have to say, though, that if you’ve never used any…

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Identity Theft – What To Do If It Happens to You!

By Dana McGuffin | July 2, 2015 |

Tax identity theft once again topped the IRS list of tax scams for 2015. Here’s what you need to know if it happens to you. The warning signs. Have you gotten a tax bill you weren’t expecting based on income you never received? Has your return been rejected or your refund delayed? These unanticipated incidents…

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Dana McGuffin CPA Voted Best CPA for 2014 & 2015 by LIVING Magazine

By Dana McGuffin | July 1, 2015 |

We are excited to announce that Dana McGuffin CPA won the BEST OF READER’S CHOICE AWARD for BEST CPA in LIVING magazine for the second year in a row! Thank you, to our friends of the firm, clients, and LIVING magazine readers for voting Dana McGuffin CPA Best CPA in Northeast Tarrant county! Voting for…

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