Dana McGuffin CPA Blog

Get a Tax Credit for Dependent Expenses

By Dana McGuffin | June 26, 2015 |

Did you know that federal tax law allows you to claim a credit when you pay someone to care for your kids while you’re at work? The child and dependent care credit is valuable because it reduces the amount of tax you owe dollar for dollar. Here’s an overview of the rules. The child care…

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Supreme Court Issues Ruling on ACA Subsidies

By Dana McGuffin | June 26, 2015 |

In June, the U.S. Supreme Court decided the fate of the premium tax credit under the Affordable Care Act (ACA). The main issue before the court was whether federal subsidies could be offered to people who purchased health insurance through the federal health insurance marketplace rather than through a state-run exchange. Under a literal reading…

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Know the Tax Rules for Summer Travel

By Dana McGuffin | June 18, 2015 |

Are you traveling for business this summer? If you’re planning to take a tax deduction for your expenses, the rules may be more complicated than you think. Here’s a refresher. The general rule. “Travel” expenses are ordinary and necessary costs incurred while away from your normal working area. “Away” means you’re away from your tax…

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Creating QuickBooks Online Reports

By Dana McGuffin | June 10, 2015 |

Reports are the payoff for all of your hard work entering records and transactions. They can give you the critical data you need to help you make better business decisions. Now that you’ve been using QuickBooks Online for your company’s accounting, it’s probably unimaginable to think about going back to manual bookkeeping. Those file folders…

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Life Insurance? Get the Tax Facts!

By Dana McGuffin | May 8, 2015 |

You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are four rules to know. Death benefits. Normally, death benefits paid under a life insurance policy aren’t subject to income tax. But this isn’t a…

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Dana McGuffin CPA Best CPA 5 Years in a Row!

By Dana McGuffin | April 12, 2015 |

We are proud to announce that clients, friends of the firm, and Southlake Journal readers have voted Dana McGuffin CPA, PLLC the Best of the Best CPA in Southlake, Texas for the 5th year in a row! From the Southlake Journal March 25, 2015 Edition: When the Dana McGuffin CPA, PLLC accounting firm wanted to…

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My Big Why

By Dana McGuffin | April 2, 2015 |

My Big Why FREEDOM. Really, that’s what it all comes down to. It’s my BIG WHY. Freedom is why I got into business in the first place. I wanted freedom to run a business the way I saw fit. I wanted freedom from the “old” standard practices of accounting firms. I wanted freedom from being…

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How to Prevent Fraud in Your Business

Post 5 of 5: How to Prevent Fraud In Your Business

By Dana McGuffin | March 5, 2015 |

In our 4th post on fraud, we covered the opportunities for fraud in a business. After covering material that is negative in many ways, let’s discuss something positive: How to PREVENT fraud in your business! Separation of Duties Separation of duties is a cornerstone concept of accounting. In a small business, this critical separation can be…

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Opportunities for Fraud

Post 4 of 5: Opportunities for Fraud

By Dana McGuffin | February 5, 2015 |

In our 3rd post on fraud, we discussed 3 Key Elements of Fraud in any Business. To recap, the first two elements were: Pressure Rationalization Opportunity is the third element and what we are going to focus on today. Opportunity, or a favorable juncture of circumstances, is the element over which employers have the most control after the employee…

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Key Elements of Fraud

Post 3 of 5: The Key Elements of Fraud

By Dana McGuffin | January 5, 2015 |

Let’s continue our discussion on fraud. (For our 2nd Post on fraud with recent examples we’ve seen, click here.) FRAUD \ noun\ ‘fröd\ Definition of FRAUD 1a: DECEIT, TRICKERY; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. In other words, fraud…

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