Dana McGuffin CPA Blog
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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You’re slogging through paperwork, gathering and organizing information to prepare your tax return. Take heart – you can make your hard work do double duty by using those same records to improve your financial well-being. Here are suggestions to get you started. Write down your financial goals. How much money will you need to meet…
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Dana McGuffin CPA is honored to receive the Best of the Best CPA award from the Southlake Journal for the sixth year in a row! The Best of the Best contest is held in January each year, and Southlake Journal readers vote for the best business in each business category. Other categories in the voting include…
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You’ll be visiting QuickBooks Online’s Settings screen regularly, so it’s good to know what’s there. You can get into a rental car and just start driving to your destination. But you soon realize that you need to know where the temperature controls and the radio tuner are. If it starts raining, you must know where…
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Are you deciding whether to make your business an S corporation for 2016? Here are tax considerations to review before the March 15 due date of the election. When you make an S corporation election, you’re opting to have your business’s income or loss “passed through” to you and other shareholders. That means you’ll report the income or loss…
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The QBO mobile app lacks some features found in the browser-based version, but it provides mobile access to tools you may want on the road. First, it’s free (except for your mobile data plan costs). Second, it’s good. And the QBO mobile app offers more functionality than you might expect. Available for iOS and Android smartphones and…
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Paperwork: Keep It or Shred It? Confused about managing paperwork? Here are some tips that will help you keep what’s important and toss what you no longer need. 1. Tax records. Keep tax records for at least seven years. Tax records include copies of income tax returns, documents supporting your reported income and deductions (W-2s,…
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If you’re an applicable large employer, there may be healthcare reporting requirements that will impact your business. You may be required to file a new tax form this month. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is required for each full-time employee. The form discloses information on the group health insurance coverage you provide.…
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With the holidays and year-end over, you can turn your attention to catching up with your customers. It would be nice if we could neatly wrap up every accounting month or quarter or year neatly, with all of our transactions completed. All current bills and invoices would be paid, physical inventory counts would match the…
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Grab your fluorescent highlighters and pick a color that you like. It’s time to mark important tax dates on your 2016 calendar! January 15 – Due date for the fourth and final installment of 2015 estimated tax for individuals (unless you file your 2015 return and pay any balance due by February 1). February 1…
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