Dana McGuffin CPA Blog

Know the ACA Rules Before Hiring This Summer

Hiring For the Summer? Know the ACA Rules

By Dana McGuffin | May 31, 2016 | Comments Off on Hiring For the Summer? Know the ACA Rules

If you’re an employer, what you have to do to comply with Affordable Care Act (ACA) rules depends on the size of your workforce. When you have 50 or more full-time employees – a total that can include seasonal workers – you have to deal with additional reporting and coverage requirements known as the “employer…

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Tax Refund

Manage Your Tax Refund with Direct Deposit

By Dana McGuffin | May 10, 2016 | Comments Off on Manage Your Tax Refund with Direct Deposit

Will you be receiving a tax refund this year? If so, you have the opportunity to make some smart financial choices – and best of all, you can make them painlessly. Here’s how: Direct deposit your refund. That way, all or part of your tax refund will automatically be deposited via electronic transfer system into…

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Prior Year Tax Returns

Time To Come Clean on Prior Year Tax Returns

By Dana McGuffin | May 5, 2016 | Comments Off on Time To Come Clean on Prior Year Tax Returns

Failing to file tax returns on time doesn’t necessarily make you a criminal, but the penalty for procrastinating can be punishing. What’s the price you’ll pay? The IRS can assess a failure to file penalty, which is usually 5% of your unpaid taxes per month, up to a maximum penalty of 25%. In addition, there…

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Fraud Alert

Deter Identity Theft with Fraud Alerts and Security Freezes

By Dana McGuffin | May 4, 2016 | Comments Off on Deter Identity Theft with Fraud Alerts and Security Freezes

If a fraudster steals your identity, you may find yourself embarking on an unpleasant journey to recover your good name and pilfered finances. Fortunately, tools are available to prevent and minimize potential losses. Here are two options to consider if you suspect your personal data has landed in the wrong hands. Fraud alert. Say you…

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Individual Tax Return

Start Planning for Next Year’s Individual Tax Return Using this Year’s Return

By Dana McGuffin | May 2, 2016 | Comments Off on Start Planning for Next Year’s Individual Tax Return Using this Year’s Return

Whew! You filed your individual tax return and now you’re ready to forget all about taxes until next year. Not so fast! Your 2015 tax return is a great tool to help you plan for 2016. Here’s what to look at. Review your withholding. If you owed tax this year or received a large refund,…

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Owe IRS and Can't Pay? You Have Options.

Owe the IRS and Can’t Pay? You Have Options.

By Dana McGuffin | April 28, 2016 | Comments Off on Owe the IRS and Can’t Pay? You Have Options.

What happens if you owe the IRS – and you can’t pay? First, be sure to file your return anyway to avoid penalties for nonfiling. Then consider the following options, and choose the one that fits your financial situation. Can you pay off the balance within 120 days? If so, apply for a short-term payment…

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QuickBooks Online

Tracking Products and Services in QuickBooks Online, Part 1

By Dana McGuffin | April 19, 2016 | Comments Off on Tracking Products and Services in QuickBooks Online, Part 1

Inventory management requires precision, constant attention, and smart decisions. QuickBooks Online can help with tracking products and services. If you started small with your business, keeping track of your product inventory was probably pretty easy. Maybe you kept your stock in a few boxes or a closet, and it was easy to tell at a…

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Look Into the Tax Breaks for Supporting Adult Relatives

By Dana McGuffin | April 6, 2016 | Comments Off on Look Into the Tax Breaks for Supporting Adult Relatives

If you were supporting your parents or other adult relatives in 2015, tax breaks are available that could lower your taxes. You may be able to claim your relative as a dependent, deduct extra medical expenses, or use a more beneficial tax bracket. Claiming a relative as a dependent. An adult dependent’s gross income must be…

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Last Minute Moves to Lower Your Tax Bill by Dana McGuffin CPA

Last-Minute Moves That Can Lower Your Tax Bill

By Dana McGuffin | March 18, 2016 | Comments Off on Last-Minute Moves That Can Lower Your Tax Bill

Only one month to go until tax filing day! That means you still have time to trim your 2015 tax bill. Here are last-minute moves to consider and deductions to remember. Maximize your 2015 IRA contribution. You have until April 18 (or April 19 if you live in Maine or Massachusetts) to make deductible 2015…

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2016 Tax Changes

Tax News – 2016 Tax Changes to Note

By Dana McGuffin | March 12, 2016 | Comments Off on Tax News – 2016 Tax Changes to Note

2016 tax changes you need to know about: Effective beginning with 2016 taxable years, the de minimis tangible property safe harbor has increased to $2,500 per invoice or item. The change affects regulations issued in 2013 that clarified when your business could expense tangible real and personal business property. Previously, the de minimis safe harbor…

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