Dana McGuffin CPA Blog

Understand This Depreciation Rule When Buying Assets

By Dana McGuffin | December 16, 2015 | Comments Off on Understand This Depreciation Rule When Buying Assets

You’re already aware that depreciation expensing techniques help reduce federal taxes when you purchase business assets such as autos, machinery, equipment, and furniture at year-end. But did you know that might not be as true this year as it once was? Here’s why. Some immediate expensing depreciation tax breaks have been reduced for 2015. For…

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Do You Have These Basic Documents?

By Dana McGuffin | December 15, 2015 | Comments Off on Do You Have These Basic Documents?

Can you name basic documents that can ease decision making for your family if something happens to you? Here are four to think about as part of your overall personal financial plan. Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. If…

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Don’t Let the AMT (Alternative Minimum Tax) Sneak Up On You

By Dana McGuffin | December 11, 2015 | Comments Off on Don’t Let the AMT (Alternative Minimum Tax) Sneak Up On You

The alternative minimum tax (AMT) is often called a “stealth tax” because it sneaks up on unsuspecting taxpayers. But you can keep from being caught if you take timely year-end action. Begin with understanding how AMT works. The Alternative Minimum Tax requires a separate computation on your tax return. You start with regular taxable income, then…

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IRS Raises the De Minimis Safe Harbor Threshold

By Dana McGuffin | December 8, 2015 | Comments Off on IRS Raises the De Minimis Safe Harbor Threshold

You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…

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Do You Need to Pay Taxes On Gifts?

By Dana McGuffin | December 1, 2015 | Comments Off on Do You Need to Pay Taxes On Gifts?

The act of gifting is generally not a taxable event when you’re the receiver, or “donee.” Why? At the point of receiving the gift, you typically have not received income. What about when you’re the gift-giver? How does the act of giving the gift affect your tax situation? If the gift is large enough, the…

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How to Navigate the Tax Rules for Business Gifts

By Dana McGuffin | November 30, 2015 | Comments Off on How to Navigate the Tax Rules for Business Gifts

Business gift giving is a way to say thank you to customers, suppliers, and employees, and to show your appreciation for the business relationship. Do you know how to treat gifts for tax purposes? Here’s an overview. Gifts to non-employees The general rule is you can deduct up to $25 of the total cost of…

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Dana McGuffin CPA Hosts 3rd Annual Toys for Tots Reception!

By Dana McGuffin | November 24, 2015 | Comments Off on Dana McGuffin CPA Hosts 3rd Annual Toys for Tots Reception!

We are SO excited to be an official drop-off location for Toys for Tots 2015 and will be gratefully accepting new, unwrapped toys November 30 – December 11, from 9 to 5 at our Toys for Tots Reception. Please join us for cookies, coffee, and cocoa at our 3rd annual Toys for Tots reception Friday,…

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QuickBooks Online

An Introduction to the QuickBooks Online Customer Page

By Dana McGuffin | November 17, 2015 | Comments Off on An Introduction to the QuickBooks Online Customer Page

Your customers are the heartbeat of your business. QuickBooks Online helps you keep them happy. Do you remember how you used to keep track of information about your customers before you started using a computer for your accounting? A file folder containing paper transaction forms and other communications? A card in your Rolodex? A list…

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Independent Contractor or Employee – The Distinction Matters to the IRS

By Dana McGuffin | November 13, 2015 | Comments Off on Independent Contractor or Employee – The Distinction Matters to the IRS

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 | Comments Off on Five Year-End Tax Savers for Businesses

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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